Challenges of an emerging company relocated from Dubai to Lebanon

In its issue of yesterday, l’Orient le Jour highlighted the experience of Chef Xchange which was set up by French-Lebanese National, Karl Naim, and by Mark Washington, American national.  Both founders are financial experts and the setup is a website which allows foodies to enjoy a home cooked meal with their selected chef.  The two young men launched their website in February 2015 and chose Dubai as their company’s headquarters.  Last October, the company owners decided to move their management to Beirut to benefit from decree 313 issued by Banque du Liban and which aims at supporting small and medium enterprises which work in the knowledge economy through providing investment capital to enhance production.  Since the launch of this website, 500 chefs have already registered of whom, 100 were selected by the managers of the company. According to Naim, the average cost of the offered meal is USD 50.- including entrée, main course and deserts. Naim noted that they are facing several problems in their move to Lebanon namely in relation to the infrastructure and the high cost of internet compared to Dubai.  Naim added that many Lebanese bank are not aware of the ways of working of emerging companies and how to deal with them also pointing out to the prohibitive costs of legal and other services. (L’Orient le Jour, 3 February 2016)