Lebanon

Diaspora flocks to Beirut to reclaim nationality

President Michel Aoun and Prime Minister Saad Hariri signed a decree Thursday in front of an audience of over 1,000 members of the Lebanese diaspora with the aim of encouraging them to reclaim their Lebanese citizenship. The decree was signed as part of the fourth annual Lebanese Diaspora Energy Conference,…

BLOM PMI improves to 47.5 points in April

Activities of the Lebanese private companies showed signs of improvement in April 2017 although the contraction was still high, according to BLOM PMI Thursday. “The contraction of overall business activity at Lebanon’s private sector slowed down in April as revealed by the BLOM PMI that stood at 47.5, up from…

MEA to acquire 10 Airbus planes as of 2019

Middle East Airlines is expected to receive 10 new Airbus 321 planes as of 2019 to beef up its current fleet, the chairman of the national carrier Mohamad al-Hout said Thursday. “The first five Airbus planes will be delivered to us in 2019 and in 2021 we will expect to…

Real estate transactions in Lebanon valued at $2.34 billion in 3 months

Figures released by the Ministry of Finance indicate that there were 17,081 real estate transactions in the first quarter of 2017, constituting an increase of 14% from 14,985 deals in the same quarter of 2016. In comparison, the number of real estate transactions rose by 15.7% year-on-year in the first…

Mineral water factory to open in Baalbek area

Investor Abdel Wahab Charif will open a factory for mineral water in Yammouneh, Baalbek. Construction work will be launched this summer and operations will begin early 2018. The factory will be built on land measuring 20,000 square meters (m2) with a total built-up area of 2,100 m2, and at an…

Lebanese diaspora an asset to the country: President Aoun

President Michel Aoun Tuesday said that the Lebanese diaspora is a “great source of political, economic, and cultural assets.” Aoun made these remarks during a meeting at Baabda Palace with Madagascar Minister of Foreign Affairs Beatrice Atallah, who herself is of Lebanese origin. Discussing the upcoming Lebanese Diaspora Energy Conference,…

Hariri vows to restore confidence, renews aid plea

Prime Minister Saad Hariri pledged Tuesday to restore confidence in the Lebanese state and economy following years of presidential vacuum, paralysis in constitutional institutions, political divisions and tension with other Arab countries. He also reiterated his plea to the international community to help Lebanon cope with the dire economic consequences…

China ready to grant $2 billion in loans to Lebanon for Silk Road projects

The Silk Road Chamber for International Commerce (SRCIC) is ready to grant $2 billion in loans with low interest rates to the local market, according to Adnan Kassar, Chairman of the Economic Bodies and the founding father of Lebanese-Chinese relations. “Tapping these funds is strictly tied with the government’s ability…

حاكم مصرف لبنان يلتقي مع وفد من المجلس الاغترابي اللبناني للاعمال

استقبل سعادة حاكم مصرف لبنان الدكتور رياض سلامة وفدا” من المجلس الاغترابي اللبناني للاعمال برئاسة الدكتور نسيب فواز الذي وجه له دعوة لحضور المؤتمر الاغترابي المقرر عقده في 2 و 3 آب 2017 في فندق فينيسيا بيروت متمنيا” عليه ترأس جلسة حول المصارف و الرؤية الاقتصادية و المالية للبنان.و قد…

Lebanon’s travel & tourism sector to generate 7.1% of direct economic activity in 2017

The World Travel & Tourism Council (WTTC) estimated that the travel & tourism (T&T) industry would directly contribute $3.4bn to the Lebanese economy in 2017, equivalent to about 7.1% of GDP, compared to about 10% of GDP in 2010. It also anticipated that direct industry employment will reach 123,800 persons…