Archive for Investment
The Association of Banks in Lebanon (ABL) recommended to its member banks to increase the Beirut Reference Rate in US dollars to 4.67% from 4.66% previously starting in December. The rate, considered as the reference rate for lending in foreign currency, replaced last year the London Inter-Bank Offering Rate (LIBOR) since the ABL considered that the LIBOR no longer accurately reflects the cost of funding and lending in Lebanon.
Financial indicators of the top 12 banks operating in Lebanon showed moderate growth in activity in the first nine months of 2010, Bank Audi’s Lebanon Weekly Monitor, citing the alpha report issued by Bankdata Financial Services, reported.
The report stated that loans registered a substantial growth over the aforementioned period of this year, supporting earning growth in a period that witnessed relatively tough operating conditions.
Michel Habis, advisor to the Lebanese minister of tourism Fadi Abboud, said there is potential to expand ecotourism, which currently accounts for 3% of general tourism compared with 70% in many countries.
If an ideal investment climate consists of irresistible incentives and permanent country assets, then Lebanon is the Middle East investment magnet par excellence. Lebanon has it all: access to a huge regional market, a vast pool of skill and talent, a versatile culture, and a trade, banking, and legal infrastructure conductive to investment. A model for social and economic development in the Middle East, Lebanon boasts impressive growth, high investment, and unmatched social indicators. Its strategic location, free-market investment policies, liberal economic environment, banking secrecy, and entrepreneurial private sector make conducting business in Lebanon the ideal choice.
After eleven years of absence, the Beirut Stock Exchange returns with remarkable energy. Because the stock exchange will play an important role in the success of the reconstruction process, we are posting this interview with Gabriel Sehnawi, head of the stock exchange committee who is an expert in the field of financial administration.