When it comes to the food and beverage (F&B) industry, Lebanon is a country of contradictions. Although no exact figures are available, those in the industry largely believe that almost the same number of restuarants that closed have also opened. In certain areas, such as the summer hotspot Broummana or in Gemmayze with its restaurants,…
Lebanon’s seasoned F&B operators talk challenges and secrets to success
Tech opportunities for the Lebanese hospitality industry
It is the end of 2018, and the tech-enabled generations are finally becoming the decision makers in their workplaces. We live in an era where technology is no longer an industry, but rather a layer that transforms all industries, making them more connected and efficient. There are more creative and brilliant minds in Lebanon than…
Give Lebanon’s tourism industry a chance
After five years, my assignment has come to an end, and here I am reflecting on the country I fell deeply in love with. I was blessed to be entrusted with a luxury hotel opening under very difficult and challenging circumstances, and I have enjoyed my time at the helm of the InterContinental Phoenicia, La…
Lebanon’s five star hotels diversifying markets and offerings
Lebanon has not given its five star hoteliers many reasons to smile over the past seven years. Political tension and instability has kept away the country’s traditional market feeders, GCC nationals, since 2011. Meanwhile, regional political and socioeconomic crises have taken their toll on Lebanese expats in the Gulf and in parts of Africa, generally…
Infographics
Q&A with Freddie Baz, chief strategist and board member of Bank Audi
Lebanese banks are the life raft of the national economy. While this raft is astoundingly large in comparison to the real economy, with banking sector assets surpassing the real economy by a factor of four, the existential role and solidity of banking make it the focus of attention in national economic and policy debates. Many…
Outlook and potentials in the Lebanese insurance sector
Regional geopolitical turmoil and ensuing economic uncertainties continue to place increasing pressure on the insurance sector. Stagnation in most of the sectors of the national economy is reflected in slower growth in premiums written by Lebanese insurers, and higher strain on profit margins. In light of this, the Insurance Control Commission (ICC), which is the…
The financial situation in Lebanon
This has been a difficult year for the Lebanese economy, sectors of activity, and financial markets at large. Compounding matters, political uncertainties have grown, especially during the second half of 2018. This year has witnessed a low real GDP growth, which Banque du Liban (BDL), Lebanon’s central bank, estimates at 2 percent and the International…
Lebanon’s banks remain stable, seeing moderate growth
Socioeconomically, Lebanon at the end of 2018 gives the appearance of having experienced a year of only two seasons: an overlong Carnival of political absurdities, and a Halloween of economic horrors. As opposed to the usual cycles of tilling, seeding, ripening, and harvesting, these two seasons of 2018 were profoundly unproductive. If this failure of…
Infographics
Ziad Hayek discusses new PPP projects
At the end of October, Executive interviewed Ziad Hayek, secretary general of the High Council of Privatization and PPP (HCP), to learn of proposed public-private partnerships. The HCP had organized stakeholder meetings to discuss public-private partnership (PPP) proposed projects. This interview primarily discussed two PPP projects that are now in the pre-planning phase—the expansion of…
Lebanon’s financial woes are home spun
Much like Ebenezer Scrooge’s selfish deeds, Lebanon’s past monetary and fiscal policies have finally come home to roost. As 2018 ends, most Lebanese have but one haunting worry: What kind of economic showdown will 2019 bring? To answer these fears, we first have to look at how we arrived at this wretched economic condition that…
Rape subculture in Lebanon
The world over, legal systems are failing victims in cases of sexual violence and rape. In these cases, what should be a simple roadmap to justice takes twisted turns until the victim is blamed and the rapist is cleared. A mixture of lax laws and skewed perceptions of accountability often leave these victims shunned, shamed,…
The Syrian refugee crisis in Lebanon
In 2018, the Syrian popular uprising-turned-civil war entered its eighth year, and so did Lebanon’s refugee crisis. This past year was critical for Lebanon. Not only did the country hold its first parliamentary elections since 2009, it also saw decreased funding for refugees, a highly controversial policy by the country’s General Security to return refugees…
Lebanon’s electricity crisis
Lebanon’s power sector is a substantial drain on the state’s treasury, responsible for 40 percent of the country’s fiscal deficit, according to the World Bank. Significant reforms are required to cut the fiscal shortfall and address structural and governance issues at the root of the crisis. The country’s power generation capacity is nearly 2,050 megawatts…