LEBANON
BEIRUT UNDER RECONSTRUCTION
Ambitious real estate development in the ‘Paris of the Middle East’
as a strong tourist and banking center. As the country’s capital, Beirut is home to the headquarters of Audi Bank, Lebanese Canadian Bank and other Arab banks, making it a strong player in the financial services sector. Years of war have destroyed a large part of the country’s infrastructure and buildings, with Beirut’s historic city centre being one of the hardest hit areas. Large scale real estate development is on the way with the aim to reconstruct the capital while preserving its culture and historic charm.
H
Economy Lebanon has a diversified economy while tourism remains one of its
largest industries, making the Mediterranean nation a prime leisure destination in the region. After the civil war that ended in 1990, Lebanese banks adopted a
conservative financial policy to protect themselves from domestic insecurity. During the global economic crisis, this conservatism mostly shielded the banks from the downturn and protected their high levels of liquidity. In 2008, Lebanon was one of the seven countries in the world
aving overcome a 15 year-long civil war, Lebanon has managed to re-emerge as a dynamic country in the region and presents itself
whose stock market value increased. According to the Investment Development Authority of Lebanon (IDAL),
the Lebanese economy has witnessed unprecedented growth levels over the last 2 years, making Lebanon one of the region’s top performers in terms of economic growth. Despite the worldwide financial crisis and the resulting reduction in liquidity in European and American markets, the increased wealth in the region has opened a new era of opportunities to investments in Lebanon. Lebanon was able to attract 7.5% of the total share of FDI inflows to the region in 2010 due to a series of comparative advantages, IDAL reports. In 2001, Investment Law No. 360 was enacted, providing a framework for
regulating investment activities in Lebanon, and offering local and foreign investors alike a range of incentives and business support services. “Today, the Lebanese market is benefiting from a good level of stability despite the regional unrest of the Arab Spring; in fact some economists are seeing in this unrest a direct benefit to Lebanon that has proven to be safe despite all odds,” said Georges Chehwane, Chairman of Plus Properties, Beirut. According to IDAL, Lebanon offers the most liberal investment climate in
18 I CITYSCAPE I MAY 2012
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