Tag Archives: Economy

Beirut’s Zaitunay Bay Closing Down?

LebanonFiles is reporting (here) that Solidere is actively and seriously considering closing down Lebanon’s new “it” project Zaitunay Bay, which has been discussed in the New York Times earlier this year.

The reason for Zaitunay Bay potentially closing is the same reason Fuddruckers and Buddha Bar have closed down while Movenpick got offered up for sale: the terrible state of business.

The shops and restaurants in Zaitunay bay are witnessing such a big fiscal drought that they can’t pay their rent, which is about $500,000 per year for their property. Looks like such a well-visited location hasn’t been resilient to the economic woes of the country.

Meanwhile, as all major business in the country close down or consider closing down, our politicians are either making propaganda visits to Gaza, still on a “forced vacation” abroad, threatening everyone whenever they feel threatened (which is basically every waking moment of every day) or getting people to freak out about a potential “ekhwen rule” in Syria.

The 2013 elections are in a few months and the rhetoric that will be used in the coming days and weeks won’t be that of an economic plan to save the country’s miserable state but that of mentally terrorizing people into voting for one side over the other, whatever that side is.

Despite not being the biggest fan of Zaitunay Bay, I really hope the place pulls through these though times. Lebanon doesn’t need such a thing right now.

An Economic Boom Coming Batroun’s Way?

I was sent this report, saying that the Maronite League is bringing an economic zone to Batroun, which will help in creating over 3000 jobs for the region.

The Maronite League will announce next week a plan to establish a new special economic district in Batroun. A primary feasibility study has been performed for the project.

The location of the new district will be defined through a draft law already sent to Parliament, said a senior member of the Maronite League. The project will include businesses involved in soft industries, including ICT firms.

Businesses located within the zone will benefit from special services, facilities, and incentives, such as tax exemptions and discounts on NSSF subscriptions for employees.

“We aim at creating incentives for local and foreign companies to come and invest here, instead of taking their investments to other countries, such as Dubai or Qatar,” the Maronite League member said.

The district is expected to generate some 3,000 job opportunities. According to the source, businessmen involved in the Maronite League have expressed their willingness to move their offices into Batroun. “Over 100 companies are expected to have offices in the Batroun special economic district.”

A similar special economic zone has been announced earlier this year for Tripoli.

If this news turns out true, it would drive one of Lebanon’s more needy areas lightyears forward and would help its citizens stay home instead of moving to other Lebanese areas or even abroad in order to find jobs. This might signal a hidden demographic motive for the Maronite League in one of Lebanon’s biggest Maronite regions. Personally, I don’t really care seeing as this is such a positive sign for the region and they should be commended for doing something that very few, including the Lebanese state, have even considered before.

I’m pleased that this project won’t have a political stamp on it. We won’t get MPs or MP wannabes telling us how we should be eternally grateful for them bringing 3000 jobs to the district when they ask for our votes next year.

Another positive attribute is the fact that this is the first time such a massive project has been undertaken outside Beirut and its suburbs, which might help shift the way things are done in this country away from the deep conviction of: “Beirut & neighbors first and foremost. Almost everywhere else in Lebanon doesn’t matter.”  And with relatively short commute times for the regions around Batroun, the project’s reach will extend beyond Batroun.

I’m interested in knowing where the project will be built and I hope it’ll take environmental factors into consideration in keeping the pristine aspect of the region relatively intact or at least let it not turn into another disaster like Chekka. But pristine doesn’t bring food to the table.

Some other non-Maronite League projects involving the area include turning the Tobacco control headquarters into a branch for the Lebanese University as well as building a centralized Official High School for the entire caza in Ebrine, which seems to have been buried in a bureaucratic mess, the Batroun-Tannourine highway which seems to have stalled in its final stretch, not to mention the sewage and water networks project which has basically made our driving a living a hell with the serious lack of efficiency in the contractor the Lebanese government hired.

Add to all of this studies indicating that some of the highest amounts of oil and petrol may be found off of Batroun’s shores, the area will witness a lot of development in a short period of time. Well, it’s about time.

Movenpick Lebanon… For Sale

The avalanche keeps on rolling. The new casualty in the Lebanese economic scene is Movenpick Hotel as its owner, Saudi businessman Walid Ben Talal, has put it up for sale. (Source)

Movenpick joins Buddha Bar and Fuddruckers as the latest in a series of high profile businesses that declare it quit.
This snowballing effect cannot but be taken back to how things are today. It’s not due to the assassination which took place a couple of weeks ago. It is not due to recent events.
This is a culmination of all the policies that this current government has pioneered – and it seems they haven’t taken the hint yet.

If a businessman as wealthy as Walid Ben Talal can’t handle the Lebanese situation anymore, then what can you say about those who don’t have his billions?
Meanwhile, our minister of tourism believes things are alright. It seems the Nile has taken route across the Lebanese capital.

Fuddruckers Lebanon Closes Down?

 

The country’s current economic situation hasn’t been kind. Buddha Bar will soon close down and rumors were swirling around about the possibility of Metropolitan shutting down too. These were later discredited. However, it seems the current situation of the country is going to add another victim to its growing list and it’s the American diner chain Fuddruckers, which opened last year.

A friend who happens to like the place had decided to visit the diner yesterday and was surprised to find it completely closed, with a ribbon in front of its main door and no parking service in sight. And you’d think seeing as November 1st is a day off for most schools in the country, the place would open in order to attract students who probably decided to go out with their friends.

I wouldn’t be too surprised if the place ended up really shutting down. Based on personal observation, business wasn’t exactly booming back when the situation in the country was better than its current state. I personally visited it once with Australian friends and wasn’t too taken by their burgers which I found to be very plain. However, we were the only people there and only three other customers came in during our one hour stay.

The question to be asked is the following: If a chain like Fuddruckers has truly shut down in Lebanon, what would that say of the much smaller businesses spread all around the country? How struggling are they currently?

And if Buddha Bar and Fuddruckers couldn’t weather down the current storm, you cannot but wonder: how thick is the bubble for the collective Lebanese population that seems to be absolutely oblivious to how horrible the economy currently is?

At the rate this is going, it won’t be long before we get another chain closing down.

Lebanese Governmental Websites Hacked

It looks like “Anonymous” has opened up a Lebanese branch. The websites for the municipality of Beirut, the Ministry of Economy, General Security and the Ministry of Immigration have just been hacked to show a picture of a poor man feeding the government.

It looks like the hype of football has gone down a notch and people have begun to notice fuel prices are on their way to an all-time high. This time, however, we don’t have bickering ministers to cut down the prices.

Power to the people? If only such things were actually relevant.