The Investment Development Authority of Lebanon (IDAL) indicated that it has processed 11 projects in Lebanon in the first nine months of 2012, five of which have already been approved by the Council of Ministers.
According to IDAL, the projects mobilized $457.5m in investments and are expected to create 1,094 direct jobs and 2,707 indirect jobs over the long term. In comparison, it noted that eight projects were approved in both 2010 and 2011 with a total value of $93m. IDAL said that industry accounted for 46% of the number of new projects, followed by tourism with 36%, and agriculture and technology with 9% each. It noted that tourism attracted $403m, or 88%, of total announced investments. It claimed that tourism projects are expected to generate 717 direct and 1739 indirect jobs; industrial projects will contribute to the creation of 297 and 861 direct and indirect jobs respectively; projects in agriculture will generate 50 direct and 47 indirect work opportunities; and technology projects will help create 30 and 60 direct and indirect jobs, respectively.
In parallel, IDAL pointed out that 55% of announced projects are Greenfield operations, 36% are expansion projects and 9% are initiated by joint ventures. The projects include the $200m Mandarin Oriental Hotel and the $1m Pharma M firm that will produce dietary supplements. IDAL noted that 10 out of the 11 projects are sponsored by Lebanese investors or investors of Lebanese origin.
Lebanon This Week – Byblos Research