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    Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Egypt’s food industries contribute 24.5% of GDP

    Egypt’s food industries contribute 24.5% of GDP

    $36mln contract for construction of Duqm fisheries complex

    $36mln contract for construction of Duqm fisheries complex

    Ministry signs agreement to support Oman’s honey industry

    Ministry signs agreement to support Oman’s honey industry

    Local, Italian companies partner up to establish food retail chain in Egypt

    Local, Italian companies partner up to establish food retail chain in Egypt

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      Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

      Profits at top Saudi banks jump 17.6% in Q1

      Profits at top Saudi banks jump 17.6% in Q1

      GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

      GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

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      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

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      New study reveals that UAE is most competitive economy in the Arab world

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      Oman Construction Equipment Industry to 2028

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      $36mln contract for construction of Duqm fisheries complex

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      Madayn working on major Oman industrial city projects

      Madayn working on major Oman industrial city projects

      Foundation stone laid for new 700-bed hospital is Salalah, Oman

      Foundation stone laid for new 700-bed hospital is Salalah, Oman

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      Iraq set to award new Faw Port deals

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        Suez Canal expects US$3.5 billion in revenues in H1

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        UAE and Egypt’s consortium to buy African renewables firm Lekela Power

        Fitch revises Saudi Aramco’s outlook to positive from stable

        Fitch revises Saudi Aramco’s outlook to positive from stable

        Investments in renewables in Egypt reach LE6 bn: Official

        Investments in renewables in Egypt reach LE6 bn: Official

        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

        JGC lands $3.7bn Iraq refinery upgradation project deal

        JGC lands $3.7bn Iraq refinery upgradation project deal

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          Coronavirus: UAE conducting human trials for Covid-19 vaccine

          Coronavirus: UAE conducting human trials for Covid-19 vaccine

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          Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

          Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

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          UAE sends medical aid to Iraq to fight COVID-19

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          UAE launches phase III trial of inactivated Covid vaccine

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          COVID-19 vaccine could be available by autumn: Oxford University

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          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Saudi to be among world’s big leisure tourism hubs by 2030

          Saudi to be among world’s big leisure tourism hubs by 2030

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          Qatar’s hospitality sector peaks despite turbulent 2020

          Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

          Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

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          Staycations to stimulate Qatar’s hospitality sector

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          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Egypt’s food industries contribute 24.5% of GDP

          Egypt’s food industries contribute 24.5% of GDP

          $36mln contract for construction of Duqm fisheries complex

          $36mln contract for construction of Duqm fisheries complex

          Ministry signs agreement to support Oman’s honey industry

          Ministry signs agreement to support Oman’s honey industry

          Local, Italian companies partner up to establish food retail chain in Egypt

          Local, Italian companies partner up to establish food retail chain in Egypt

          Trending Tags

          • Business & Economy
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            • Business
            • Communication
            • Digital
            • Economy
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            Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

            Profits at top Saudi banks jump 17.6% in Q1

            Profits at top Saudi banks jump 17.6% in Q1

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            New study reveals that UAE is most competitive economy in the Arab world

            New study reveals that UAE is most competitive economy in the Arab world

            Top 10 listed companies in the Middle East

            Trending Tags

            • CES 2017
            • Election Results
            • eSports
          • Construction
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            Oman Construction Equipment Industry to 2028

            Oman Construction Equipment Industry to 2028

            $36mln contract for construction of Duqm fisheries complex

            $36mln contract for construction of Duqm fisheries complex

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            Madayn working on major Oman industrial city projects

            Madayn working on major Oman industrial city projects

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Trending Tags

            • Energy
              • All
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              Suez Canal expects US$3.5 billion in revenues in H1

              Suez Canal expects US$3.5 billion in revenues in H1

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Investments in renewables in Egypt reach LE6 bn: Official

              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              JGC lands $3.7bn Iraq refinery upgradation project deal

              JGC lands $3.7bn Iraq refinery upgradation project deal

              Trending Tags

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                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                UAE sends medical aid to Iraq to fight COVID-19

                UAE sends medical aid to Iraq to fight COVID-19

                UAE launches phase III trial of inactivated Covid vaccine

                UAE launches phase III trial of inactivated Covid vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                COVID-19 vaccine could be available by autumn: Oxford University

              • Hospitality

                Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

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              Lebanon positions itself as hub for Syrian reconstruction

              Al-Monitor

              May 10, 2017
              in Infrastructure
              0

              There may be no end in sight of the Syrian war yet, but Lebanon is already positioning itself as a hub for Syrian reconstruction markets once the war is over. Strategically located between the Mediterranean Sea and some of Syria's most devastated provinces such as Homs and Damascus, Lebanon could become one of the most important gateways for reconstruction efforts.

              Experts say that Lebanon has to prepare for Syria’s reconstruction once the war there ends or else it will be a missed opportunity to improve the Lebanese economy.

              According to the World Bank, the restoration of Syria represents an industry estimated to be worth over $200 billion. The figure has some businessmen and policymakers hoping that the anticipated boost in multinational trade will save the Lebanese economy, which has stagnated in recent years.

              Two free trade agreements, a common language and historic commercial ties are expected to give Lebanon a competitive advantage over other countries that share a border with Syria. “In the last 10 or 15 years when we started liberalizing the economy, at the time when Syria was pursuing a protective planning system, Lebanon was pursuing a free trade economy,” Nabil Sukkar, the managing director of the Syrian Consulting Bureau for Development and Investment, a consultancy specializing in market and investment expertise, told Al-Monitor.

              “Lebanon became sort of the Hong Kong of Syria. A lot of business was done in Lebanon to serve Syria, and I expect that in the post-conflict reconstruction period, Lebanon will again become the Hong Kong of Syria,” he said.

              However, Lebanon’s ability to make the most of its prospects hinge on whether it can draw foreign corporations to its shores despite its uncompetitive business environment. Currently, Lebanon ranks 13 out of 15 Arab countries on the World Economic Forum’s Global Competitiveness Index. Across the country, the government, along with international partners — including the World Bank, the Islamic Development Bank and United Nations agencies — are evaluating a number of initiatives that could spur foreign investment as well as bilateral trade.

              In anticipation of lucrative reconstruction contracts, the Ministry of Industry and the UN Industrial Development Organization are evaluating the possible creation of up to three industrial zones. These zones might be established in the eastern Bekaa Valley or southern Chouf region, where local manufacturers would be well-placed to service the Damascus area.

              Several other projects are being enabled through funds from a new financial instrument established in April by international donors. The Concessional Financing Facility (CFF) is meant to offer loans at highly concessional rates with a 40-year repayment window and a 10-year grace period. “The grant money that was initially received during the April meeting from the international community is put into a CFF trust fund. This will allow us to program about $800 million worth of money,” Peter Mousley, the program director at the World Bank’s regional office in Beirut, told Al-Monitor.

              That money will be put to use in Lebanon’s north where World Bank funding is being used to upgrade 700 kilometers (435 miles) of roads, according to Hassan Dennaoui, a special consultant at the Tripoli Chamber of Commerce. Through this initiative, the government is hoping to stimulate job creation while laying the ground work for Syrian reconstruction activity.

              Perhaps no city in Lebanon stands to gain more from Syria’s repair than Tripoli, an impoverished city that, as recently as March 2014, was the site of fierce clashes between factions on opposing sides of the Syrian war. Now, with the violence quelled, Tripoli is set to become the country’s most crucial hub for the Syrian reconstruction business and a key supply route to the devastated Syrian province of Homs, located north of Lebanon.

              The potential wealth to be made from Syria’s restoration has also energized work on existing projects such as the expansion of Tripoli’s seaport. In 2012, the government awarded a contract to Gultainer for the construction and operation of a terminal at the port, and new developments are ongoing.

              For his part, Dennaoui told Al-Monitor that the city is even being prepared to compete with Syria’s own harbors to the north. “There is no readiness for the seaports in Syria to host the big shipments because, here [in Tripoli], we have a depth of around 15.5 meters [51 feet] and it will be [dredged] for 17 meters, which does not exist is Syria,” Dennaoui said.

              With the coordination of the Tripoli Chamber of Commerce, the seaport will work in tandem with a special economic zone (SEZ) that is in the early phases of development. The site of the SEZ, which is located next to the sea, is currently under reclamation and is expected to be finished by mid-2017.

              “There’s a lot of desk work that has to be done,” Raya al-Hassan, who formerly served as minister of finance and was thereafter appointed as the chairman of the SEZ, told Al-Monitor. “Our law allows us to work with private developers. So either we mobilize funding through concessional financing by multinational organizations or we have to knock on the door of private developers, equity or loan financiers to basically provide funding no less than $30 million for the infrastructure.”

              If all goes according to schedule, Hassan believes that the SEZ could be operational by 2020. Once completed, the zone is expected to play an integral role in attracting foreign corporations to Lebanon with a scheme of tax breaks and incentives, including a 50% foreign worker allowance.

              Tripoli’s most ambitious project will be the laying of a 30-kilometer (19-mile) railway to the Syrian border that will be used to transport construction materials and other goods for reconstruction. Dennaoui said that the Islamic Development Bank has accessed the CFF and committed some of the $85 million that are needed to build the railroad over the next five to six years.

              According to Dennaoui, the chamber predicts that these megaprojects and subsequent foreign investment could create as many as 7,000 jobs across a range of sectors, including information-technology, consulting, construction and logistics.

              However, skeptics like Nassib Ghobril, the chief economist at Byblos Bank, are hesitant to put their hopes in Syrian reconstruction markets. “For the Lebanese economy, you have an obsession now: the reconstruction of Syria. We have to wait for the reconstruction of Syria and the Lebanese economy will boom again. … But you need to upgrade the infrastructure in the country regardless of what happens in Syria for a simple reason: our competitiveness is declining, and second you don’t know when the war in Syria will end,” Ghobril told Al-Monitor.

              One thing that experts can agree on is Lebanon’s need to prepare for reconstruction-related activity to maximize its earnings. If the country cannot meet expectations, Syrian reconstruction could become a missed opportunity for Lebanese and Syrians alike.
              Al-Monitor
              10 May

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