IDAL approves five projects

Enterprises will receive
investment incentives

The Investment Development Authority of Lebanon (IDAL) processed a total of 65 investment project requests during 2012, as per its 2012 Annual Report. “Although these projects are still in the study phase, and will probably see the light in the next few years, they are a clear indication of investors’ interest in doing business in Lebanon,” IDAL said.

Of the processed projects, 13 were eligible to apply for IDAL’s incentives, of which five have received approval so far, while the rest remain in the pipeline. The projects applying for incentives included nine greenfield projects and four expansions. They had a total value of $480 million and are estimated to create 1,500 jobs. Some 46 percent of these potential investments are in the tourism sector, and 31 percent are in the Industrial sector, followed by Technology (15 percent), and Agriculture (eight percent).

On another level, around 50 foreign companies were registered in Lebanon last year, through opening either branches, subsidiaries, or representative offices to cater for the local or regional markets. Most of these foreign companies were in the services sector, with 30 percent of them investing in financial services, consultation , research and education, transport and logistics, and healthcare. Around 23 percent of these companies invested in the trade sector, namely the trade of pharmaceutical and chemical products, and machinery and equipment, as well as in the food and beverages sector.