11 projects to get incentives

Tourism captures biggest share of investments

The Investment Development Authority of Lebanon (IDAL) said it has processed 11 new projects in the first nine months of the year. Five of those have already been approved by Cabinet.

Investments in the projects are worth a total of $457 million. They are expected to create some 1,000 jobs. In both 2010 and 2011, eight projects with a total value of $93 million were granted the incentives.

Five of this year’s projects are in the industrial sector, three of them are tourism projects. The other three projects are in the sectors of agriculture and technology. Investments in the tourism projects are worth around $400 million.

The projects include six new enterprises, four expansion projects, and one joint venture. All projects are for Lebanese investors, except for the joint venture, which includes local and Saudi investors.