Author Archives: Thomas Schellen

Resorting to luxury: Lebanon’s new tourism

Resorting to luxury: Lebanon’s new tourism

Lebanon’s new boom is tourism-related real estate. Significant developments – worth in excess of $4 billion – in this field have begun roughly four years ago and accelerated massively by this year. The Middle East’s largest resort project, Sannine Zenith, topped the list of headline-making projects by size. But other projects are also highly noteworthy,

Counting the profits

The position of modern banking in the global economy vastly exceeds the main functionality that banks fulfilled during their 600-year rise since the Medicis: financing trade and warfare and serving as safe havens in times of danger. The expansion of banking and finance into universal socioeconomic denominators has come at the price of intense interdependence

Still seeking quality

Merger Ability It is an accepted business paradigm that mergers can be instrumental in corporate growth, especially as positions in the top three companies are in many sectors associated with taking the lion’s share in total profits realized in the sector. However, the overall global picture shows that the majority of mergers are unsuccessful because

Q&A: Saad Azhari

Relying entirely on organic growth of their business, BLOM Bank carried the baton of leading the Lebanese banking sector in terms of assets for more than two decades. As the creation of the Audi-Saradar Group is exerting consolidation pressure at the top of the sector, EXECUTIVE wanted to know how BLOM Bank views recent developments

Counting on insurers

Arab Re Sourcing of regional reinsurance is an issue of growing importance to primary insurance providers across the region, be they established companies or newcomers. For reinsurance company Arab Re, this translates directly into a substantial increase in perceived business opportunities. “I can confirm that our board has taken the decision to double our capital.

Insurance on high

Centering on Islamic ethics, the concept of takaful insurance reaches out to clients who value transparent policies and financial practices, which steer clear of investments which are morally less-than-pristine. As financial security scheme, the takaful approach by its very name implies mutual protection and solidarity among policyholders. While the term relates to the entire range

Promoting insurance

In the spring weeks leading up to the 2004 GAIF conference, Lebanese insurers engaged in a flurry of new product releases. Each of three fancy launch events presented results of collaboration between local insurers and partner firms, from a leading multinational insurer and an international finance firm, to well-known domestic players in banking and trade.

Enjoying a life plan

Toward the end of last month, insurance managers from the Middle East and North Africa crowded onto the website of Saudi Arabia’s Monetary Agency (SAMA) to download the final version of the kingdom’s new insurance law. Many an executive surrounded himself during the following days with the new Lebanese insurance draft law and the Saudi

Bank of Beirut: Going steady

Following a very satisfactory 2003 for the country’s major banks, the outlook for the sector in 2004 is guarded but not downcast, said Salim Sfeir, chairman and general manager of Bank of Beirut. Each and every bank in the sector’s leading stratum could outdo their expectations on the results they realized in 2003, Sfeir told

Real success story?

Gada Sardouk is trotting out the government line. “Beirut’s downtown is the success story of the entire region. People are visiting in huge numbers,” said the director general of the tourism ministry. “Yes, it is sometimes crowded but the area has no problems. If there were anything to harm the tourist, it would be empty.”