Masters of crisis management

ENAR

Lebanon’s hospitality and tourism industry is in crisis management mode when it comes to dealing with its finances. As the number of tourists visiting the country has steadily declined, down 8.7 percent in January and 17.8 percent in February compared to the first two months of 2013, companies in the sector are running out of cash. “The definition of good has changed,” laments Ziad Kamel, treasurer of the Syndicate of Owners of Restaurants, Cafés, Night-Clubs and Pastries in Lebanon and owner of Couqley’s and Gemmayze’s Alleyway. “Good used to mean you’re doing an acceptable margin, you’re paying out dividends regularly and you’re making money from your business. Today, good means you’re not in the red.” Running out of cash Different businesses have been put under different financial pressures by the Syrian crisis. In the domain of high-end hotels, businesses face slightly less pressure if they are owned by groups who