Marwan Kheireddine, chair and general manager of Al-Mawarid Bank |Greg Demarque|
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Marwan Kheireddine is the chair and general manager of Al-Mawarid Bank, one of the shareholders in the Virgin Megastore franchises in Lebanon and Saudi Arabia, and a former minister in the previous Lebanese government. He was involved in pushing Circular 331 in coordination with former Minister of Telecommunications Nicolas Sehnaoui. Executive sat with him to talk about Mawarid’s recent investment in local startup Presella. So are you Presella’s number one fan? Does it really matter? I don’t think so. What is important is that they get to work, and prove that their business plan is achievable, and that they can create jobs and make returns. [pullquote]I think that at most we will be financing semi-crazy ideas.[/pullquote] You actually have some entrepreneurial and investment experience. Are you nervous that other banks who are directly investing into startups don’t have this kind of knowledge? No, I think that the challenge banks will
Banks have no business investing in startups or companies. This circular is ridiculous !
It gives banks the power to invest in companies they fail to provide loans to.
Banks don’t understand startups, they don’t understand the dynamics behind them. They fail to provide startups with the crucial loans they need even if their projects are approved and guaranteed by Kafalat. Why would this initiative be any different than Kafalat ? The same idiots (Credit committees) which do not understand anything other than “GUARANTEES” will be judging the same projects without any knowledge of the startup world, markets, trends and what it takes to nurture an entire ecosystem for it to grow harmoniously !
They should not be given the right to invest at all and even less a 75% guarantee on their investment. As investors, they are UNFAIRLY competing with the private sector which do not enjoy the same amounts of resources or guarantees.
Banks should stick to their role of lending money to businesses (NOT GOVERNMENT) and investors should be provided with guarantees instead.
Its simply a disgrace to provide banks with such guarantees when they fail to understand what it takes for ecosystems to emerge and grow.
Comments are closed.
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1 comment
Banks have no business investing in startups or companies. This circular is ridiculous !
It gives banks the power to invest in companies they fail to provide loans to.
Banks don’t understand startups, they don’t understand the dynamics behind them. They fail to provide startups with the crucial loans they need even if their projects are approved and guaranteed by Kafalat. Why would this initiative be any different than Kafalat ? The same idiots (Credit committees) which do not understand anything other than “GUARANTEES” will be judging the same projects without any knowledge of the startup world, markets, trends and what it takes to nurture an entire ecosystem for it to grow harmoniously !
They should not be given the right to invest at all and even less a 75% guarantee on their investment. As investors, they are UNFAIRLY competing with the private sector which do not enjoy the same amounts of resources or guarantees.
Banks should stick to their role of lending money to businesses (NOT GOVERNMENT) and investors should be provided with guarantees instead.
Its simply a disgrace to provide banks with such guarantees when they fail to understand what it takes for ecosystems to emerge and grow.
Comments are closed.