Lebanese startups in need of investments

by Sami Abou Saab December 18, 2018

written by Sami Abou Saab December 18, 2018

Historically, Lebanon’s economy has in large part depended on services, including tourism, F&B, financial services, education, and design. In addition, Lebanon has a strong agriculture sector that constitutes another pillar of the economy. Still, these services and resources are limited in scale due to the scarce availability of local resources, whether natural or human. As a result, Banque du Liban (BDL), Lebanon’s central bank—in an effort to foster the digital economy—initiated Circular 331 in 2013 to subsidize investments in startups in the knowledge economy, including the fashion industry. The purpose and goal of Circular 331 was not to become the sole way to invest in startups, but to provide a significant amount of money that could fuel an ecosystem with local presence, talent, and the potential to attain worldwide reach and scale. However, the local infrastructure (legal, internet, taxation, etc.) was not ready and did not incentivize entrepreneurs to start

Sami Abou Saab

Sami Abou Saab is the CEO of Speed@BDD, and has more than 10 years of experience in technology, both in startups and big tech firms. Prior to Speed@BDD, he worked at Skype and Microsoft Corporation in the US, covering strategy, marketing, and channel modelling. In Silicon Valley, Sami started his own company (MobiLock, aimed at creating a hardware device and mobile application that allows you to unlock your home with your smartphone) that was voted as the best startup in the Berkeley MBA program entrepreneurship class. At Data Consult, Sami led the Systems Department in Lebanon and the Middle East and grew its business 8-fold over the course of 4 years. Sami holds a Bachelor of Engineering from the American University of Beirut and an MBA from Berkeley-Haas and London Business School.

Lebanese startups in need of investments

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