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Business

August rebound

by Anthony Mills January 1, 2004
written by Anthony Mills

Lebanon’s traditional gush of summer season optimism has failed to shroud a painful reality – July was a bad month for the $1.5 billion-a-year tourism sector. Hotels, restaurants, and car rental agencies all acknowledged business was down significantly in July, compared to the same period last year. Industry insiders bemoaned, in particular, a relative paucity of Kuwaiti visitors. The latter account for a sizeable portion of Lebanon’s tourist diet in July and August, the country’s two top-earning tourism months that effectively constitute its summer season.
Observers said the Kuwaitis failed to materialize in early July because of lingering post-Iraq war malaise, simmering Kuwaiti ire over Beirut’s opposition to the war, late school examinations (delayed because of the war) and July 5 parliamentary elections.

“We have been drastically affected,” said Jean Baptiste Pigeon, general manager of the Crowne Plaza hotel on Hamra Street. He acknowledged that the hotel’s occupancy rate for July – 55% – was 20% lower than expected. And an employee with the Budget rent-a-car agency, who asked not to be named, said rentals for July were down 50% over last year. By early August, however, the Kuwaitis had started flowing in. “On the third or fourth of August, we had a phenomenal wave of Kuwaitis,” observed Fadi El-Takkale, director of sales, marketing and reservation at the Radisson SAS Martinez Hotel. He said, when interviewed on August 22, that the hotel had been full since the beginning of the month.

A slightly less enthusiastic Paul Ariss, president of the association of restaurant, café, nightclub and pastry shop owners, said it was too early to tell if the summer season could recoup the losses inflicted by the delayed arrival of Kuwaitis, which he acknowledged had had a “serious effect.” He added, though, that the influx of tourists from the Gulf region as a whole, as well as of Lebanese expatriates, had contributed to a “pretty good” season thus far for Beirut, Bhamdoun, Aley and Beiteddine. Overall, however, “it is not fantastic,” he said. “We will have to wait for the figures.”

January 1, 2004 0 comments
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Business

Wining out

by Michael Karam January 1, 2004
written by Michael Karam

Massaya winery, which has played a major part in the renaissance of Lebanese wine, resigned from the Union Vinicole du Liban (UVL) last month. In a statement sent to UVL president Serge Hochar, Massaya co-owner Ramzi Ghosn said it was obvious that the interests of Massaya and UVL were irreconcilable and that the winery was going it alone. Hochar declined to comment, but it appears the resignation was prompted by the UVL

January 1, 2004 0 comments
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Business

Going platinum

by Peter Speetjens January 1, 2004
written by Peter Speetjens

Downtown Beirut already boasts a Murr, Phoenicia and Marina Tower. Soon the Platinum Tower will be added to the capital

January 1, 2004 0 comments
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Business

Inflated optimism?

by Peter Speetjens January 1, 2004
written by Peter Speetjens

Lebanon loves Europe. From German cars to Italian clothes and French foods to Dutch beers, up to 60% of Lebanese non-

oil imports come from Europe. Therefore, as the Euro soars to an all-time high against the dollar, it seems logical, even likely, that 2004 will be a year of high inflation.

Two leading Lebanese economists, however, tell us not to worry. Kamal Hamdan doesn

January 1, 2004 0 comments
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Business

Not in a forgiving mood

by Peter Speetjens January 1, 2004
written by Peter Speetjens

Three years after American Kathryn Gustafson won the international competition to design the so-called Garden of Forgiveness in the downtown area, the first stage in the construction of the public park has finally seen the light. The garden

January 1, 2004 0 comments
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Business

Money doesn’t talk

by Peter Speetjens January 1, 2004
written by Peter Speetjens

How many LL50 and LL100 coins will buy you a doughnut at Dunkin

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Business

Terminal illness

by Peter Speetjens January 1, 2004
written by Peter Speetjens

To offer owners of private jets and people flying into Beirut by privately chartered aircraft a softer, smoother arrival, a new terminal is currently being built at Beirut airport. Dubbed the General Aviation building, this, the third and latest phase in the rebuilding of the airport, is effectively a VIP terminal offering separate, more efficient customs, visa and luggage handling services. While the first phase of airport expansion in 1998 saw the construction of the eastern part of the main terminal, the second phase in 2001 saw the completion of the main terminal

January 1, 2004 0 comments
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Business

A hard choice

by Anthony Mills January 1, 2004
written by Anthony Mills

Viagra users in Lebanon will this month be presented with a choice: to continue using Viagra, whose impotence-combating effects last for a few hours, or to switch to Cialis, which lasts for a whopping 36. Cialis, a new anti-impotence drug produced by biotech firm Icos and marketed by US pharmaceutics powerhouse Eli Lilly

January 1, 2004 0 comments
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Business

Running on empty

by Paula Schmitt January 1, 2004
written by Paula Schmitt

The Beirut International Marathon (BIM) has already put Lebanon on official marathon calendars, with over 3,500 runners registered. However, so far the event looks like a personal project. Envisioned by May El-Khalil, who describes herself as

January 1, 2004 0 comments
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Business

Two words: ‘good luck’

by Anthony Mills January 1, 2004
written by Anthony Mills

Within weeks, a US government-funded, 24-hour Arabic-

language satellite television network is to start airing in the Middle East as part of Washington

January 1, 2004 0 comments
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Since its first edition emerged on the newsstands in 1999, Executive Magazine has been dedicated to providing its readers with the most up-to-date local and regional business news. Executive is a monthly business magazine that offers readers in-depth analyses on the Lebanese world of commerce, covering all the major sectors – from banking, finance, and insurance to technology, tourism, hospitality, media, and retail.

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Executive Magazine
  • ISSUES
    • Current Issue
    • Past issues
  • BUSINESS
  • ECONOMICS & POLICY
  • OPINION
  • SPECIAL REPORTS
  • EXECUTIVE TALKS
  • MOVEMENTS
    • Change the image
    • Cannes lions
    • Transparency & accountability
    • ECONOMIC ROADMAP
    • Say No to Corruption
    • The Lebanon media development initiative
    • LPSN Policy Asks
    • Advocating the preservation of deposits
  • JOIN US
    • Join our movement
    • Attend our events
    • Receive updates
    • Connect with us
  • DONATE