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Economy News
- Beirut has a new hotel. The Marriot has just opened for business in the Jnah area.
- Cable TV is available in Lebanon through two major companies (CNN, NBC, DISCOVERY, ESPN, MTV, BBC, Antenne 2, TV5, etc). Smaller companies sprung up in all neighborhoods.
- CITIBANK has just opened a major branch in Beirut with full ATM services. They are located in Jefinor Center in the Hamra area. If you run out of money in Lebanon, get you plastic to work. Most banks can provide you with your cash advance. By the way, many businesses are accepting major credit cards, MC, VISA, and AMX. ATMs are getting popular.
- Lebanon today is booming and catching up with the rest of the world in all aspects. The extensive cellular telephone network is making a hit. The Lebanese are experiencing new telephone technology that did not exist until very recently. Call waiting, forwarding, caller ID and many more features are appreciated by most Lebanese. New features, even new to US customers are showing up. For example, call waiting has a feature that let you choose the music that you want your caller to listen to when you put him on hold. By the way, the cost for cellular calls is 5US cents per minute + local charges + $25 monthly charge. You pay for the telephone($500and up).
- The CASINO DU LIBAN will reopen its doors in September.
La Compagnie Du Casino have just signed a $50 million loan agreement with 10 Beirut banks late last May to finance the rehabilitation. The Casino, overlooking the sea at 20 Km north of Beirut, was the main gambling and entertainment center in the Middle East, featuring Las Vegas-style floor shows, before the war. The rehabilitation Center will include a 150-200 luxury hotel , a swimming pool and other assets. A 1,000-vehicle car park is also added.
- The rehabilitation of the five-star Phoenicia Intercontinental Hotel should start later this year. A sum of $35.46 million were raised by subscribers from Lebanon ,
Kuwait, the United Kingdom, and Switzerland.
The 572-room Phoenicia Intercontinental was one of the grand hotel of Beirut which was gutted during the war(75-90). The work should be completed by the end of 1998.
- In Dbaye and over the Summer, construction started on the first AquaWorld. The complex includes a five-stars Hotel, the recreational Aquaworld with a 2600 sq.m. pool with
waves, a shopping center, etc. The company sponsoring the project is French.
- Also in Dbaye, a rumor is spreading news about the purchase
of a huge land by Le Printemps, a famous shopping giant in Paris. It's expected to be the only Le Printemps, outside Europe. (we hope it's true).
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