Area Size: 19.8 Km2 Population: 403,339 (as per latest estimates) Number of Projects that benefited from IDAL’s incentives: 18 Unemployment Rate: 10%
LOCATION AND TOPOGRAPHY:
Beirut is the heart of the country. ts strategic location, strong educational and medical services, cosmopolitan character, and its wealth in archeological and cultural heritage has made it historically the hub of the Middle East. The city has been recognized as a hub for commercial, financial, touristic and artistic activities, Beirut with recently shaping up to become a center for startups in the Middle East.
MAIN ECONOMIC ACTIVITY:
The economic activity in Beirut is based on the services sector mainly financial services with the presence of more than 67 commercial banks, four of which are among Forbes’ Top 100 Arab companies of 2016.
More than 58% of ICT Software Development & Services companies are located in Beirut.
More than 400 industrial firms are located in Beirut, with 24% of them involved in agro-food related activities.
More than 20universities are available in Beirut including one of the top universities in the Middle East.
Around 6 business incubators and accelerators are available to accommodate new start-ups and SMEs through facilitating access to capital, expertise and creating networking opportunities.
The presence of Beirut Digital District (BDD), a business park that spanning over a built up area of 15,500m2 hosts local as well as foreign ICT companies, and to provide them with access to advanced IT services and fiber optics infrastructure at reduced rates.
The presence of the Port of Beirut which is one of the largest ports on the Eastern Mediterranean and forms a midpoint of Europe, Asia and Africa.
Beirut was named Top International City for Food in 2016.
Opportunities exist in Fintech and E-payment solutions as mobile payments are gaining popularity and the number of mobile banking users in the MENA region is expected to reach 82.1 million users by 2017.
Biotechnology and E-health solutions are competitive sub-sectors due to availability of skilled talent and synergies with other markets and industries.
Investments in R&D facilities and Research Centers to serve multinational and local companies to undertake research and development activities in the agro-food, pharmaceutical and technology sectors.