Lebanon

Situated in Western Asia, Lebanon benefits from its geographical position, as it borders with the Mediterranean. The country’s crossroad location (between the Arabic hinterland and the Mediterranean) has led to its interesting and rich history. It also influenced the ethnic and religious diversity of the state.

Lebanon’s economy is a relatively small, free-market, with strong business traditions. It is mainly supported by the service sector, which contributes by about 68% of the total GDP. Its industry is primarily limited to small businesses. Among the most developed sectors are: regional banking, trade and tourism. Economic activity in the country is mostly concentrated in the coastal cities, which provide additional advantages when compared to other mountainous parts of Lebanon.

The metropolitan sections of Lebanon are home to many operational businesses which contribute to the development of local economy by providing new employment opportunities for the population. There also are a lot of foreign companies in the country as its foreign policies and investments regulations are mostly favorable, with almost no imposed restrictions.

Tips for Doing Business in Lebanon

• Greetings in Lebanon are an interesting mix of French and Arabic traditions. They usually consist of a handshake and catching up on each others’ family, health, etc. Close friends will kiss three times, alternating cheeks.
• Direct eye contact and lots of physical contact are crucial for Lebanese communication. They usually try to maintain personal honor by avoiding confrontational communication. Body language is also used to imply different meanings in communication.
• It is best to wear formal business attire to meetings. Western business suits in black or dark blue are acceptable for both genders.
• It is a good idea to ask which language your business meeting will be held in, since business in Lebanon is done in Arabic, English and French. You might need to hire a personal interpreter.
• The Lebanese will be formal in their business dealings, but at the same time they will make sure you are comfortable and received with generosity.
• When exchanging business cards, use the right or both hands only.
• It is considered foolish to openly declare a certain price for a product or service, as some negotiation and bargaining is usually expected.
• The service sector is the most important of the Lebanese economy, as it contributes about 60 percent of GDP. Other sectors that are significant contributors include commerce, tourism, financial services, health care and education.

Cost of Living

The following table compares the costs of some basic products in Beirut, Lebanon and Sofia, Bulgaria.

Official Holidays in Lebanon

1 January – New Year’s Day
6 January – Orthodox Armenian Christmas
9 February – Feast of St. Maroun
15 February – Mawlid al-Nabi (Prophet’s Birthday)
22 April – Good Friday
24 April – Easter Sunday
1 May – Labour Day
6 May – Martyr’s Day
25 May – Resistance and Liberation Day
15 August – Assumption of the Virgin
30 August – Eid al-Fitr (End of Ramadan)
1 November – All Saints’ Day
6 November – Eid al-Adha (Feast of the Sacrifice)
22 November – Independence Day
26 November – Islamic New Year
5 December – Ashoura
25 December – Christmas Day