Executive-Magazine-D

ECONOMIC ROADMAP www.executive-magazine.com - DRAFT 4.0 - o December 2020 - January 2021 N 251-252 FIGHT FOR HOPE AGAINST A MALIGNANT STATE Lebanon: LL 40,000 Lebanon: You see a family recreating art. At Fidus, we see a USD 57 million Van Gogh masterpiece. We know a good investment when we see one 12 executive-magazine.com Private Wealth Management • Trading and Capital Markets • Funds & Structured Products Advisory +961.1.990600 • www.fidus.com.lb Executive 2020-2021 EDITORIAL #251-252 100 years young 2020 has proven to be one the most tumultuous and unrestrained years in this little nation’s 100 year existence. Twelve months of continuous and unexpected predicaments of the worst kinds, all endured with exemplary dignity and integrity. The extent of empa- thy, generosity and care offered so selflessly by the people is simply humbling. Look in the eyes of healthcare professionals and youths turned saviors in explosion devastated areas and you will understand. It is this sense of pride that allowed for people to repair their homes, renew their shops and pick-up the pieces of their lives The beginning of the second century in the history of modern Lebanon coincides with the beginning of another fight between two sets of socioeconomic models. Lebanon will either move forward or be stuck in the past. Lebanon will either contribute to the world of knowledge, and the knowledge economy, or will watch the world progress. Lebanon will either let corruption devastate its society and environment, or it is going to unite for what is right. History taught us that Lebanon is not a nation that can be held hostage for long. This magazine will always believe in a Lebanon that can rebuild and reform its economy, strategize its healthcare and education, combat poverty and corruption, and develop entrepreneurship and its diaspora. Lebanon has greedy enemies, within and without. We now understand more than ever who our enemies are and what they are after, and there is a lot we can do besides being dragged into violence. For many, 2020‘s events seemed desolately out of sequence. But after being thrown abruptly into this new reality, we know that this is the new order of things, and we have risen to the challenge. It is our national pride that is frightening. Lebanon will defeat and outlive its enemies. Yasser Akkaoui Editor-in-chief 1 Executive 2020-2021 CONTENTS #251-252 EXECUTIVE ECONOMIC ROADMAP - DRAFT 4.0 - Emergency Milestones for 2021 Build & Reform Strategize Combat Develop EXECUTIVE’S Economic Roadmap starts after page 64 EDITORAL SPECIAL REPORT: ENERGY ENTREPRENEURSHIP 1 100 years young 50 How long will the 30 Pandemic creates lights stay on? surge for MENA The electric state 2020 REVIEW Fintech development of the energy sector It’s just beginning 4 Total warfare: The year of 32 Gaming in Lebanon truth and shock seriously hit TRADE Forgive us, we are still alive Whatever happened to fun and games? 56 Vivisection of a trade heart 6 Pivotal events of 2020 34 Startups actually Resurgence of a shocked Spotlight on Lebanon A selection of and atomized sector 2020’s best 38 Finding scarcity SPECIAL REPORT: The search for RETAIL HEALTH CARE entrepreneurial opportunity among 60 Retail on the run 10 Health care infrastructure Lebanon’s perfect Consumer landscape under pressure storms redefined Changes and challenges 42 Lebanese start-up 62 2020: Spinney’s 14 Oranic care and true beauty niches funding threatened successes, challenges State of the market 2020, where things stand and outlook 18 Drug money Q&A with Hassan Ezzedine, Untapped potential in Lebanon Executive Chairman of Gray 22 Health care services intact but BANKING & FINANCE Mackenzie compromised Public health at risk 44 Banking sector 24 Alternative medicine spikes 2020 overview ECONOMIC ROADMAP Unexpected perks of 2020 What’s left to bank on? DRAFT 4.0 2 executive-magazine.com Executiv E Responsible director Antoine Chidiac Managing director & editor-in-chief Yasser Akkaoui Editor-at-large Thomas Schellen Managing editor Lara Nina Shabb Sections editor Nabil Makari Photojournalist Greg Demarque (Additional photos from Getty, AFP, Reuters) Art direction Tanya Salem Contributors Mirna Sleiman, Walid Al Slaiby, Nour El Kurdi Operations manager Lucy Moussa Web development manager Rabih Ibrahim Marketing representative Karine Ayoub Mattar Print & online advertising Michele Hobeika Public relations manager Maguy Ghorayeb Subscriptions manager Roula Emanuel Subscriptions Gladys Najjar Distribution manager Katia Massoud Accountant Fadi Bechara Published by NewsMedia sal Sehnaoui Center, 7th floor, Ashrafieh, Beirut Tel/fax: 01/611-696 [email protected] Contact us – We need your input. Please contact us with any suggestions or comments at: www.executive-magazine.com or [email protected] For subscriptions – [email protected] © 2020 All rights reserved. Copying for purposes other than personal or internal reference use without express written permission from NewsMedia sal is prohibited. The views and opinions expressed in the health care and entrepreneurship special reports in this issue are those of the authors and interviewees and do not necessarily reflect the views of KAS. 3 Executive 2020-2021 2020LEADERS REVIEW TOTAL WARFARE servants - the politicians - we can The year of truth only say that they didn’t even suc- cessfully slip into Santa costumes and shock this year, to bring the people tidings Forgive us, we are alive of their new incarnation into a cabi- net for Christmas. Anyhow, despite Sadly, but also realistically, one their best efforts, the Lebanese peo- could not blame an economic ana- ple have prevailed as a not totally lyst for pronouncing Lebanon a dysfunctional society. lost cause in 2020. The numbers are not only disturbing, but unre- FORGIVE US, WE ARE ALIVE strainedly disastrous. Moreover, In short, Lebanon as a soci- these numbers not only exist in ar- ety has survived this year where cane accountancy details, but they an assembly of economic men and prevail wherever one cares to look, economic women would have prac- whether that is the macro-economy ticed perfectly rational self-exter- or fiscal realities. And the reforms mination. This does not mean that are talked about. They go round the economic numbers and social and round, these reform promises, realities are not depressing. They like a little white elephant on a are even more depressing, because dream-like carousel. one can rail for months against the Yet even in the depths of the walls of this numerical economic deepest currency troubles, one can prison, but cannot change the war- postulate an upside. Hyperinfla- den. Executive editors pray you tion, for example, was but a mo- to look for the numbers yourself, ment in July. The rest was severe, and analyze them. We have done but technically, regular inflation. it at the turn of every virtual and Note, remittances to developing physical page of our magazine not countries are down globally, accord- just this year, but for more than 20 ing to international estimates, but years. not by as much as had been feared What we ask of you now is that earlier this year. In the context of after having chosen your numbers contracted GDP and the exchange and analyzed them, choose the rate, the contribution of diaspora concrete measures to change Leba- remittances to GDP is now thought non’s realities, one step at a time, to be above 30 percent. as they famously say. To assist you Additionally, not every pro- in picking the solutions that have ducer of foodstuff in Lebanon was meaning, might appeal most to shamelessly extorting every last you and make you take up your lira from their customers’ pockets, weapons of truth and justice, we or pressing the blood out of their have reviewed the Executive Road- employees’ emaciated bodies. Not map. For our 4.0 edition of this col- even landlords, or digital landlords laborative and consultative effort, – publishers and editors – are fated Executive editors have selected 36 to be that cruel. Neither do local milestones, or targets, for you to producers, traders and retailers pick from and invest your person- rob their customers blind, nor hike al energy in, in 2021. We need to prices beyond any moral restraint achieve those milestones. Lebanon and enlightened self-interest. needs to implement as many of the About the self-interest of our targets as we can push for. 4 executive-magazine.com THE HISTORIC PERSPECTIVE historian Rutger Bregman. His rea- been living off our reserves this year, History is perception. From a soning is that fake addictions to cul- many consumables – in the allegory perception of Lebanese attitudes tural nocebos (opposite of placebo), of a car for example, our tires, bat- and experiences in the pivotal years veneer theories, and assumptions of tery, windshield wipers, brake flu- of 2019 and 2020, one can call 2019 human inadequacies, have prevented ids, and shock absorbers – have not the year of delusion and protests, but us from taking a realistic view. A view been replaced. If our windshield also the year of righteous calls for the that simply says, we are not that bad, showed a crack, it was not replaced, dream of a new society. 2020 was the neither collectively nor individually. if our brake pads were run down, we year of despair and tragedy, but also The realistic picture of Lebanese let it ride and screech. The modern the year of finally and inescapably people in this sense is that they are economy has its advantages, one accepting reality. The reality that this amazing, and have proven them- of them that we have accumulated society has lost almost 30 years to in- selves as a more coherent society than many things.

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