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Lebanon This Week
Issue 158 March 15-19, 2010 Economic Research & Analysis Department LEBANON THIS WEEK In This Issue Charts of the Week Economic Indicators....................1 Investment Freedom Index in Arab Countries for 2010 70 65 65 60 Capital Markets...........................1 60 55 55 55 50 50 45 45 45 45 Lebanon in the News...................2 Lebanon ranks 45th globally, 6th in 40 35 35 MENA region in electronic participation 30 Payments to the Kuwait Petroleum 20 Corporation and Sonatrach account for 20 95% of Treasury transfers to Electricité 10 du Liban 10 Growth and credit outlooks depend on 0 budget outcome, reform implementa- tion UAE Oman Egypt Qatar Syria Libya Jordan Kuwait Yemen Algeria Tunisia Industrial exports up 17% to $242m in Bahrain Morocco Lebanon January 2010 Saudi Arabia Investment Freedom Index for Lebanon Lebanon's travel and tourism economy to generate $12.4bn this year 60 Most tourists spending in Lebanon orig- inated from Saudi Arabia and UAE in 55 first two months of 2010 50 50 Cash transfers up 9% to $721m in first half of 2009, UAE is largest source and Philippines is main destination 40 Central Bank business survey: industrial activity down in third quarter of 2009 30 30 30 30 30 30 Central Bank lifts secrecy of 14 cases suspected of money laundering 20 Corporate Highlights ..................7 2004 2005 2006 2007 2008 2009 2010 Stable outlook for Lebanese banking system Source: Heritage Foundation/Wall Street Journal, 2010 Car sales down 12.1% year-on-year in first two months of 2010 Quote to Note BLC Bank's profits -
Lebanon This Week
Issue 182 September 6-18, 2010 Economic Research & Analysis Department LEBANON THIS WEEK In This Issue Charts of the Week Economic Indicators.....................1 Total Insurance Penetration in Arab Countries at end-2009 (% of GDP) Capital Markets............................1 3.5 3.1 3.0 2.8 Lebanon in the News....................2 2.5 Lebanon ranks 112th globally, 13th in 2.5 2.3 2.2 Arab region in credit ratings 2.0 2.0 Political tensions to affect growth, short- term challenge is to rollover maturing 1.5 1.2 Eurobonds 1.0 0.9 1.0 0.8 Draft budget for 2011 projects fiscal 0.6 0.5 deficit at 27% of expenditures and 8.6% 0.5 of GDP 0.0 Balance of payments posts surplus of $2.3bn in first 7 months of 2010 UAE Egypt Qatar Jordan Oman Kuwait Coincident Indicator up 13.4% year-on- Lebanon Morocco Bahrain Tunisia Algeria year in July 2010 Saudi Arabia Lebanon ranks 92nd globally, 12th Total Insurance Penetration in Lebanon (% of GDP) among Arab countries in global competi- 3.5 tiveness Lebanese banks to comply with new sanctions on Iran 3.04 3.11 3.0 Lebanon ranks 9th in Arab world in con- 2.86 nectivity 2.92 2.94 Construction permits up 48% in first 7 months of 2010 2.63 2.5 2.56 Launch of Lebanese-Mexican Business Council Net public debt at $44.3bn at end-July 2010 2.0 Airport passengers up 11% in first 8 2003 2004 2005 2006 2007 2008 2009 months of 2010 Source: Swiss Re, Byblos Reserach Corporate Highlights ...................6 MEA's IPO indefinitely postponed Quote to Note BLC Bank acquires 10% stake in USB Bank "The current rapid growth, -
Lebanon Weekly Monitor May 31 - June 6, 2021 Week 23
LEBANON WEEKLY MONITOR MAY 31 - JUNE 6, 2021 WEEK 23 Economy ____________________________________________________________________________ p.2 A 38% DROP IN AVERAGE BDL COINCIDENT INDICATOR IN 2020 BDL’s coincident indicator, a cyclical indicator for Lebanon’s economic activity and which aggregates CONTACTS a number of real sector indicators, has reported 173.9 in December 2020, or an average of 180.2 in the Treasury & Capital Markets year 2020, contracting by 38.4% relative to the year 2019. Bechara Serhal Also in this issue (961-1) 977421 p.3 Merchandise at Port of Beirut up by 13% in first four months of 2021 [email protected] p.3 Value of cleared checks down by 22% in the first five months of 2021 Private Banking p.4 Tripoli Port revenues improve by 158% year-on-year in March 2021 Toufic Aouad (961-1) 954922 Surveys ____________________________________________________________________________ [email protected] p.5 LEBANON'S FINANCIAL CRISIS LIKELY TO RANK IN THE TOP 10, POSSIBLY THREE, MOST Corporate Banking SEVERE CRISES EPISODES GLOBALLY SINCE 1900, AS PER THE WORLD BANK The World Bank recently issued its Lebanon Economic Monitor which provides an update on key Carol Ayat economic developments and policies over the past six months. (961-1) 959675 [email protected] Also in this issue Marketing and Communications p.6 Lebanon is regionally uncompetitive with regard to labor market risks due to a host of issues, as per Fitch Solutions Jean Traboulsi (961- 1) 977350 [email protected] Corporate News ____________________________________________________________________________ p.7 BLC BANK’S NET PROFITS AT US$ 2.7 MILLION IN THE FIRST QUARTER OF 2021 BLC Bank announced net profits of US$ 2.7 million in 1Q 2021, according to its latest release. -
Communication and Research Department
Communication and Research Department Monthly Beirut Stock Exchange Statistics As at August 31, 2016 Beirut Stock Exchange Briefing ……………………………………………………………………………………………….......... Page 1 Monthly Market Activity ………………………………………………………………………………………………………......... Page 2 Monthly & YTD Stock Performance & Market Capitalization……………………………………………………………………... Page 3 Closing Prices, Free Float Market Cap. And Full Market Cap. Trends……………………………………………………………… Page 4 Monthly Volume Traded in Previous & Current Year ……………………………………………………………………………… Page 5 Monthly Value Traded in Previous & Current Year ………………………………………………………………………………... Page 6 Volume Traded By Issuer & Security in Previous & Current Year ……………………………………………………………….... Page 7 Value Traded By Issuer & Security in Previous & Current Year …………………………………………………………………... Page 8 Beirut Stock Exchange Monthly Briefing Communication and Research As At August 31, 2016 Beirut Stock Exchange (BSE) Performance measured For the Following Periods For August 2016 BDL All Shares Index Trend From 3 Years From 1 Week (5 From 1 Month From 3 Months (63 From 1 Year (252 From 2 Years From 3 Years (756 140.00 by The BDL Stock Index As Of The Report date From 6 Months (126 W.D.) HIGH LOW W.D.) (21 W.D.) W.D.) W.D.) (504 W.D.) W.D.) 120.00 100.00 87.14 88.76 90.67 93.49 96.04 103.86 119.11 102.67 91.31 87.14 ● BDL All Shares Index (Base Year 1996=100) 80.00 -1.82% -3.90% -6.79% -9.27% -16.10% -26.85% -15.13% -4.57% 60.00 40.00 BDL All Shares Index Performance ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▬ 20.00 0.00 673.84 671.46 672.34 667.93 677.38 -
Lebanon This Week
Issue 614 | January 6-11, 2020 Economic Research & Analysis Department LEBANON THIS WEEK In This Issue Charts of the Week Economic Indicators...........................1 Capital Markets..................................1 Stock Market Capitalization in Select Arab Countries at end-2019 (% of GDP) Lebanon in the News..........................2 Real GDP growth rate at 0.9% in 2017 and -1.9% in 2018 according to national accounts Association of banks reduces by 104 basis points reference rates on US dollar and Lebanese pound lending Number of airport passengers down by 1.8% in 2019 Finance Ministry takes measures related to ownership of bearer shares and “shares to order” Broad money supply down 3.4% in first 11 months of 2019 Management of mobile networks reverts to the State Number of real estate transactions down 17% in 2019 Schools receive European Union grant to in- Stock Market Capitalization in Lebanon (% of GDP) troduce energy efficiency Lebanon ranks 68th globally, seventh among Arab countries in electronic commerce Compensation of public-sector personnel at $5.4bn in first 10 months of 2019, absorbs 58% of revenues Lebanon ranks 87th globally, ninth among Arab countries in terms of well-being New industrial licenses down 57% in first half of 2019 Corporate Highlights .......................7 Foreign investments of financial sector at $3.3bn at end-March 2019 *latest available market capitalization figure BLC Bank's net earnings at $15.5m in first Source: Byblos Bank, -
Lebanon Banks.Pdf
942-951.qxd 14/01/2011 09:19 Õ Page 2 AL BAYAN BUSINESS GUIDE BANKS IN LEBANON - Amyoun: Tel: (06)955600 - Fax: (06) 955605 AHLI INTERNATIONAL BANK - Ashrafieh: (Charles Malek Avenue) Tel:(01) 200250-3 -Fax:(01)200724 - General Manager : M. Michel Saroufim - Ashrafieh: (Sassine Square) Tel / Fax: (01)200640 - Assistant General Manager : M. Fadi Zablit - Ashrafieh: (Sassine Street) Tel: (01) 217064 - Fax: (01) 216954 - Assistant General Manager : M. Aed Jalloul - Ashrafieh: (Saydeh) Tel: (01)200753 - Fax: (01)204972 HEAD OFFICE: - Ashrafieh: (Sodeco)Tel: (01) 612790 - Fax: (01) 612793 Bab Idriss - Omar Daouk Str. - Ahli International Bank SAL. Bldg - Beirut - Lebanon: - Baabda: Tel: (05)451452 - Fax: (05)953236 Tel: (1)970920 - Fax: (1)970944 - Bab Idriss: Tel: (01)977588 - Fax: (01) 999410 P.O.B: 11-5556 Riad El Solh - Beirut 1107 2200 Lebanon - Badaro: Tel: (01)387395 - Fax: (01) 387398 E-mail: [email protected] - Basta-Noueiri: Tel / Fax: (01) 661323 BRANCHES: - Bechara El-Khoury: Tel/Fax: (01) 664093 - Bab Idriss: Main Branch: Tel: (1)970920 - Fax: (1)970952 - Bhamdoun: Tel: (05) 261285 - Fax: (05) 261289 - Dora: Tel: (1)899121 - Fax: (1)894721 - Bint Jbeil: Tel: (07)450900 - Fax: (07) 450904 - Hamra: Tel: (1) 340270 - Fax: (1)742843 - Bliss: Tel: (01)361793 - Fax: (01) 361796 - Galerie Semaan: Tel: (5)954630 - Fax: (5)954632 - Bourj-Hammoud: Tel / Fax: (01) 263325 - Jdeideh: Tel: (1)881680 - Fax: (1)883891 - Broummana: Tel: (04)860163 - Fax: (04)860167 - Kaslik: Tel: (9)210769 - Fax: (9)210773 - Chekka: Tel : (06)545379 - Fax: (06)541526 - Saida: Tel: (7)728930 - Fax: (7)728931 - Chiyah: Tel: (01)541120 - Fax: (01)541123 - Tripoli: Tel: (6)430106 - Fax: (6)432720 - Chtaura: Tel: (08) 542960 - Fax: (08)544853 - Verdun: Tel: (1)797079 - Fax: (1)797082 - Dora (Cité Dora): Tel: (01)255686 - Fax: (01)255695 - Dora (City Mall): Tel: (01) 884114 - Fax: (01) 884115 ARAB AFRICAN INTERNATIONAL BANK - Dora (Vartanian Center): Tel / Fax: (01)250404 - Beirut Branch Manager : M. -
MENA MARKETS December 3 — 7, 2017
WEEKLY RESEARCH MENA MARKETS December 3 — 7, 2017 TOP NEWS details in GCC banks outlook stable, Moody’s says PAGE 1 U.A.E. says committed to tax reforms as EU puts It on blacklist Qatar finance minister: 2018 budget to focus on making economy self-sufficient Qatar central bank's international reserves, liquidity edge up in October No net outflows from Qatari banking sector in November, QNB says MSCI keeping Qatar’s official FX rates after central bank pledge World Bank approving $1.15 billion development policy loan for Egypt Egypt repaying $4 billion of debt to African Export-Import Bank Saudi Arabia's SABIC looking at investing in the U.S. SABIC to open office in Iraq as relations improve Saudi Aramco awarding U.S. General Dynamics offshore security contract Emaar and Dubai Properties in talks with banks for loan financing: sources Adnoc Distribution's UAE IPO to price in middle of indicated range: book-runners Tunisia and Abu Dhabi Investment Authority to sell BTE stake GEMS Education picking banks for $5bln London IPO: sources Dubai's DP World raising stake in Brazilian port to 100% MARKETS EQUITIES Price % 1 W Saudi Arabia 7085.51 1.16% Most Gulf stock markets were under pressure this week after geopolitical news Abu Dhabi 4276.93 -0.42% from Yemen and Qatar that has heavily influenced the bourses for weeks turned negative. Dubai 3393.46 -1.03% Qatar 7773.59 0.77% The Saudi index ended higher for the second consecutive week, while Oman 5066.09 -0.83% remaining above key technical resistance level, which has capped the market since mid-October. -
Forbes Middle East Magazine
FORBES MIDDLE EAST THE COUNTRY’S TOP LEADERS AND INNOVATORS GUIDE 2018 / LEBANON EANON HAS ALL THE ADVANTAGES T E E EGI OP TECHNOLOGY HUB.” TECHNOLOGY E E EGI OP T ADVANTAGES ALL THE HAS EANON SAAD LEBANON HARIRI “Lebanon has all the advantages to be the region’s top 100 technology hub.” LEBANON LOOKS AHEAD GUIDE 2018 / LEBANON LEBANON’S PRIME MINISTER IS MOVING FORWARD WITH REFORMS AND INTERNATIONAL INVESTMENT TO PROVIDE THE COUNTRY’S CITIZENS WITH MORE STABILITY AND A BETTER QUALITY OF LIFE. UAE ....................................AED 30 BAHRAIN ...........................BHD 3 OMAN ............................... OMR 3 92 FORBES MIDDLE EASTSAUDI I ARABIAGUIDE ................. 2018 SAR 30 KUWAIT .........................KWD 2.5 OTHERS .................................... $8 STEERING A GLOBAL GIANT’S ELECTRIC AMBITIONS IN THE REGION, HE’S USING CUTTING-EDGE TECH TO IMPROVE 91 FORBES MIDDLE EAST I GUIDE 2018 Ad Checking.indd 1 8/7/18 9:36 AM Contents Guide 2018 / Lebanon ON THE COVER 24 I LEBANON LOOKS AHEAD Saad Hariri, Prime Minister of Lebanon, is moving forward with a programme of reforms and international investment to provide the country’s citizens with more stability and a better quality of life. He spoke exclusively to FORBES MIDDLE EAST about his plans for the future of the country. By Claudine Coletti GUIDE 2018 I FORBES MIDDLE EAST 1 Contents Guide 2018 / Lebanon 6 I Side Lines // Claudine Coletti On The Cusp Of A Transformation LeaderBoard 12 I Lebanon’s Young Innovators Thought Leaders 14 I Lebanon’s Bond With Fintech By Nikhil Shah 28 I A Rise In Retail And Economic Outlook By Rahul Rathi 86 I The Role Of Risk Management In Lebanon’s Economic Future By Ahmad Waarie Energy 18 I An Imbalance Of Power: Lebanon’s Energy Crisis From its heyday as an exporter of power, to an energy crisis that it has been battling since the 1990s, Lebanon is trying to correct the imbalance of supply and demand with reform measures. -
Lebanon This Week
Issue 618 | February 3-8, 2020 Economic Research & Analysis Department LEBANON THIS WEEK In This Issue Charts of the Week Economic Indicators...........................1 Capital Markets..................................1 Cost of Living Index in Select Arab Cities in 2020* Lebanon in the News..........................2 New government pledges fiscal, economic and structural reforms Coincident Indicator down 5% in 2019 Net foreign assets of financial sector down by $4.4bn in 2019 Banque du Liban updates capital adequacy framework for banks Utilized credits by private sector at $65bn at end-September 2019, advances against real estate at 39% of total Opened letters of credit at $5.7bn for imports and $2.9bn for exports in 2019 Revenues through Port of Beirut down 13% to $193m in first 11 months of 2019 Commercial activity deteriorates in third quarter of 2019 Cost of Living Index for Beirut* Corporate Highlights .........................6 Banking sector assets at $217bn at end-2019, equivalent to 386% of GDP Import activity of top five shippers and freight forwarders down 11% in first 11 months of 2019 Creditbank invites shareholders to Extraor- dinary General Assembly Digital dental startup raises $1.2m to expand operations Fransabank approves capital increase Lebanese media adversely impacted by eco- nomic crisis *higher score reflects higher cost of living Source: Numbeo's 2020 Cost of Living Index, Byblos Bank BLC Bank approves raise in capital Ratio Highlights..................................9 -
Agenda: - Examine the General and Special Reports of the Board of Directors for the Year 2020
Notice of Annual General Assembly to be held on September 02, 2021: The Board of Directors of BLC Bank S.A.L. invites shareholders to attend an Ordinary General Assembly Meeting to be held at 10:00 am on Thursday, September 02, 2021, at the Bank’s Head Office in Adlieh Beirut, BLC Bank Bldg. to discuss the following agenda: - Examine the General and Special Reports of the Board of Directors for the year 2020. - Examine the Reports of the Auditors for the year 2020. - Give proper authorizations as per Articles 158 & 159 of the Code of Commerce and as per article 152 of the Code of Money and Credit. - Approve the Bank’s accounts for the year 2020. - Give full discharge to the Board of Directors. - Allocate the results of the year 2020. - Other topics Daily Bulletin – 12/08/2021 Unaudited Consolidated Financial Results for the period ended March 31, 2021: BLC Bank SAL publishes the Consolidated Unaudited Financial Results for the period ended March 31, 2021. Daily Bulletin – 17/05/2021 Unaudited Financial Results December 31, 2020: BLC Bank SAL publishes the Consolidated Unaudited Financial Results for the year ended December 31, 2020. Daily Bulletin- 12/5/2021 إﻋﻼن اﻟﻰ اﻟﻤﺴﺎھﻤﯿﻦ ﺣﻤﻠﺔ اﻷﺳﮭﻢ اﻟﻌﺎدﯾﺔ ﺑﺘﺎرﯾﺦ ٢/١٢/٢٠٢٠ إﻧﻌﻘﺪت اﻟﺠﻤﻌﯿﺔ اﻟﻌﻤﻮﻣﯿﺔ اﻟﻌﺎدﯾﺔ ﺑﺼﻮرة إﺳﺘﺜﻨﺎﺋﯿﺔ وواﻓﻘﺖ ﻋﻠﻰ ﺗﻨﻔﯿﺬ اﻟﺠﺰء اﻟﺜﺎﻧﻲ ﻣﻦ ﻋﻤﻠﯿﺔ زﯾﺎدة اﻷﻣﻮال اﻟﺨﺎﺻﺔ ﻟﻠﻤﺼﺮف ﻋﺒﺮ ﺗﻘﺪﯾﻢ اﻟﻤﺴﺎھﻤﯿﻦ ﻣﻘﺪﻣﺎت ﻧﻘﺪﯾﺔ ﺑﺎﻟﺪوﻻر اﻷﻣﯿﺮﻛﻲ ﻻ ﺗﻨﺘﺞ أي ﻋﺎﺋﺪات ﺑﻤﺒﻠﻎ ﯾﻮازي /٤٧٫٨٩٥٫٨٧٥/دوﻻر أﻣﯿﺮﻛﻲ ﺗﺤﺘﺴﺐ ﺿﻤﻦ ﺣﻘﻮق ﺣﻤﻠﺔ اﻷﺳﮭﻢ اﻟﻌﺎدﯾﺔ ﻟﻠﻤﺼﺮف (Common Equity Tier One). ﻛﻤﺎ ﺣﺪدت اﻟﺠﻤﻌﯿﺔ اﻟﻌﻤﻮﻣﯿﺔ اﻟﻤﺬﻛﻮرة اﻵﻟﯿﺔ اﻟﺘﻲ ﺳﻮف ﯾﺘﻢ إﺗﺒﺎﻋﮭﺎ ﻟﺘﻘﺪﯾﻢ اﻟﻤﻘﺪﻣﺎت اﻟﻨﻘﺪﯾﺔ ﻣﻦ ﻗﺒﻞ اﻟﻤﺴﺎھﻤﯿﻦ ﻋﻠﻰ ﻣﺮﺣﻠﺘﯿﻦ : اﻟﻤﺮﺣﻠﺔ اﻷوﻟﻰ ﻋﻠﻰ وﺟﮫ ﻏﯿﺮ ﻗﺎﺑﻞ ﻟﻠﺘﻨﻘﯿﺺ واﻟﻤﺮﺣﻠﺔ اﻟﺜﺎﻧﯿﺔ ﻋﻠﻰ وﺟﮫ ﻗﺎﺑﻞ ﻟﻠﺘﻨﻘﯿﺺ، ﻛﻤﺎ ھﻮ ﻣﻔﺼﻞ ﻓﯿﻤﺎ ﯾﻠﻲ: اﻟﻤﺮﺣﻠﺔ اﻷوﻟﻰ: ﺳﻮف ﯾﺤﻔﻆ أوﻻً ﺣﻖ اﻟﻤﺴﺎھﻤﯿﻦ ﺑﺎﻹﻛﺘﺘﺎب ﺑﺎﻟﻤﻘﺪﻣﺎت اﻟﻨﻘﺪﯾﺔ ﻛﻞ ﺑﻨﺴﺒﺔ ﻣﺴﺎھﻤﺘﮫ ﻓﻲ اﻟﻤﺼﺮف وﻋﻠﻰ وﺟﮫ ﻏﯿﺮ ﻗﺎﺑﻞ ﻟﻠﺘﻨﻘﯿﺺ. -
Lebanon This Week
Issue 151 January 25-29, 2010 Economic Research & Analysis Department LEBANON THIS WEEK In This Issue Charts of the Week Economic Indicators....................1 Business Freedom Index for Arab Countries for 2010 84.6 85 Capital Markets...........................1 80.2 80 77.8 76.1 74.4 73.7 75 Lebanon in the News...................2 71.2 Low broadband penetration is hurting 70 67.4 66.9 Lebanon's competitiveness 65.8 65.6 65.0 65 Lebanon ranks 41st globally, 14th in developing countries in terms of out- 59.2 60 standing external debt 56.6 55 Beirut and French Development Agency sign agreement for urban development 50 Oil exploration draft law to be ready in 2011 UAE Qatar Oman Egypt Syria Tunisia Yemen Algeria Kuwait Jordan Bahrain Morocco Lebanon Fiscal deficit at $3bn in 2009, equivalent Saudi Arabia to 9.1% of GDP Business Freedom Index for Lebanon Consumer Price Index up 3.4% annually in December 2009 60 60.0 Number of tourists up 39% in 2009 59 58 Corporate Highlights .................5 57 56.7 56.6 Byblos Bank's profits up 20% to $146m 56.6 in 2009 56 55.0 55.0 55 55.6 Byblos Bank invites shareholders to an Extraordinary General Assembly 54 53 BLC General Assembly approves Banque Lati acquisition 52 51 Fransabank signs $21m subordinated loan agreement with PROPARCO 50 2004 2005 2006 2007 2008 2009 2010 Ratio Highlights...........................6 Source: Heritage Foundation/Wall Street Journal, 2010 Quote to Note Risk Outlook................................6 “Expect another upgrade from Fitch, as it still keeps Lebanon at ‘B-’, -
The Role of Lebanese Banks in Supporting Remittances
WORKSHOP ON: REMITTANCES AND ECONOMIC DEVELOPMENT CAIRO 3-4 DECEMBER 2014 The Role of Lebanese Banks in Supporting Remittances By: Ali Awdeh Union of Arab Banks REMITTANCES TO LEBANON Lebanon is a notable case of a remittance-dependent economy, with a steady outflow of emigrants that ensure regular inflows of remittances. Financial inflows from Lebanese Diaspora exhibited remarkable stability in the face of significant political turbulences over the past few years. REMITTANCES TO LEBANON: SOME FACTS Over 80% have completely lost touch with the homeland! LEBANON’S REMITTANCE INFLOWS ($ BILLIONS) 9.0 8.0 7.6 7.6 7.7 7.2 6.9 6.9 6.9 7.0 6.0 5.6 5.8 5.2 4.9 5.0 4.7 4.0 3.0 2.5 2.0 1.0 0.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014e LEBANON’S REMITTANCE INFLOWS – CONT. The World Bank projected expatriates’ remittance inflows to Lebanon to reach $7.67 billion in 2014, constituting an increase of 1.6% from 2013. Lebanon would be the 18th largest recipient of remittances globally and the 13th largest recipient among 135 developing economies in 2014. It would be the second largest recipient of remittances among 16 Arab countries and the third biggest recipient among 48 Upper Middle Income Countries (UMICs). LEBANON’S REMITTANCE INFLOWS – CONT. Further, Lebanon would post the 12th highest growth rate in remittance flows among the 15 largest recipients of remittances in developing economies this year, ahead of India (+1.5%), Egypt (+0.9%) and Ukraine ( -6.9%).