In a prelude to a V-shaped recovery for the private sector, hundreds of companies have been established or reopened, reminiscent of the pre-crisis era. New businesses are being created and some that had closed down due to the Port Explosion and the economic crisis are reopening especially that the impact of the Covid-19 pandemic has subsided locally and at the global level. Vibrant sectors include manufacturing, information technology, and hospitality and tourism. Some businesses, such as supermarkets, are expanding their branch network to new regions, and many neighborhood minimarkets are opening. There are opportunities for creating new enterprises in emerging key sectors like outsourcing, artificial intelligence (see page 64), and guesthouses (see our Autumn 2022 issue), in addition to sectors that have been traditionally the backbone of the economy like agri-food and restaurants.
Restaurants back and ready
More than 250 hospitality businesses have opened or reopened. These include hotels, guesthouses, tourist resorts, restaurants, and nightlife venues. Moreover, major nightclubs in downtown Beirut have reopened after closing following the Port Explosion. According to a survey carried out by InfoPro Research in March 2023, restaurants account for 45 percent of the total number of businesses that have opened/reopened or expanded or were in the process of doing so. The survey was conducted in Greater Beirut and some parts of Mount Lebanon. , Chairman of the Syndicate of Owners of Restaurants, Cafés, Night-Clubs and Pastries said that they are ready for the summer of 2023 and that around 200 businesses in their sector are opening across the country. About 30-35 percent of them are in Greater Beirut, mainly in Beirut Central District (Downtown), Gemmayzeh, Mar, who still runs the Magnifico Food Truck, said: “I wanted to benefit from the good location. I took the risks as I saw that many people are re-opening or opening new restaurants. The new restaurant allows me to reach a larger segment than the one reached through the Magnifico Food Truck which gave me a valuable experience.” The name combines Graffiti which is done in streets and street food. “Our business concept is to sell street food at affordable prices,” Alawiya said. The restaurant also provides delivery service and taps social media such as Instagram to promote its business.
