Press Release



Dubai, UAE; 16 March 2017: A Lebanese Diaspora summit which took place on 12th March 2017 in Dubai has examined on how Lebanon’s over 200,000 citizens living across the Arab world can help and benefit from unlocking the innovation potential of a prospering homeland.



Under the patronage of H.E. Consul General of Lebanon Sami Nmeir, and supported by Lebanon’s central bank Banque Du Liban (BDL), the UK Lebanon Tech Hub hosted the summit ‘Releasing Lebanese Innovation Potential’ at the General Consulate of Lebanon in Dubai. The aim of the summit was to explore and engage with Lebanon's diaspora, the resources, the means and the opportunities for them to be a part of this renaissance, which has been largely fueled in the last few years by BDL’s landmark Circular 331 initiative.



With over 80,000 Lebanese living in the UAE alone, Dubai was ascertained as the natural place to host this summit. Speakers at the Dubai summit include H.E. Marwan Kheireddine, former Lebanese Minister and Board Member of the UK Lebanon Tech Hub; Mr Osman Sultan, CEO of leading UAE telecom operator du; and a host of leading Lebanese knowledge economy investors as well as tech start-ups that are going global with their businesses.





A recent report from the UK Lebanon Tech Hub highlighted that Lebanon was poised to create 25,000 ICT jobs by 2025. The report also acknowledges Banque Du Liban’s (BDL) considerable funding and support, particularly through its 331 initiative, which has made available $400 million for investment in the knowledge economy directly by banks or through venture capital funds. Under the scheme, the Lebanese Central Bank offers commercial banks a 75% capital guarantee on their investments into technology startups, incubators, accelerators and venture capital firms.



This initiative, amongst others, has boosted Lebanon’s entrepreneurial ecosystem, demonstrated by the country’s ICT sector growing by eight per cent annually over the last five years. Today, there are 300 companies in ICT related activities in Lebanon, with 11,200 IT employees, contributing over $400 million to Lebanon, making it the 3rd largest contributor to the economy after financial services and remittances.



