Lebanese Private-Equity Firm Chases Diaspora in Africa for Deals

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By Mohammed Sergie, bloomberg -  EuroMena Funds, a Beirut-based private-equity firm that has raised $350 million since 2006, plans to almost double assets as it seeks investments in Lebanese-owned companies operating abroad while also backing smaller businesses in its home regions. After a decade of deploying most of its capital in Lebanon, Jordan and Egypt, EuroMena’s latest fund has spent $55 million for stakes in a toilet-paper manufacturer in Nigeria, a Tunisia-based operator of clothing stores, and the Moroccan franchisee of French retailer Carrefour SA, said Giles de Clerck, the firm’s executive partner. Two more acquisitions are expected to be completed this year, he said.

A debut debt fund primarily targeting Africa, with a target of $200 million, is in the works, Managing Partner Romen Mathieu said. The firm also plans a $100 million private-equity fund that will invest a maximum $10 million per company in enterprises based in the Levant that generate as much as $50 million in annual revenue, he said. Both funds are expected to close in 2018. EuroMena is widening its geographical footprint to tap into a Lebanese diaspora that’s at least three times larger than the population living in Lebanon. The firm, which closed its third vehicle at $150 million last year, plans to mine this community for deals, and hitch a ride to the faster-growing economies in Africa, while mitigating some of the risk.

“Today, we would never invest with a Congolese family in Congo without having any ties with our base here in Lebanon,” Mathieu said in a phone interview from the firm’s home city. “You do 50 percent of your due diligence with three phone calls here in Beirut. You call the banker, the doctor and the lawyer, and by doing so you’ve done due diligence on the guy, his family, his grandfather, and the father of his grandfather.”

EuroMena is preparing to sell stakes in three companies from its first fund, all based in Egypt. The firm has held its positions in printing and packaging company Wataniya, software developer ITWORX Corp. and food producer Wadi Holdings SAE, through government revolutions and currency devaluations, and now sees an opportunity to “make a decent return in dollars” by exiting the investments this year, Mathieu said.

Italian ambassador reiterates support for Lebanese Army

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The Daily Star BEIRUT: Italy’s ambassador to Lebanon Friday expressed his country’s support for the Lebanese Army, as the Army took up positions for the final phase to expel Daesh (ISIS) militants from the border region. In a meeting with Army commander Gen. Joseph Aoun, the Italian Ambassador to Lebanon Massimo Marotti expressed his country’s full support for the Army as well as his “deepest condolences for the painful loss of lives of soldiers,” according to a statement issued by the Italian embassy in Lebanon. The Army has liberated a 100 square km area on the outskirts of Ras Baalbeck since launching operation “Fajr al-Joroud” one week ago. Italian Armed Forces have been training selected units of the Army since 2015, the Italian embassy statement read. “The value of the donated equipment and training, which includes activities in favor of the Presidential Guard, amounts to $20 million, and the Italian government is considering to further increase the bilateral assistance,” the statement added. The Italian military contributes a contingent to the United Nations Interim Force in Lebanon. This year it invested $100 million in its participation in UNIFIL.

Najwa Karam، Zein El Omr performs at Ghosta Festival today

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Superstars Najwa Karam and Zein El Omr will perform on Friday evening a concert during Ghosta Festival, held in Ghosta, Lebanon. She will perform a number of songs such as “Ya habayeb”, “Menni Elak”, “Ma Fi Nom” and others. Ghosta Festival is a two-day program. The festival will be opened on August 25 by Lebanese stars Najwa Karam and Zein El Omr. The festival will conclude on August 26 with Wael Kfoury’s concert on August 26. The concerts will begin at 9:00PM. Ghosta Festival is an annual music and entertainment festival held in Ghosta, Keserwan, Mount Lebanon. Features a variety of music, arts and entertainment shows on different nights. Noteworthy, Najwa Karam is a Lebanese multi-Platinum singer, songwriter, and fashion icon. She is well-known as Lebanese Myriam Hernandez. She made her debut after winning the golden medal in the singing contest (Layali libnan-Lebanese nights). Source link

Lebanon army says in final stage of IS border battle

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AFP/Beirut Lebanon's army said Tuesday it had captured most of a mountainous area on the border with Syria during an operation to clear Islamic State group jihadists from the region. The army began its campaign in the Jurud Ras Baalbek and Jurud al-Qaa areas on Lebanon's eastern border on Saturday, capturing more than two thirds of the 120 square kilometres held by IS jihadists in the first two days. "We have captured around another 20 square kilometres, so we have about another 20 square kilometres to go," said army spokesman Brigadier-General Ali Qanso. He declined to be drawn on how much longer it would take the army to finish the operation. Four Lebanese soldiers have been killed since the campaign began, including one on Tuesday when a landmine detonated under his vehicle. The other three were killed when they drove over a landmine at the weekend. At a press conference, Qanso presented pictures of IS weapons, ammunition and mines recovered during the fight, as well as tunnels used by the jihadist group. The army estimated that around 600 IS fighters were in the area on the eastern border, where jihadists have long posed a security threat. In 2014, they invaded the border town of Arsal, capturing 30 Lebanese soldiers and police. Four were executed by their captors and a fifth died of his wounds. Sixteen were released in a prisoner swap in December 2015, but another nine soldiers are believed to remain in IS hands. Their fate remains unclear, and Qanso said the soldiers were the army's "top concern". The army's operation comes after Lebanese militant group Hezbollah carried out its own six-day campaign against fighters from a former Al-Qaeda affiliate further south on the border area. That offensive ended with a ceasefire under which 8,000 refugees and jihadists were transported to northwestern Syria in return for the release of five captured Hezbollah fighters. Hezbollah and the Syrian army launched their own simultaneous attack against IS from the Syrian side of the border on Saturday, but Lebanon's army insists it is not coordinating the assault. Hezbollah is a key ally of Syria's government and has bolstered its forces against rebels there.

Lebanon army says in final stage of IS border battle

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AFP/Beirut Lebanon's army said Tuesday it had captured most of a mountainous area on the border with Syria during an operation to clear Islamic State group jihadists from the region. The army began its campaign in the Jurud Ras Baalbek and Jurud al-Qaa areas on Lebanon's eastern border on Saturday, capturing more than two thirds of the 120 square kilometres held by IS jihadists in the first two days. "We have captured around another 20 square kilometres, so we have about another 20 square kilometres to go," said army spokesman Brigadier-General Ali Qanso. He declined to be drawn on how much longer it would take the army to finish the operation. Four Lebanese soldiers have been killed since the campaign began, including one on Tuesday when a landmine detonated under his vehicle. The other three were killed when they drove over a landmine at the weekend. At a press conference, Qanso presented pictures of IS weapons, ammunition and mines recovered during the fight, as well as tunnels used by the jihadist group. The army estimated that around 600 IS fighters were in the area on the eastern border, where jihadists have long posed a security threat. In 2014, they invaded the border town of Arsal, capturing 30 Lebanese soldiers and police. Four were executed by their captors and a fifth died of his wounds. Sixteen were released in a prisoner swap in December 2015, but another nine soldiers are believed to remain in IS hands. Their fate remains unclear, and Qanso said the soldiers were the army's "top concern". The army's operation comes after Lebanese militant group Hezbollah carried out its own six-day campaign against fighters from a former Al-Qaeda affiliate further south on the border area. That offensive ended with a ceasefire under which 8,000 refugees and jihadists were transported to northwestern Syria in return for the release of five captured Hezbollah fighters. Hezbollah and the Syrian army launched their own simultaneous attack against IS from the Syrian side of the border on Saturday, but Lebanon's army insists it is not coordinating the assault. Hezbollah is a key ally of Syria's government and has bolstered its forces against rebels there.

Lebanese police helped foil alleged Sydney airport terrorist plot, interior minister says

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theguardian.com - Lebanon’s interior minister has said the country’s police intelligence played a major role in foiling an alleged plot to bring down an Emirati passenger plane flying from Sydney to Abu Dhabi. Nohad Machnouk told reporters on Monday that four Lebanese-Australian brothers, including one who is in detention in Lebanon, had planned to blow up the plane with bombs hidden inside a large Barbie doll and a meat grinder. He said the bombs had not made it on to the plane because the handbag they were in was 7kg above the weight permitted by the airline.

Two Sydney men charged over alleged terrorism bomb plot Machnouk said the bombs had been sent back to the would-be attacker’s home in Australia. He said the attacker had tried to bring two explosives on the plane in case one of them did not work. The second was to be detonated by one of the brothers who was supposed to be the suicide attacker. It was not immediately clear how authorities uncovered the alleged plot. Advertisement Australian authorities said late last month that they had thwarted a credible terrorist plot to down an airplane by smuggling a device on board but provided few details, including the precise nature of the threat or any airlines involved. On Tuesday Australia’s transport minister, Darren Chester, who has primary responsibility for airports, was reluctant to confirm the statements by the Lebanese interior minister. “The bottom line is we work very closely with our security partners around the world,” Chester told Sky News. “It’s a team effort in the sense that we do need to share information, because the threat of terrorism crosses international boundaries.

The United Arab Emirates’ national airline said it was working with Australian police in the investigation. But Etihad Airways, the smallest of three long-haul Gulf carriers that fly to Australia, refused to confirm if it had been targeted. This month Australian police said two men had been charged with terrorism offences in Australia in connection with an alleged plot to bring down the airplane. It was not immediately clear if they were two of the four brothers. Four Lebanese-Australian men have been arrested by police, who also reportedly seized a meat grinder that investigators thought may be the basis of a bomb. One of the four was released later without charge. Machnouk said two of the brothers, Khaled and Mahmoud Khayyat, were being held in Australia, while another, Tarek, was a senior member of the Islamic State group based in the northern Syrian city of Raqqa. He added that the fourth brother, Amer, was supposed to be on board the plane, working to bring it down 20 minutes after takeoff, but was arrested in Lebanon after he arrived in mid-July from Australia. Machnouk said the alleged plot had been “foiled because of the extra weight”. “Intelligence branch followed on the case and found that Amer was involved in this act and it appears that he was supposed to carry it out,” he said.

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