Over the past three years, since the Banque du Liban (BDL) introduced
Circular 331 to inject $600 million dollars in the Lebanese
entrepreneurship ecosystem, Beirut has begun to emerge as a regional
tech powerhouse – with greater access to funding, government support and
a growing number of accelerators and incubators. A database compiled by Arabnet, indicates that Lebanon is now in
second place regionally, after the United Arab Emirates, for the number
and value of investments in its tech sector. It also has nearly 200
startups.

Circular 331 was introduced to halt the brain drain and boost local
employment, whilst recognizing the need to fuel a knowledge-based
economy. It is clear that Circular 331 boosted the startup scene, as
well as accelerators and venture capital firms. With more than $250M
available in seed and venture capital, and over 65 investments taking
place between 2013-2015, Lebanon is one of the thriving capitals of
digital innovation in MENA (Middle East and North Africa). According to Middle East Online,
the Arabnet report identified three sectors for growth in Lebanon:
financial technology; the well-being sector; and the retail
visualisation sector, which reimagines consumers’ shopping experiences
via new channels of purchasing, such as e-commerce. If Lebanon focuses
its efforts around these sectors, the report said, the country would
become one of the top ten entrepreneurial countries and would have
created an additional 25,000 jobs by 2025.For a map of the Lebanese startup ecosystem via Arabnet, click here. [Image: Beirut Digital District]