By the day, as Lebanon’s economy continues to deteriorate, work and investment opportunities are dwindling. This is why, to many Lebanese, the chance to thrive is now only available outside Lebanon.
Whether by partnering with Cyprus-based businesses or by packing up and leaving to establish new headquarters, some Lebanese businesses and investors are already seeking opportunities in Cyprus.
“It is close. This is why Cyprus was always at the top of my mind,” Firas Mghames, the owner of one of Lebanon’s leading marketing and creative service providers, Feer McQueen, told Cyprus Mail newspaper.
“I decided to extend my operations to the island in May 2020, and we are still setting up,” Mghames said.
Attracted by the positive economic growth that Cyprus has been seeing, and simultaneously repulsed by the collapse of their own country’s economy, many Lebanese have taken steps to move their work to the neighboring country — or are, at least, considering it.
In April 2020, Abdel Karim, who hails from a family of developers, partnered with several investors to establish the company ITCEC that offers contracting, development, and engineering services.
6 months later, today, ITCEC is being prepared for migration.