Lebanon has witnessed a surge of high tech companies. These industries, characterized by high growth dynamics, are helping to create ample opportunities for pioneering and innovative companies in Lebanon.
KEY FACTS AND FIGURES:
Lebanon ranks 1st in the MENA region for Technological Readiness.
Lebanon ranks 2nd in the MENA for Innovation.
Highly skilled and multi-lingual labor force: Lebanon ranks 18th worldwide for the Quality of its higher Educational System and 4th for the quality its Math and Sciences Education.
Competitive labor cost: the average wage of software engineers is 27% less than in the GCC and 55% less than in selected developed economies.
Booming regional market for Tech services: Lebanon’s strategic position allows it to serve expanding markets. In 2016, high technology exports ≈ USD 32 million.
Enabling Infrastructure: Companies operating out of Lebanon can benefit from an adequate infrastructure and an enabling business environment:
Fixed broadband penetration rate≈ 25.6% in 2016, the highest amongst the Levant countries and other MENA economies.
Mobile broadband penetration rate ≈ 53.5% in 2016, up from 43% in 2013.
A thriving supporting system: with the proliferation of incubators and business development centers and the increase of financial support by the government and international institutions.
ICT Manufacturing: Opportunities are now emerging in the manufacturing and design of hardware components:
Hardware sales are expected to grow at a CAGR of 8.3% over the 2016-2019 period.
Medical Technologies: Lebanon’s well developed medical and health infrastructure underlies the country’s potential to offer services ranging from research to product and medical applications development:
In 2017, health expenditures accounted for 7% of Lebanon’s GDP.
The medical devices market isforecasted to reach USD 339.4 million by 2019.
It has the highest ratio of doctors to population (35 per 10,000 people) in the region
R&D potential: Lebanon enjoys a substantial scientific infrastructure and has the capacity to innovate and develop new products:
Scientific and technical journal articlesincreased at a rate of 77% from 2010 to 2016.
12 higher education institutions that include science and/or technology faculties, and 6 research centers.