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.
COMPETITIVE ADVANTAGES:
- 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 among 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.
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