- Title: UK-LEBANON TECH HUB Lebanese tech firms launch a London hub
- Date: 17th June 2015
- Summary: (SOUNDBITE) (Arabic) CHIEF EXECUTIVE OFFICER OF INTERACTIVE LIFE, JOE HARB, SAYING: "Brate is a discovery platform, uses big data of 100 million users to tell you what are the products and services that are trending in ten countries in Middle East and North Africa. When we reveal the things that are trending, we direct people to closest places where these products are available. So, we are turning online users to off-line customers. And we observe the users on every stage and we provide all these details and analytics for businesses." GENERAL MANAGER OF BNOOKI.COM, ELIE BOUJAOUDE, TALKING (SOUNDBITE) (Arabic) GENERAL MANAGER OF BNOOKI.COM, ELIE BOUJAOUDE, SAYING: "The nature of our work and our website was started in the United Kingdom, end of nineties. People here have the best experience (in this type of work). And we really need any type of experience we can benefit from to avoid mistakes we have committed in the past. So, we can do the launch in Saudi Arabia, which is a much bigger market and we cannot commit any mistake." BANNER THAT READS (English): "COMMUNICATE, REACH, MATCH, BUILD, ACCELERATE, UK LEBANON TECH HUB" PARTICIPANTS NETWORKING VARIOUS OF CUPCAKES WITH "UK LEBANON TECH HUB" SUGAR COATING
- Embargoed: 2nd July 2015 13:00
- Keywords:
- Location: United Kingdom
- Country: United Kingdom
- Topics: General
- Reuters ID: LVA2KIQ9R3H7UZ632DWCCFB29QE6
- Aspect Ratio: 16:9
- Story Text: Young Lebanese entrepreneurs from ten leading Lebanese tech companies gathered on Tuesday (June 16) in the heart of East London to inaugurate the launch of a UK hub.
The launch is part of a joint initiative by Lebanon's Central Bank and the British government to support the growth of the 'knowledge economy' in Lebanon, according to Nicolas Sehnaoui, the chairman of UK Lebanon Tech Hub.
"The idea is that knowledge economy in Lebanon can shift the whirl of brain drain. Many Lebanese are leaving Lebanon and are working outside Lebanon and send their money back home. We want to change this because it is not healthy. We want the Lebanese youth to stay in Lebanon and to export their products, services, ideas, and creativity to the whole world," said Sehnaoui.
Joe Harb, the chief executive officer of Interactive Life, a mobile platform that allows companies to create 'personalized' apps to target customers more effectively, returned to Lebanon from the United States a few months ago.
"I came back three months ago and I saw what is happening in Lebanon. I saw young people returning to Lebanon with an American mindset with doctorate degrees from significant universities and bringing a new mentality to Lebanon. There is circular no. 331 that was innovative for the government, the central bank to issue, it allows to change the Lebanese mentality a bit towards taking risks. Because I think in Lebanon because of the war and the region we live and because the bank sector is strong, we have a mentality that we don't invest in a project unless there is a 100% guarantee," said Harb.
Harb added that in his generation, the career options were either, doctor, engineer, lawyer, priest or a sheikh, being an entrepreneur wasn't seen as career choice.
This has changed. Young entrepreneurs, like Shadi Tabbara and his partner Sameeh Harfoush who founded Brate website are an example of new young Lebanese entrepreneurs.
Three years ago the idea of their company was born when they were having a drink in Hamra, an area in Beirut, while watching people shopping. They registered their company in 2012 and launched Brate.com, a website and mobile app that identifies online trends.
"Brate is a discovery platform, uses big data of 100 million users to tell you what are the products and services that are trending in ten countries in the Middle East and North Africa. When we reveal the things that are trending, we direct people to the closest places where these products are available. So, we are turning online users to offline customers. And we observe the users on every stage and we provide all these details and analytics for businesses," said Tabbara.
The launch of a hub here is an important location for the Lebanese entrepreneurs, according to Elie Boujaoude, General Manager of Bnooki.com.
His website offers users a valuable free tool that allows people to compare Lebanese bank offers before taking a loan.
"The nature of our work and our website was started in the United Kingdom, end of nineties. People here have the best experience (in this type of work). And we really need any type of experience we can benefit from to avoid mistakes we have committed in the past. So, we can do the launch in Saudi Arabia, which is a much bigger market and we cannot commit any mistake," said Boujaoude.
Bnooki.com is expected to launch in Saudi Arabia in six months.
Boujaoude is one of the dozens entrepreneurs that has managed to capitalize on recent changes made by the Lebanese government who have taken measures to boost the knowledge economy sector.
The Lebanese Central Bank issued in 2013 circular no.331, which encourages private banks to invest in start-ups.
The Lebanese entrepreneurs taking part in this UK based project will be able to tap into British expertise, including mentoring, capacity building, and to use the UK as a base to take gain access to European markets.
The program lasts for two years and as much as making it to London is a sweet success it will also require hard work to compete in the global markets. - Copyright Holder: REUTERS
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