2014 - Life

2014
TABLE OF
CONTENTS
Introduction from the Chairman
4
Review from the CEO
5
Who we are and what we do
6
Connect
9
Nurture
14
Promote
19
Financial Performance
22
Acknowledgements
24
LIFE ANNUAL REVIEW 2014
3
INTRODUCTION FROM
THE CHAIRMAN
Thoughts for 2015 and beyond: LIFE is essentially the sum of two
parts: the members and the organisation that binds these members
together. Since our founding in 2009, we have had members join
LIFE for many reasons and at various stages of their professional
development. The more senior members who joined were mostly
happy to be part of an organisation of like-minded people, which
provided them with a conduit to give back. Some of the mid-level
members who joined wanted to belong to an organisation that
attracted so many accomplished Lebanese natives in finance and
viewed LIFE justifiably as a way to further advance their careers.
For some of our junior members, LIFE was a great companion to
take along in their journey, as they begin their careers in finance.
The challenge for us in LIFE is to continue building and strengthening
an organisation which remains relevant and value-added for all our
constituencies: our individual members of various levels of seniority,
our Lebanese Bank supporters and Lebanon as a country. By strengthening our Connect pillar and revamping our CRM and
website through the addition of user-friendly functionalities, we are
aiming to facilitate the member-to-member business connectivity. By
streamlining Nurture and expanding our reach, we are appealing to
our members who look for LIFE to provide them with a way to give
back. By launching our fundraising campaign, we are strengthening
the organisation and our Promote pillar, where future Promote chairs
can have more time to tackle the projects as opposed to fundraising
for one idea at a time.
Dear friends, It gives me great pleasure to introduce LIFE’s first Annual Review. Our
aim is to present our financial performance as well as our practice of
embedding our values at the centre of everything we do, those being:
Solidarity, Integrity, Pluralism, Transparency and Commitment.
2014 was a very exciting year for LIFE: Some of the highlights
included a smooth chairmanship transition, a highly acclaimed Gala
raising $1.3 million for the Nurture programmes, our first Investor
Summit in Beirut, and a new chapter in Hong Kong. We have active
plans for four more chapters in Australia, Brazil, Canada, and Saudi
Arabia. We are confidently one step closer to our aspiration of becoming
the preeminent organisation for Lebanese financiers in the diaspora.
Recent Developments: I am pleased to announce that the Board
of Directors has approved: i) our plan for a multiyear, two-phased
capital campaign to raise $5 million. This is intended to serve as an
“endowment,” helping ensure the sustainability of LIFE, as well as
funding future expansion and discrete Promote initiatives. ii) The
creation of a Honorary Advisory Board, US to work alongside our LIFE
Advisory Board. Senators George Mitchell and John Sununu Jr. have
both already agreed to serve on this board, and we are in the process
of soliciting other members on both sides of the aisle. Rest assured
that the board has imposed strict protocols for how and when our
Senior Policy Advisors can be engaged, and to what purpose. 4
LIFE ANNUAL REVIEW 2014
Since our founding in 2009, we have had
members join LIFE for many reasons and at
various stages of their professional development.
Lest we all get too complacent with our success to date, we have many
challenges ahead that we need to navigate very carefully to take LIFE
to the heights we all believe it can reach. As primarily a networking
organisation, our success and longevity will be judged by one criterion
that stands alone in its importance, and that is how LIFE members use
the network to benefit themselves and other LIFE members. All our
success so far stems from LIFE members “giving” things. We need to
ensure they receive as much as they give, if not more.
I would like to thank the LIFE executive team under the leadership
of our CEO, Paola Barbarino. LIFE is lucky to have such talented and
tireless workers and advocates. We would not be where we are today
without their hard work and dedication. Thank you,
Mark Malek
Chairman of the Board REVIEW FROM
THE CEO
Dear LIFE members, friends and supporters,
Welcome to our first LIFE Annual Review. LIFE has grown in scale
and ambition in the last few years. 2014 was primarily a year of
consolidation, focusing on strengthening the foundations of our
organisation to prepare it to achieve its exciting programme of growth
for the future.
We started 2014 with many objectives, primarily strengthening Connect,
reshaping and scaling-up Nurture and growing Promote. I am pleased
to report that each and every one of those objectives was met.
Growing the senior membership by 68% to 296 members was one
of our biggest achievements.
In 2014 we thoroughly re-examined our sustainability model. A
key target for most membership organisations is to be sustainable
from membership fees alone but increased membership is only
feasible with increasing value for members and with their increased
engagement with the organisation’s activities. This requires
investment in core resources. Achieving the right balance between
growth in our cost base and growth in membership value will be key
to achieving sustainability in the long term. However, we concluded
that this must not be a constraint on our growth and ambitions in the
short term. This is why the additional and substantial support of our
sponsors continues to be extremely precious to us, enabling us to
think bigger in our quest to expand the network.
LIFE is your organisation and by keeping
engaged with it, you play a vital role
in all LIFE’s achievements.
We also looked at the prospective pool of new members and at how
to avoid diluting our core group, whilst growing and keeping true to
our values. Thanks to this analysis and the major discussions around
it, we are going into 2015 with a clearer idea of what the organisation
needs in order to succeed and to grow.
I hope that you noticed positive changes during the year: the launch
of our executive mentorship programme, the introduction of Friends
of LIFE, the extension of our Advisory Board, the clarification of our
value proposition for each tier - to name but a few.
The Nurture programme also grew substantially, scaling up in
virtually all of its activities. More scholars, more mentors, more
internships and jobs on our bulletin board, targeted monitoring
and evaluation of each programme and more prestigious university
partnerships have contributed to a leap in our output; please
refer to the impressive figures further into the report.
In the meantime Promote has also increased its reach; the Lebanon
for Entrepreneurs project had a great year whilst the First Global
Lebanese Entrepreneurs-Investors Summit was a huge success.
Promote continues to attract a lot of attention and is a magnet for
ideas and projects. We will be channelling this positive energy into
further impactful activities in 2015.
Last but not least, your feedback is essential to keep us relevant and
focused, just as much as your active participation on committees
is vital to our success. LIFE is your organisation and by keeping
engaged with it, you play a vital role in all LIFE’s achievements.
If time does not allow you now, we are here for you whenever you
are ready.
I hope you will enjoy reading more about 2014 in our first annual
review. I am indebted to our Chairman, Board, Chairs of Pillars,
Country Chapters and Committees and to my wonderful executive
team for their indefatigable work, which has allowed us, once again,
to deliver another successful year.
Thank you,
Paola Barbarino
CEO
LIFE ANNUAL REVIEW 2014
5
WHO WE ARE
AND WHAT WE DO
BOARD
MEMBERS
We are the largest Lebanese
international finance network. Our
aim is to channel the influence of
Lebanese finance executives towards
accomplishing three aims:
We boast over 750 members globally
and have eight chapters in the
largest cities across the globe: Beirut,
Dubai, Geneva, Hong Kong, London,
New York, Paris and Singapore.
We plan and organise monthly
events in all our chapters and two
major events every 18 months, the
LIFE Senior Leadership Offsite and
the Gala dinner.
CONNECT: Establish stronger
bonds among Lebanese finance
executives worldwide
We operate through a number
of activities including business
networking events, providing
scholarships and mentorship for
young aspiring talents as well as
providing career transition advice for
mid-career professionals. We also
aim to invest in entrepreneurship in
Lebanon and to raise the awareness
of Lebanon within international
financial circles.
Our charity arm, LIFE Generation,
is registered in Beirut, France, the
UK and Switzerland and is funded
by large institutional donations, by a
breadth of individual donations and
by our Gala dinners.
NURTURE: Help the next
generation succeed in the field
of finance
PROMOTE: Act as a global
partner and sponsor to the Lebanese
economy and to the Lebanese
private and public sectors in the
areas of policy, development,
economic growth and international
reach among others
LIFE was established in 2009
and is funded by its members’
fees, by individual donors as well
as by the country’s major banks.
LIFE’S ORGANISATIONAL CHART
LIFE
GENERATION
ADVISORY BOARD
BOARD
OF TRUSTEES
BOARD OF DIRECTORS
Ahmad Deek
May Nasrallah
CEO, CANDRIAM
Investors Group,
Vice Chairman,
New York Life Investment
Management International
Managing Director,
Goldman Sachs & Co.
Founder & CEO,
deNovo Corporate
Advisors
Camille Abousleiman
Nagi Hamiyeh
Paul Raphael
Partner, Dechert LLP,
Chairman,
Middle-East & Africa
Practice
Senior Managing Director
Investment,
Temasek International
Managing Director,
Head of Wealth
Management,
Global Emerging
Markets, UBS
Adel Afiouni
Managing Director,
Nadim Kassar
Kamil M. Salame
General Manager,
Fransabank
Partner and U.S. Head,
FIG, CVC Capital Partners
George Bitar
Iyad Malas
Ziad Tabet
Managing Partner,
Rho Acceleration
Partner,
Gateway Partners
Portfolio Manager,
Amakor Capital
Wahid Chammas
Managing Director,
Marc Malek
Spiro Youakim
(Chairman of the
LIFE Board)
Founder & Portfolio
Manager,
Conquest Capital
Partner, Global Head
of Natural Resources
Investment Banking,
Lazard
Investment Banking
Division, Credit-Suisse
& Portfolio Manager,
Janus Capital Group
CHIEF EXECUTIVE
OFFICER AND
MANAGEMENT TEAM
NURTURE
COMMITTEE
Naïm Abou-Jaoude
PROMOTE
COMMITTEE
CONNECT
COMMITTEE
COUNTRY
COMMITTEES
MEMBERSHIP
6
LIFE ANNUAL REVIEW 2014
LIFE ANNUAL REVIEW 2014
7
CONNECT
ADVISORY BOARD
MEMBERS
H.E. Raymond Audi
Chairman & CEO,
Bank Audi,
Audi Saradar Group
Thomas J. Barrack, Jr.
Fadi Ghandour
Founder & Vice Chairman,
Aramex, Executive
Chairman, Wamda Capital,
Managing Partner,
MENA Venture Investments
Carlos Ghosn
H.E. Adnan Kassar
Chairman, General
Union of Chambers
of Commerce, Industry
and Agriculture for
Arab Countries
Chairman, Renault,
CEO, Renault,
President, Renault,
Nissan Motor Co. ltd.
Lord Peter Palumbo
Chairman & CEO,
Colony Capital, LLC
Samir Brikho
Ray Irani
Charif Souki
Chief Executive,
Amec Foster Wheeler plc
Chairman & CEO,
Ray Investments, LLC,
Former Chairman & CEO,
Occidental Petroleum
Corporation
Chairman & CEO,
Cheniere Energy, Inc.
Maroun Eddé
Philippe Jabre
Tony Tamer
Chief Executive,
Murex
Founder & CIO,
Jabre Capital Partners S.A
Co-Founder &
Managing Partner,
H.I.G. Capital
Chairman, the Trustees
of the Serpentine Gallery
Chairman Emeritus,
DLA Piper
CONNECT:
LIFE’S PROFESSIONAL
NETWORK
LIFE has representative committees
operating in Beirut, Dubai, Geneva,
Hong Kong, London, New York, Paris
and Singapore and aims to become
the foremost Lebanese global
diaspora organisation in its field.
ACCESS business insight from
industry leaders at private sessions
and exclusive social events.
Senator John Sununu
Secretary Spencer
Abraham
Chairman and CEO
The Abraham Group
NETWORK with a pool of
international senior finance
executives and open up global
professional and business potential.
ENGAGE in committee activities,
volunteer time and give back.
BELONG to a select organisation
whose purpose resonates with all
Lebanese International Financial
Executives.
8
LIFE ANNUAL REVIEW 2014
The country committees, together
with the central membership team
in London, have led the activities in
their respective jurisdictions to offer
members unique networking and
professional opportunities such as
business introductions, mentorship
and events programmes.
MEMBERSHIP
BENEFITS
LIFE membership offers a suite of
benefits and entrance to a robust
platform that enables members to:
HONORARY BOARD
OF ADVISORS, US
Senator George
J. Mitchell
Connect is LIFE’s professional network offering its members
the connections and a favourable environment to assist
them in advancing their careers and business objectives.
It also provides a platform for a shared vision of solidarity
and enables members to support the success of future
generations via targeted philanthropic programmes.
LIFE activities are by invitation
and restricted to contributors
and their guests only. LIFE Senior
Membership gives access to
business insight from industry
leaders at global seniors-only
speaker sessions; a secure online
database to connect directly with
other fellow LIFE supporters; a
structured coaching platform for
those seeking career transition as
well as the opportunity to engage
in a mentorship programme with
LIFE’s juniors.
In addition, Premium Contributors
enjoy the opportunity to engage in
Nurture’s activities by becoming a
mentor to a senior member seeking
career progression or a LIFE Scholar,
as well as advance priority booking
and exclusive access to select
social and philanthropic events,
allowing them to network with a
pool of international senior finance
executives and open up their global
professional and business potential.
Upcoming: bespoke business forum
service to promote business activities
in a confidential environment.
“I am proud to be a member
of your organisation, with
such a clear vision aiming at
helping the next generation
and the country”
LIFE Member
LIFE ANNUAL REVIEW 2014
9
2014 MILESTONES
56
GLOBAL
EVENTS
3RD LIFE
GALA DINNER
BROUGHT TOGETHER
400 GUESTS
AND FRIENDS AND RAISED
$1.3M
LAUNCHED
THE EXECUTIVE
MENTORSHIP
PROGRAMME
BENEFITS
750
Advertised
106
MEMBERS
300 SENIOR
AND 450
JUNIORS
FACILITATED BUSINESS AND
CAREER INTRODUCTIONS TO
61 JUNIORS AND
46 SENIORS
PREMIUM
CONTRIBUTORS
63%
jobs and internship
opportunities on
the LIFE website
OF LIFE’S
ELIGIBLE MEMBERS
CAST THEIR VOTE
VS
45%
IN 2013
SENIORS
JUNIORS
Business Introductions
Special Interest Forums
ACCESS
Bespoke Business Forums
Executive Mentorship
Junior Mentorship
Career Advice
Career Transition
Job-posting Platform
Junior Members Directory
Senior Members Directory
Premium Members Directory
NETWORK
Speaker Series
Mix & Drinks
Career-focused Events
Gala Dinner/Priority
Leadership Offsite/Priority
Social & Philanthropic Events
ENGAGE
Volunteering for Events
Pillars & Country Committees
Junior Council
Scholarship Mentoring
Executive Mentoring
Fundraisers
BELONG
Newsletter
Voting Eligibility
Global Events Calendar
LinkedIn Private Group
Facebook Private Group
10 LIFE ANNUAL REVIEW 2014
LIFE ANNUAL REVIEW 2014 11
12 LIFE ANNUAL REVIEW 2014
LIFE ANNUAL REVIEW 2014 13
NURTURE
LIFE Allocated Scholarships
With its Nurture pillar, LIFE aims to help students, young or
mid-career professionals to succeed in the field of finance.
We offer scholarships, access to mentoring by senior
members, access to job and internship positions advertised
by our members and confidential career advice.
2009/10
2
2010/11
2
2011/12
2012/13
Continuing Scholars
New Scholars
Budgeted
4
3
21
11
2013/14
14
2014/15
15
2015/16
15
16
16
23
30
SCHOLARSHIPS
Undergraduates
LIFE provides financial support to
talented Lebanese students - or
those of Lebanese descent - with
financial needs, to pursue their
academic aspirations in the field of
finance. In addition, we leverage our
global membership by combining
the scholarship with a mentoring
programme that provides guidance
and advice to the scholars on their
professional objectives.
The scholarship was increased
to $12,000 in September 2014
to reflect the higher cost of the
university degrees.
“I’ve been postponing my MBA
forever due to many reasons mainly financial ones - but now
with the support of LIFE, I am
able to move forward.”
LIFE Scholar
“I am delighted and honoured
to know that I have been granted
the LIFE scholarship”
LIFE Scholar
26%
Withdrew their application
due to personal reasons
74%
Postgraduates
Out of 92 who submitted their application:
Accepted
23
Female
32%
Male
Rejected
68%
Objectives for 2015
•Support at least 30 new students on top of the 15 continuing ones
• Increase LIFE’s scholarship visibility by generating 250 applications
Lebanon based
scholars
47%
Abroad
14 LIFE ANNUAL REVIEW 2014
10
53%
59
2014 MILESTONES
2014
WAS A SUCCESSFUL
YEAR FOR OUR SCHOLARSHIP
PROGRAMME, WITH A TOTAL OF
38 STUDENTS
• Offer Social Skills Training to our Lebanon based scholars to support
them in developing social and professional skills
RECEIVING AWARDS
• Refine the process for sourcing applicants to ensure that we get the best of those who fit our criteria
AN INCREASE OF
IN NEW SCHOLARSHIPS FROM
THE PREVIOUS YEAR WAS
MADE POSSIBLE THANKS TO
DEDICATED MEMBERS OF THE
NURTURE COMMITTEE
AND LIFE STAFF
• Continue to work closely with academic institutions to source applicants who better fit our criteria
45%
LIFE ANNUAL REVIEW 2014 15
JOBS &
INTERNSHIPS
LIFE offers the opportunity to its
members to advertise jobs and
internship vacancies on its website.
In 2014, a screening service was
introduced in order to pre-select
relevant candidates and add value
in the employer’s selection process.
Our scholars are at the centre of our
priorities and we give them special
assistance to secure an internship
or job.
Also, LIFE is continuously helping
members looking for jobs or
internships by putting them in touch
with other members working in
the same field or location. These
introductions are detailed in the
“career transaction” section below.
ACADEMIC
PARTNERSHIPS
2014 MILESTONES
RECEIVED
A TOTAL OF
ADVERTISED
106
JOBS AND INTERNSHIP
OPPORTUNITIES ON
THE LIFE WEBSITE
426
APPLICATIONS
INITIATED DIRECT CONTACT WITH HR DEPARTMENTS OF
MAJOR FINANCIAL
INSTITUTIONS
TO FACILITATE THE PLACEMENT OF JOB SEEKING MEMBERS
Objectives for 2015
• Enhance the attractiveness of LIFE’s website as a job posting platform
• Improve on pre-screening as a tool to promote excellent candidates
LIFE offers 3 types of mentorship programmes:
Mentorship is at the heart of LIFE’s
scholarship programme; it is what
makes a LIFE scholarship special.
It engages members from all tiers
to mentor ALL undergraduate and
postgraduate scholars globally
throughout their studies.
Junior Mentorship
Executive Mentorship
The Junior Mentorship programme
is based on the same principles as
the scholars’ mentorship. Unlike the
scholars’ mentorship programme,
which is open to ALL LIFE scholars,
the Junior Mentorship selection
process is on a case-by-case basis.
This new initiative was launched in
2014 and taken up by 11 senior LIFE
members. The programme provides:
The mentoring takes place through
individual interviews throughout the
years of study. The intention is, whenever
possible, to match the geographical
locations of the mentor and the mentee.
16 LIFE ANNUAL REVIEW 2014
• Advice on good development opportunities
• Advice on career paths
• Visibility on the Universities’ websites, helping us attract more talented students to the programme
LIFE offers mid-level executives, in
need of counsel and support during
their career transition, confidential
one-on-one advice from other LIFE
senior members.
Objectives for 2015
Objectives for 2015
• Focus on following up
existing pairings as an essential factor for the
success of any mentorship programme
• Grow the Executive
Mentorship Programme
2014 MILESTONES
45
SCHOLARS
WERE
MENTORED BY
SENIOR LIFE
MEMBERS
5 JUNIOR
MEMBERS
LIFE has a relationship
with the following
universities tiered by
country:
• Lebanon: American University of
Beirut (AUB), Ecole Supérieure des Affaires (ESA), Lebanese American University (LAU), University of Balamand (UOB) and Université Saint-Joseph (USJ)
2014 MILESTONES
NEW ACADEMIC
PARTNERSHIPS
CHICAGO BOOTH, ESSEC,
HARVARD BUSINESS SCHOOL,
IMPERIAL COLLEGE,
INSEAD, LAU AND WHARTON
BUSINESS SCHOOL
• France: ESSEC, INSEAD and
Grenoble Ecole de Management
Objectives for 2015
• UK: Cass Business School,
Imperial College and London Business School (LBS)
• Increase LIFE’s scholarship visibility by establishing five new academic partnerships
• US: Columbia University, Chicago Booth, Harvard Business School and Wharton Business School
2014 MILESTONES
61 INTRODUCTIONS FOR
JUNIOR MEMBERS
46 INTRODUCTIONS FOR
SENIOR MEMBERS
• Keep growing the programme
• Introduction to key individuals
LIFE pairs mentors and mentees by
looking for the best match between:
• The experience, profile and skills of the mentor
• The Universities’ help in the selection of scholars, based on LIFE’s scholarship eligibility requirements
CAREER TRANSITION
Scholars’ Mentorship
• The scholar’s areas of interest
and profile and
These agreements allow
our scholars and LIFE to
benefit from:
• Invitations to attend events taking place at Business Schools, increasing the overall benefits for our members
MENTORSHIP
This programme gives students
access to one-on-one advice,
counselling and guidance when
making professional choices.
LIFE is committed to establishing
academic partnerships with top
universities in Lebanon and abroad,
in order to maximise its visibility and
attract the best students.
LIFE also helps members looking
for career advice or support in their
job search by introducing them to
members active in the same field.
FURTHER CONTACTS WERE
INITIATED THROUGH OUR
EVENTS, WEBSITE AND
REFERRALS AMONG OTHERS
“Thank you for all the good work. It
makes me proud to see how powerful
the Lebanese can be when they get
together and help each other.
Thank you for being the catalyst to
make that happen!”
Career Transition candidate
BENEFITED
FROM THIS
PROGRAMME
11 EXECUTIVE MEMBERS
WERE PAIRED WITH SENIOR
MENTORS
LIFE ANNUAL REVIEW 2014 17
PROMOTE
Through Promote, LIFE aims to contribute to the Lebanese
economy and act as a global partner to the Lebanese private
and public sectors in the areas of policy, development,
economic growth and international reach. By leveraging the
expertise, influence and knowledge of our members worldwide,
our mission is to support and promote the development of
Lebanon as a strong business and financial centre.
The Promote committee action plan is focused on the following three main objectives:
•Promote economic growth and job creation in Lebanon
•Support the Lebanese financial sector
•Represent an engine for the promotion of Lebanon abroad
The Promote Committee operates on a project basis. So far the funding for projects has been raised
by project champions. Below are the LIFE-Promote ongoing projects:
LEBANON FOR ENTREPRENEURS - LFE
In 2012, LIFE’s Promote Committee
commissioned a study to explore
the reasons preventing the rise of a
well-functioning technology industry
ecosystem in Lebanon, and to come
up with an action plan to enable and
support this ecosystem. The study
proposed a three-pronged action
plan over the next five to ten years,
centered around improving the policy
environment, stimulating start-up
formation, and seeding a sustainable
venture capital industry.
In 2013, LIFE, in collaboration with
Lebnet in Silicon Valley and SEAL
in New York, launched the Lebanon
for Entrepreneurs (LFE) initiative
to accelerate the development
of Lebanon’s technology start-up
ecosystem by executing the action
plan proposed in the 2012 study.
18 LIFE ANNUAL REVIEW 2014
By collaborating with all existing
constituents of the local IT
ecosystem, LFE strives to align
objectives while tapping into
Lebanese expatriates’ expertise
and network. LFE is headquartered
in Beirut, and is organised into six
different committees whose mission
is to close the ecosystem gaps
identified by LFE upon its creation.
In addition to managing the various
committees, LFE also mentors
promising technology start-ups
and provides them with access to
foreign markets and connections to
Lebanese experts overseas.
2014 MILESTONES
WE CREATED A NEW
TECH
ACCELERATOR
NAMED
Speed@BDD
IN BEIRUT, ALONGSIDE
PARTNERS BADER, BERYTECH,
IM CAPITAL AND MEVP
MENTORED PROMISING TECH
START-UPS, HELPING THREE OF
THEM RAISE
$4.1M
IN FUNDING AND A FOURTH
SECURE ITS FIRST LARGE
CUSTOMER
LIFE ANNUAL REVIEW 2014 19
2014 MILESTONES
HELPED LOBBY FOR
THE PASSAGE OF
THREE LAWS THAT
ARE BENEFICIAL
TO THE START-UP
ECOSYSTEM
IN LEBANON
COLLABORATED WITH
LEBNET ON THE DESIGN OF
THEIR SILICON VALLEY-BASED
MENTORSHIP PROGRAM, AND
WORKED CLOSELY WITH SIX
LFE-ADOPTED START-UPS TO
PREPARE THEM FOR
THE PROGRAMME
COMPLETED
18 MONTH
RESEARCH
TO IDENTIFY COMPETITIVE
TECHNOLOGY SUB-SECTORS
IN LEBANON
“Lebanon has a unique and
exceptional pool of expatriates
abroad... exactly what Lebanon’s
rising entrepreneurs and SMEs
need in order to thrive.”
Adel Afiouni
CREATED AND LOBBIED FOR
CIRCULAR 331 EXPANSION
LAW TO
ACCEPT $30M
PROPOSAL TO ENCOURAGE LEBANESE ENTREPRENEURS BASED
OVERSEAS TO EXPAND OPERATIONS TO LEBANON
LOAN FROM IBRD TO CREATE
A FUND (RUN BY KAFALAT)
THAT INVESTS IN IDEAS AND
EARLY-STAGE START-UPS
LAW TO EXEMPT LEBANESE
INDUSTRIAL EXPORTS FROM
50% OF THE
TAX DUE
LAW TO GIVE THE GOVERNMENT
THE RIGHT TO LEGISLATE IN THE
FIELD OF CUSTOMS
INVEST IN LEBANON
LAUNCH
The Invest in Lebanon Initiative was
created to encourage the diaspora
to invest in start-ups and small and
medium enterprises in Lebanon
across all sectors in order to support
entrepreneurship and stimulate
economic growth and job creation.
As a result, LIFE Promote is launching
the Invest in Lebanon initiative in
order to bridge the gap between
the Lebanese business and finance
community abroad and the local
Lebanese entrepreneurial ecosystem
through a series of initiatives.
Lebanon boasts a vibrant and
large pool of entrepreneurial talent,
innovators and small and smart
business ventures, but this pool
remains largely untapped and its
potential to thrive in Lebanon is
often capped.
The biggest obstacles to growth are
as follows:
The first phase in our project was
the launch of the Global Lebanese
Entrepreneurs Investors Summit
organised by LIFE and ENDEAVOR
on December 22, 2014 in Beirut.
The event, which gathered more than
300 Lebanese expatriates and 30
local entrepreneurs, was successful
in initiating business and investment
• Lack of access to private capital
Objectives for 2015
• Lack of access to international markets
• Become a centralised access point for diaspora resources to support and collaborate with the local IT ecosystem
• Lack of access to global businesses
On the other hand, Lebanon boasts
a unique and exceptional pool of
expatriates abroad, businessmen,
entrepreneurs, wealthy investors and
senior executives who have access
to capital, to expertise and to global
business connections, but their
involvement in the Lebanese economy
and their investments in Lebanon
remain often limited to real estate,
bank deposits or government bonds.
• Help promising tech start-ups get off the ground with real traction (e.g. customer commitments, larger VC rounds)
• Champion infrastructure improvements and policy/regulatory reforms to help make the ecosystem more hospitable to technology start-ups and investors
XXX
20 LIFE ANNUAL REVIEW 2014
• Identify technology sub-sectors that could provide Lebanon with a competitive advantage over other countries
partnership dialogue between
expatriates and entrepreneurs and
in positioning Lebanon as a market
that offers attractive opportunities for
investment and entrepreneurship.
This summit has increased
awareness among the diaspora
about the vibrant and growing local
entrepreneurs, success stories and
new business opportunities. The
summit was almost entirely funded
by two sponsors: BLF and BankMed.
The summit is the first step in our
plan to promote and grow direct
investments from abroad into the
Lebanese economy.
Objectives for 2015
• Implement the second phase of the project: organise the second conference in December 2015
•
Build on the success of the first conference and audience by providing the same unique networking opportunity between expatriates and entrepreneurs but focus on maximising one-on-one introductions in order to generate actual business results and fruitful outcome
• Explore the idea of developing a web portal dedicated to connecting Lebanese diaspora members with local entrepreneurs, projects and business opportunities. This would be the third phase of the project
LIFE ANNUAL REVIEW 2014 21
FINANCIAL
PERFORMANCE
FINANCIAL REPORT
events such as the Gala dinner.
LIFE’s income is derived from two
main sources:
Overall our global income was
£987K. (£718K in 2013).
• Members’ fees and contributions
As regards to expenditure, our largest
cost is staffing and it is rising as the
organisation grows in scope, ambition
and size.
• Generous donations from corporates and high net worth individuals. LIFE CONSOLIDATED
PROFIT AND LOSS*
2014 (£)
2013 (£)
In 2014 we also invested in our
infrastructure, a process that will
be completed in 2015. The
investment primarily went towards
a new website with an integrated
CRM which will promote greater
networking among our membership.
In 2014 we received £309K
from members (£243K in 2013)
and £444K from corporates
(£187K in 2013). Other income was generated by
Our expenditure was £723K.
(£511K in 2013).
Other significant spending was on
the Gala dinner. A donation towards
the Gala was not received till 2015
and this will offset the loss incurred.
Overall we made a surplus of £263K
compared to £206K in 2013.
2014 (£)
2013 (£)
INCOME
Membership fees and donations
309,272
243,574
Corporate donations
444,266
187,821
53,603
212,569
LFE** income
Gala income
FIXED ASSETS
157,423
Tangible Assets
16,855
Investments
1
1
Total
16,856
1
Trade Debtors
6,200
LIFE Generation Debtor
51,210
Prepayments
31,500
Bank
942,891
Total
1,031,801
LIFE Generation Creditor
57,508
Taxation and Social Security
Deferred Income
52,974
60,499
14,638
11,515
Interest
4,719
2,011
Other
3,159
373
Total
987,080
718,362
Offsite income
Member events
EXPENDITURE
Salaries and wages
Operational expenses
352,427
244,913
67,828
71,181
LFE expenses
67,876
123,814
Gala expenses
182,756
Offsite expenses
LIFE CONSOLIDATED
BALANCE SHEET*
Member events
12,037
18,870
CRM
40,675
Total
723,599
511,752
Profit & Loss
263,481
206,610
CURRENT ASSETS
742,796
742,796
11,586
7,628
46,002
32,547
Accruals
17,704
16,821
Other Creditors
7,125
17,591
Total
139,926
74,587
CURRENT LIABILITIES
NET CURRENT ASSETS
Total Assets
668,209
891,875
908,731
668,210
908,731
668,210
CAPITAL AND RESERVES
Profit & Loss
*Please note that the Global accounts have not been audited
**Lebanon For Entrepreneurs
22 LIFE ANNUAL REVIEW 2014
*Please note that the Global accounts have not been audited
LIFE ANNUAL REVIEW 2014 23
ACKNOWLEDGEMENTS
25K+
The LIFE Board of Directors would like to extend its heartfelt thanks
to all our donors and supporters who have been the cornerstone of
our organisation since inception.
LIFE LIMITED
PROMOTE
CORPORATE
Anonymous x3
Kamel Alzarka
Samir Brikho
Raymond Debbane
Naim Abou Jaoude
Michel Massoud
Anthony and Sandra Tamer
Spiro & Teresa Youakim 10K+
CORPORATE
400K
Anonymous
Bank Audi
Banque Libano-Française
300K+
Fransabank
200K+
Bank Med
25K+
Creditbank
Credit Libanais
INDIVIDUALS
100K+
Anonymous x2
Paul Raphael
Tony Tamer
Rudolph-Riad Younes
Anonymous
BLF
Bank Audi
Naim Abou Jaoude
Tom Barrack
Fares Fares
Fadi Ghandour
Alexis Habib
Nader Hariri
Habib Kairouz
Francois Kayat
Paul Raphael
Mario Saradar
Ziad Tabet
Rudolph-Riad Younes
Anwar Zakkour
LIFE GENERATION NURTURE
PROGRAMMES
FOUNDATIONS
100K+
Hadla Nsouli
Tamari Foundation
10K+
50K+
Bahaeddine Bassatne
Marie Christine Raphael Kaser
Charles Najjar
5K+
Kamil Salame
Talal Shair
24 LIFE ANNUAL REVIEW 2014
100K+
25K+
Amjad and Suha Bseisu Foundation
Semaan Foundation
ABC
Bank Med
25K+
Dar Al Handasah
10K+
Amber Capital
5K+
AMEC Foster Wheeler
Manara Capital
Anonymous x5
Anis Akl
Antoine Abdini
Joelle Assaf
George Asseily
Saad Azhari
Bahaeddine Bassatne
Mohamed Bassatne
Rindala Beydoun & Ali Hashem
Patrick George
Lemy Gresh
Alexis Habib
Nagi Hamiyeh
Ramzi Issa
Patrick Merville & May Nasrallah
Nadim Mourad
Nadim Munla
Antoine Nahas
Naji Robert Nahas
Wafic Said
Fuad Sawaya
Ziad Tabet
Lina Takla
5K+
Anonymous x2
Wadih Boueiz
Sobhi Hatem
Samir Heneine
Magdi Ishak
Nadim Kassar
Kamal Tabet
1K+
Anonymous x2
Karim Abboud
Habib Achkar
Adel Afiouni
Michel Antakly
Gerard Aquilina
Georges Assi
Ziad Awad
Samer Azhari
Mouhammed Choukeir & Soraya Ali
Fred Debbane
Youssef Dib
Maha Dib-Nunez
Fady Eid
Terry & Hady Farah
Jean-Bernard Ferrand
Antoine Haddad
Raja Hadji-Touma
Dania Haffar Bazzy
Alexandra Jabre
Remy Kesrouani
Karim Khairallah
Nadia Khayat
Marwan Kyriakos-Saad
Aref Lahham
Albert Letayf
Marc Malek
Jacques Mechalany
Jean-Pierre Mehanna
Marwan Naja
Jean Riachi
Philippe Riachi
Salim Sfeir
Charles Simon-Thomas
Namir Younes
Ahmed Zaki
UP TO 1K
More than 50 donors
INDIVIDUALS
FRIENDS OF LIFE
200K+
Samir Assaf
100K+
Ayman Asfari
Wahid & Violette Chammas
Carl & Céline Faker
Fares Fares
Francois Kayat
Naguib Onsi Sawiris
Joseph Oughourlian
Paul Raphael Marlon Abela
Bahaeddine Bassatne
Mohamed Bassatne
Amjad Bseisu
Marwan Chatila
Peter Dorman
Gilbert Ghostine
Ziad Alexandre Hayek
Salah Hawila
Karim Jalbout
Azmi Mikati
Maroun Semaan
Talal Shair
50K+
Anonymous
Makram Azar
Ramzi Gedeon
Salah Hawila
Mario Saradar
Sasha Van de Water Please note that all amounts are in USD
LIFE ANNUAL REVIEW 2014 25
LIFE VOLUNTARY
PREMIUM CONTRIBUTORS
10K PREMIUM
CONTRIBUTORS
Michel Adjadj
Kamel Alzarka
Najib Canaan
Fares Fares
Mark Idriss
Serge Karaoglan
François Kayat
Ziad Makkawi
Mario Saradar
Spiro Youakim
Nadim Ghantous
Lemy Gresh
Alexis Habib
Dania Haffar-Bazzy
Souheil Hajjar
Nagi Hamiyeh
Walid Hanna
Alexandre Harkous
Sobhi Hatem
Camille Hayek
Carlos Heneine
Joe Issa el Khoury
Habib Kairouz
Wissam Kairouz
Nadim Kassar
Roland Kastoun
Tarek Khalife
Anna Khazen
Georges Khoueiri
Iyad Malas
Marc Malek
Jean-Yves Mallat
Marwan Marshi
Nadim Mourad
Charbel Nacouzi
May Nasrallah
Mohamed Ousseimi
Paul Raphael
Walid Raphael
Raya Raphael-Nahas
Jean Riachi
Kamil Salame
Samer Salty
Fuad Sawaya
Marwan Shakarchi
Sylvio Sharif Tabet
Ziad Tabet
Wahbe Tamari
Tony Tamer
Karim Tannir
Sasha van der Water
Bassam Yammine
Rudolph-Riad Younes
Anwar Zakkour
Walid Zein
5K PREMIUM
CONTRIBUTORS
Bernard Abdo
Naim Abou Jaoude
Camille Abousleiman
Adel Afiouni
Georges Assi
Marc Audi
H.E. Raymond Audi
Sherine Audi
Makram Azar
Saad Azhari
Samer Azhari
Rindala Beydoun
George Bitar
Wahid Chammas
Jean-Pierre Daccache
Marwan Dagher
Raymond Debbane
Ahmad Deek
Youssef Dib
Elie El Hayek
Hala Fadel
Khaled Fathallah
Patrick George
26 LIFE ANNUAL REVIEW 2014
85 Tottenham Court Road
W1T 4TQ, London, UK
info@lifelebanon.com
www.lifelebanon.com
LIFE_Lebanon
LIFE Lebanese International Finance Executives