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New bank card seen as boosting Lebanon's tourism sector

21 December 2010

BEIRUT: Tourism Minister Fadi Abboud touted Monday Bank of Beirut’s new “Lebanon on my Mind” bank card as exemplary private sector support for an “undervalued” tourism sector.

“Government spending on the Lebanese tourism sector remains below required standards, especially in promoting and advertising tourism,” Abboud said during a joint news conference with Bank of Beirut chairman Salim Sfeir.

“The Tourism Ministry’s budget is very small and does not correspond at all with the importance of the tourism sector and its returns to the national economy,” he added. The minister stressed that budget allocation toward tourism advertising pales greatly in comparison to neighboring countries such as Turkey and Egypt, whose advertising budget totals $100 million and $40 million respectively.

Abboud’s comments came amid widespread speculation that the Special Tribunal for Lebanon’s impending indictment has dealt a significant blow to tourist traffic this holiday season.

However, the minister has repeatedly brushed such speculation off. “For the New Year festivities, hotels in, at least, Beirut and some of the mountains are shocker block full,” Abboud told The Daily Star.

He said that there has been a considerable expansion in the tourist market in 2010, with 1,000 additional hotel rooms having been constructed and a 17.6 percent increase in the number of tourists since 2009 according to November 2010 figures. “It’s absolutely incredible,” said Abboud.

The minister believes that the new Bank of Beirut card will make a considerable contribution to the tourism sector by easing the financial burdens of Lebanon’s tourists.

“The role of the private sector comes as a cornerstone of support of Lebanon’s tourism and its launching to the rest of the world,” said Abboud.

The new bank card, rhythmically entitled “Lubnan Aal Bel,” or “Lebanon on my mind,” will fund and promote national tourism. It will be denominated only in Lebanese pounds, as part of a drive to support the Central Bank’s drive to de-dollarize the economy, or to stimulate the circulation of Lebanon’s national currency.

“Large portions” of Lubnan Aal Bel’s proceeds will go toward supporting tourism projects, said Sfeir.

Lubnen Aal Bel card holders will also be afforded discounts and other benefits at hospitality service venues nationwide. It is designed to be readily available to Lebanese expatriates, residents and foreign tourists and provide incentive for a growing tourist market to be exploited, according to Bank of Beirut officials.

Middle East Airlines will throw its weight behind the project by providing extensive advertising through its in-flight magazine Cedar Wings, said the national airline’s Director General Mohammad al-Hout, who also gave an address at the press conference.

© Copyright The Daily Star 2010.