Conquering the online trading market in Lebanon. This is the new business aim set forth by the business developer Octavian Patrascu, who talks about his “first White Label in the Middle East” and the advantages offered by Lebanon.
Apparently this is a difficult target in a conservative Muslim country, with a difficult language, Arabic, and a culture that is completely different from the European culture. However, Patrascu Octavian demonstrates that it is not impossible and talks about “the first White Label created in the Middle East”.
In reality, the country is extremely open to business, which is an important aspect to be known by all businessmen interested to enter this market. At least in the area of online trading, this openness is at maximum levels, which has facilitated Patrascu Octavian Constantin’s communication during negotiations, but nevertheless does not necessarily mean things are that easy.
The young business developer is currently carrying out a transaction with AIDI (Arab International Development&Investment). Founded in 1979, AIDI is the largest brokerage company in Lebanon, providing a wide range of financial products, such as those with fix income, tangible forex goods, OTC derivative instruments, cash and stock products, both to institutional clients, as well as retail clients.
“The subject of partnership is identical to other countries, we offer transaction platforms, know-how, and they provide labor force and the space required to carry out the activity in Lebanon”, explains Patrascu Constantin Octavian the contribution of the company on behalf of which he is conducting the negotiations in this transaction.
Patrascu Constantin Octavian lists the advantages of closing this deal in Beirut, which are provided both by the market itself, as well as the business environment. The first one is, obviously, the fact that online trading is very popular in Lebanon. Then, even though the official language is Arabic, a quite difficult language, a “clean” Arabic is spoken in Lebanon, without dialects, which makes it attractive to UAE in terms of outsourcing activities, but also to other Arab countries with financial potential.
Patrascu Octavian Constantin adds to the list of advantages the fact that in Lebanon most of the population speaks French, and this makes the country attractive for outsourcing, especially to France. And it is not just the fact that the Lebanese people speak French: they speak impeccable French
Let’s not forget that Lebanon, known as the country of the cypress trees, was once considered the jewel of the Middle East, until the outbreak of the civil war in 1975, caused by the conflict between Muslims and Christians.
For 30 years, everything was running smoothly, and the flourishing Lebanon was also called “the Switzerland of the Middle East”, because the local banks were also acting as intermediaries in the financial transactions between West and East. This rich country offered to the local elites and also to rich people from all over the world, everything that they wished for.
And they were not attracted only by business opportunities, but also by the country’s rich history. The most important country built by the Phoenicians was Carthage, which, at that time, was also the most important city in the world, alongside Rome. Also, many castles have been preserved in Lebanon, castles built in the Middle Ages by the Crusaders who debarked on the Lebanese shores coming from Europe for the purpose of freeing the Holly Land in Jerusalem.
With an area of 10,400 square meters, a population of 3,830,000 inhabitants and a GDP per capita, in 2004, of 5,000 dollars, Lebanon is slowly but certainly recovering, trying to regain its attraction for tourism and, especially, for business. It has all the chances, if we take a look to the online trading market alone, which is already popular here.
“Banque de Liban, the authority that provides the regulations in force on the capital markets, has an extensive experience with online trading companies, and the first to be subject to regulations in Lebanon were SaxoBank”, explains Constantin Octavian Patrascu.
Banque de Liban is the authority that regulates not only banks, but other types of financial institutions as well, leasing companies, currency exchange institutions, and also foreign banks with branches in Lebanon.
According to the website selectabroker.ro there are almost 100 online trading companies active in Lebanon, which provide transaction services for different financial instruments, including Bitcoin, or for goods, such as gold or oil.
Trillions of dollars exchange “hands” daily on the financial markets. Forex alone runs 4,2 trillion dollars, according to selectabroker.ro. Given such a flow of money on the financial markets, it is almost impossible to eliminate a human factor, specifically greed, from the operations carried out on these markets.
For anyone who wishes to know whether a brokerage company conducts its business legally or uses a hoax that works, there are several warning signs, the same, which Patrascu Octavian Constantin emphasizes: negligence with respect to prices; unexplained closings of accounts and budget convulsions; failure to pay transaction profits; malfunctions of the transaction platform.
Beyond these issues, however, it is important, both for investors and business developers like Constantin Octavian Patrascu that online trading in Lebanon is a market that is open, in the truest meaning of the word, and attractive at the same time.
This article was published in Business Magazin by Constantin Octavian Patrascu