Editing Beirut (section)

==Economy==
[[File:Beirut Downtown.jpg|thumb|Cafés in downtown Beirut]]
Beirut's economy is service-oriented with the main growth sectors being banking and tourism.

Beirut became a banking hub by leveraging its position as a commercial port and cultural center within the world economy.<ref name=":1" /> Under French mandate after World War I, France heavily invested in the city, reinforcing its role as a regional financial center.<ref name=":1" /> The Open Door Policy facilitated foreign capital inflows, with French firms dominating investments and four of Beirut's five leading banks being French-owned by the 1920s,<ref name=":1" /> after which the city further solidified its status as a key financial link between the West and the decolonizing Middle East.<ref name=":1">{{Cite book |last=Schayegh |first=Cyrus |title=The Middle East and the Making of the Modern World |publisher=Harvard University Press |year=2018 |isbn=978-0-674-98110-2 |edition=1st |location=Cambridge |pages=7–134 |language=en}}</ref>

In an area dominated by authoritarian or militarist regimes, the Lebanese capital was generally regarded as a haven of libertarianism, though a precarious one, as the Lebanese Civil War (1975-1990) and subsequent conflicts significantly altered the political landscape.{{citation needed|date=March 2014}} With its seaport and airport—coupled with Lebanon's free economic and foreign exchange system, solid gold-backed currency, banking-secrecy law, and favorable interest rates—Beirut became an established banking center for Arab wealth, much of which was invested in construction, commercial enterprise, and industry (mostly the manufacture of textiles and shoes, food processing, and printing).<ref>{{cite web |url=https://www.britannica.com/EBchecked/topic/58884/Beirut/24957/Economic-and-political-conditions |title=Beirut – national capital, Lebanon |access-date=25 August 2016 |archive-date=10 November 2014 |archive-url=https://web.archive.org/web/20141110222634/http://www.britannica.com/EBchecked/topic/58884/Beirut/24957/Economic-and-political-conditions |url-status=live }}</ref> The economy of Beirut is diverse, including publishing, banking, trade and various industries. During that period, Beirut was the region's financial services center. At the onset of the oil boom starting in the 1960s, Lebanon-based banks were the main recipients of the region's petrodollars.<ref>It slowly however eventually regained its title as one of the region's largest economical hubs after massive reconstruction in its central district and infrastructure. {{cite web |url=http://www.lebanonembassyus.org/country_lebanon/economy.html |title=Profile of Lebanon: Economy |archive-url=https://web.archive.org/web/20130908003830/http://www.lebanonembassyus.org/country_lebanon/economy.html |archive-date=8 September 2013 |access-date=27 November 2010}}</ref>
[[File:Zaitunay Bay, Downtown Beirut, Lebanon.jpg|thumb|left|Zaitunay Bay]]
Beirut is the focal point of the [[Economy of Lebanon]]. The capital hosts the headquarters of [[Banque du Liban]]  (Lebanon's [[central bank]]), the [[Beirut Stock Exchange]], the head office of Lebanon's flag-carrier [[Middle East Airlines]], the [[United Nations Economic and Social Commission for Western Asia]], the [[Union of Arab Banks]], and the Union of Arab Stock Exchanges.<ref>{{cite web |url=http://www.mea.com.lb/MEA/English/ContactUs/ContactInfo.htm |title=Contact Us |work=Middle East Airlines |archive-url=https://web.archive.org/web/20100127161620/http://www.mea.com.lb/MEA/English/ContactUs/ContactInfo.htm |archive-date=27 January 2010 |access-date=19 October 2009}}</ref>

===Banking and finance===
[[File:West-Beirut1983.jpg|thumb|[[Ras Beirut]], 1983]]

The banking system is the backbone of the local economy with a balance sheet of $152&nbsp;billion at the end of 2012, nearing 3.5 times the GDP estimated at $43&nbsp;billion by the [[IMF]].<ref>{{cite journal |url=http://www.dailystar.com.lb/Business/Lebanon/2013/Mar-05/208825-torbey-banks-will-maintain-profits-in-2013.ashx#axzz2OrXoEjbS |title=Torbey: Banks will maintain profits in 2013 |journal=The Daily Star |access-date=25 August 2016 |archive-date=15 August 2016 |archive-url=https://web.archive.org/web/20160815232452/http://www.dailystar.com.lb//Business/Lebanon/2013/Mar-05/208825-torbey-banks-will-maintain-profits-in-2013.ashx#axzz2OrXoEjbS }}</ref> Bank deposits also increased in 2012 by 8% to 125&nbsp;billion dollars, 82 percent of the sector's assets. "Banks are still attracting deposits because the interest rates offered are higher than the ones in Europe and the United States", says Marwan Mikhael, head of research at [[BLOM Bank]].<ref>{{cite web |url=http://www.executive-magazine.com/banking-and-finance/banking-sector-lebanon-2012/5567 |title=Lebanon's banking sector still well-fueled |work=Executive Magazine |date=12 March 2013 |archive-url=https://web.archive.org/web/20131004221853/http://www.executive-magazine.com/banking-and-finance/banking-sector-lebanon-2012/5567 |archive-date=4 October 2013 |access-date=25 August 2016}}</ref>

Beirut's foreign reserves were still close to an all-time high when they reached $32.5&nbsp;billion in 2011 and analysts say that the Central Bank can cover nearly 80 percent of the Lebanese currency in the market. This means that the Central Bank can easily cope with any unforeseen crisis in the future thanks to the massive foreign currency reserves.<ref>{{cite journal |url=http://www.dailystar.com.lb/Business/Lebanon/2012/Jan-06/159013-lebanons-foreign-currency-reserves-up-by-53-percent.ashx#axzz2OrXoEjbS |title=Lebanon's foreign currency reserves up by 5.3 percent |journal=The Daily Star |access-date=25 August 2016 |archive-date=15 August 2016 |archive-url=https://web.archive.org/web/20160815234517/http://www.dailystar.com.lb//Business/Lebanon/2012/Jan-06/159013-lebanons-foreign-currency-reserves-up-by-53-percent.ashx#axzz2OrXoEjbS }}</ref>

The Lebanese banking system is endowed with several characteristics that promote the role of Beirut as a regional financial center, in terms of ensuring protection for foreign capital and earnings. The Lebanese currency is fully convertible and can be exchanged freely with any other currency. Moreover, no restrictions are put on the free flow of capital and earnings into and out of the Lebanese economy. The passing of the banking secrecy law on 3 September 1956, subjected all banks established in Lebanon as well as foreign banks' branches to the "secret of the profession". Both article 16 of law No. 282 dated 30 December 1993 and article 12 of decree No. 5451 dated 26 August 1994, offer exemptions from income tax on all interest and revenues earned on all types of accounts opened in Lebanese banks. On the first of April 1975, decree No. 29 established a free banking zone by granting the Lebanese government the right to exempt non-residents' deposits and liabilities in foreign currency from: the income tax on interest earned, the required reserves imposed by the Banque Du Liban by virtue of article 76 of the Code of Money and Credit, the premium of deposit guarantee imposed on bank deposits to the profit of the National Deposit Guarantee Institution.<ref>{{cite web |url=http://www.bdl.gov.lb/bfs/mainchr.htm |title=Main Characteristics of The Lebanese Banking & Financial Sectors |website=bdl.gov.lb |publisher=Banque du Liban |access-date=12 April 2013 |archive-url=https://web.archive.org/web/20130605050024/http://www.bdl.gov.lb/bfs/mainchr.htm |archive-date=5 June 2013}}</ref>

===Tourism===
[[File:RockyRaouché.jpg|thumb|[[Raouché]]]]
The tourism industry in Beirut has been historically important to the local economy and remains to this day to be a major source of revenue for the city, and Lebanon in general. Before the [[Lebanese Civil War]], Beirut was widely regarded as the "[[Paris]] of the Middle East",<ref>{{cite book |url=https://books.google.com/books?id=Qj-gMqGK1YUC&pg=PA3 |title=Out of the Middle East: The Emergence of an Arab Global Business |first=Kamal |last=Shair |date=14 October 2006 |publisher=I.B.Tauris |isbn=978-1-84511-271-4 |page=3 |access-date=14 November 2015 |archive-date=16 March 2024 |archive-url=https://web.archive.org/web/20240316002903/https://books.google.com/books?id=Qj-gMqGK1YUC&pg=PA3 |url-status=live }}</ref>  and also "[[Switzerland]] of the Middle East", often cited as a financial and business hub where visitors could experience the [[Levant]]ine Mediterranean culture. Beirut's diverse atmosphere and ancient history make it an important destination which is slowly rebuilding itself after continued turmoil. However, in recent times, certain countries, such as the United States, have frequently placed Lebanon, and Beirut in particular, on their travel warnings lists due to the many car bombings and orchestrated acts of political violence.<ref name="strife">{{cite web |url=https://travel.state.gov/content/travel/en/traveladvisories/traveladvisories/lebanon-travel-advisory.html |title=Lebanon Travel Warning |publisher=U.S. Department of State – Bureau of Consular Affairs |access-date=30 July 2018 |archive-date=30 July 2018 |archive-url=https://web.archive.org/web/20180730140418/https://travel.state.gov/content/travel/en/traveladvisories/traveladvisories/lebanon-travel-advisory.html |url-status=live }}</ref><ref>{{cite web |url=http://travel.gc.ca/destinations/lebanon |title=Travel advice and advisories for Lebanon |publisher=Government of Canada |access-date=25 May 2014 |date=16 November 2012 |archive-date=9 April 2019 |archive-url=https://web.archive.org/web/20190409150233/https://travel.gc.ca/destinations/lebanon |url-status=live }}</ref><ref>{{cite web |url=https://www.gov.uk/foreign-travel-advice/lebanon |title=Lebanon Travel Advice |publisher=Gov.uk |access-date=25 May 2014 |archive-date=4 June 2019 |archive-url=https://web.archive.org/web/20190604043606/https://www.gov.uk/foreign-travel-advice/lebanon |url-status=live }}</ref>
[[File:Pigeon Rocks Sunset (48707394).jpg|thumb|left|Pigeon Rocks sunset]]
According to the 2012 tourist statistics, 34% of the tourists in Beirut came from states within the [[Arab League]], 33% came from European countries (mainly France, Germany, and Britain), and 16% from the [[Americas]] (about half of which are from the United States).<ref>{{cite web |url=http://www.lebanon-tourism.gov.lb/Publications/Statistics |title=WebHost4Life |access-date=25 August 2016 |archive-date=4 March 2016 |archive-url=https://web.archive.org/web/20160304191610/http://www.lebanon-tourism.gov.lb/Publications/Statistics }}</ref>

The largely pedestrianized [[Beirut Central District]] is the core of the Beirut tourism scene. The district is a cluster of stone-façade buildings lining arcaded streets and radial alleyways. The architecture of the area is a mix of French Architecture and [[Venetian Gothic architecture]] mixed with [[Arabesque (Islamic art)|Arabesque]] and [[Ottoman Architecture]]. The district contains numerous old mosques and crusader churches, as well as uncovered remnants and ruins of the [[Roman Empire|Roman]] era. The District contains dozens of restaurants, cafes and pubs, as well as a wide range of shopping stores mainly in [[Beirut Souks]]. High-rise hotels and towers line the district's New Waterfront, marina and seaside promenade.

Another popular tourist destination in Beirut is the [[Corniche Beirut]], a {{convert|4.8|km|0|abbr=on}} pedestrian promenade that encircles the capital's seafront from the [[Saint George Bay]] in the north all the way to [[Avenue de Paris]] and [[Avenue General de Gaulle]] south of the city. The corniche reaches its maximum height [[Above mean sea level|above sea level]] at [[Raouché]], a high-rise residential neighbourhood rising over a giant white limestone cliff and facing the recognisable off-shore Raouché Rocks.

[[Badaro]] is one of Beirut's most appealing neighborhoods, a lovely place to stroll during daytime and a destination for going out in the evening. Badaro is within Beirut's green district with a {{convert|75|acres|abbr=off|adj=mid}} public park (The Beirut Pine forest) and a {{convert|50|acres|abbr=off|adj=mid}} hippodrome. It is a neighborhood on a very human scale with small groceries around every corner. The neighborhood residents, a mix of old impoverished Christian bourgeoisie, bohemian style people in their 30s and well-established urban professionals, are loyal to local bakery and pastry shops. Because of the blossoming café and bar scene it has become lately a hip destination for Beirut's young and restless but old Beirutis remember that Badaro was already Beirut's version of the Village in the swinging sixties.{{Citation needed|date=October 2018}} Groceries and eateries can be found on almost every street of the area.{{Citation needed|date=October 2018}} There are dozens of restaurants, pubs and footpath cafés of virtually every style.{{Citation needed|date=October 2018}} Badaro "Village" thrives on local residents, day-trippers and hipsters from all over Beirut, office employees and many expatriates.{{Citation needed|date=October 2018}}

[[Hamra Street]] is a long cobblestone street connecting the [[Beirut Central District]] with the coastal [[Raouche]] area. The street is a large concentration of shopping stores, boutiques, restaurants, banks, street vendors, footpath cafes, newspaper kiosks, and a booming nightlife spurred by students from the neighboring [[American University of Beirut]]. The AUB campus is another popular visitor destination, composed of a cluster of 19th century red-roofed buildings dispersed on a wooded hillside overlooking the [[Mediterranean]].

[[Rue Gouraud|Gemmayzeh]] is Beirut's artistic [[Bohemianism|bohemian]] quarter, full of narrow streets and historic buildings from the [[French Mandate of Lebanon|French era]]. It is located East of the [[Beirut Central District]], bordering the [[Saifi Village]]. The neighborhood is well known for its trendy bars and pubs, cafes, restaurants and lounges; most are directly located on [[Rue Gouraud]], the main thoroughfare that cuts through the middle of the district. [[Travel + Leisure]] magazine called Gemmayzeh "SoHo by the Sea," due to its colorful and chic cafés amid 1950s apartment buildings and hole-in-the-wall shops.<ref>{{cite magazine |url=http://www.travelandleisure.com/articles/back-in-action/2 |title=Beirut is Back |magazine=Travel + Leisure |access-date=25 August 2016 |archive-date=22 December 2022 |archive-url=https://web.archive.org/web/20221222151321/https://www.travelandleisure.com/articles/back-in-action/2 |url-status=live }}</ref> However, Gemmayzeh received the most damage by the Beirut explosion in 2020.<ref>{{cite news |url=https://www.independent.co.uk/news/world/middle-east/beirut-explosions-lebanon-gemmayze-a9658681.html |title=Gemmayze, Beirut's beating heart, left in ruins by explosion |date=7 August 2020 |website=The Independent |access-date=25 February 2021 |language=en |archive-date=27 October 2021 |archive-url=https://web.archive.org/web/20211027191405/https://www.independent.co.uk/news/world/middle-east/beirut-explosions-lebanon-gemmayze-a9658681.html |url-status=live }}</ref>

[[File:Beyrouth (9861430944).jpg|thumb|left|Downtown Beirut Mosque]]

Beirut is a destination for tourists from both the Arab world and West.<ref>{{Cite news |url=http://www.smh.com.au/articles/2005/01/28/1106850092882.html |title=Born-again Beirut |date=8 January 2005 |publisher=[[Fairfax Media]] |access-date=2 March 2010 |archive-date=19 December 2010 |archive-url=https://web.archive.org/web/20101219152105/http://www.smh.com.au/articles/2005/01/28/1106850092882.html |url-status=live }}</ref> In ''[[Travel + Leisure]]'' magazine's World Best Awards 2006, it was ranked the 9th best city in the world.<ref>{{cite magazine |url=http://www.travelandleisure.com/worldsbest/2006/results.cfm?cat%3Dcities |title=Top 10 Cities Overall |magazine=Travel + Leisure |archive-url=https://web.archive.org/web/20060807195623/http://www.travelandleisure.com/worldsbest/2006/results.cfm?cat=cities |archive-date=7 August 2006}}</ref> That list was voted upon shortly before the 2006 Lebanon War broke out, but in 2008 ''The Guardian'' listed Beirut as one of its top ten cities in the world.<ref>{{cite news |url=https://www.theguardian.com/travel/2008/oct/15/glasgow-scotland |title=Lonely Planet guide rates Glasgow as one of the world's top 10 cities |last=Carrell |first=Severin |work=The Guardian |date=15 October 2008 |access-date=23 August 2011 |location=London |archive-date=19 January 2014 |archive-url=https://web.archive.org/web/20140119015641/http://www.theguardian.com/travel/2008/oct/15/glasgow-scotland |url-status=live }}</ref> ''The New York Times'' ranked it at number one on its "44 places to go" list of 2009.<ref name="NYTimes.com"/> 2011 MasterCard Index revealed that Beirut had the second-highest visitor spending levels in the [[Middle East]] and [[Africa]], totaling $6.5&nbsp;billion.<ref name="dailystar.com.lb"/> Beirut was chosen in 2012 by [[Condé Nast Traveller]] as the best city in the [[Middle East]], beating [[Tel Aviv]] and [[Dubai]].<ref name="Cntraveler.com"/>

Many of the tourists are returning Lebanese expatriates, but many are from Western countries. Approximately 3&nbsp;million visitors visited in 2010; the previous record was 1.4&nbsp;million in 1974.<ref>{{cite news |last=Lutz |first=Meris |url=http://www.latimes.com/news/nationworld/world/la-fg-lebanon-tourism26-2009sep26,0,746311.story |title=Lebanon tourism is back from a holiday |work=[[Los Angeles Times]] |date=26 September 2009 |access-date=17 January 2010 |archive-date=12 October 2009 |archive-url=https://web.archive.org/web/20091012120201/http://www.latimes.com/news/nationworld/world/la-fg-lebanon-tourism26-2009sep26,0,746311.story |url-status=live }}</ref>

Like other forms of tourism, medical tourism in Lebanon is on the rise recently. Although visitors from neighboring Arab nations make up the bulk of medical tourism patients here due to its proximity, Beirut is strongly trying to woo more Southern Europeans, Asians and North Americans to its land. Its Agency for Investment Development in Lebanon reports that growth in the medical tourism industry is growing by up to 30% a year since 2009. The country's tourism ministry is working closely with the medical sector and top-class hotels to create an organized, quality medical destination.<ref>{{cite web |url=http://www.allmedicaltourism.com/articles/destinations/lebanon/ |title=Destination |work=Allmedicaltourism.com |access-date=25 August 2016 |archive-url=https://web.archive.org/web/20160304072136/http://www.allmedicaltourism.com/articles/destinations/lebanon/ |archive-date=4 March 2016}}</ref> Major hotel and spa chains work with local clinics, travel agencies and the tourism ministry to create comprehensive healthcare and recuperation packages for foreign visitors. The government is highly involved in this industry and strives to make the process as easy as possible.<ref>{{cite web |url=http://www.ttnworldwide.com/articles.aspx?ID=1357&artID=9634 |title=Spa Holidays Leading the way in medical tourism |work=ttnworldwide.com |access-date=25 August 2016 |archive-url=https://web.archive.org/web/20140221225153/http://www.ttnworldwide.com/articles.aspx?ID=1357&artID=9634 |archive-date=21 February 2014}}</ref>
Cosmetic surgery is a major component of medical tourism in Lebanon. Most of the foreign patients come for routine operations like plastic surgery, dental or eye surgery, and Beirut's hospitals are also capable of performing specialized procedures such as internal bypass surgery and other technical treatments. Its top clinics and hospitals like Sahel General are equipped to handle the full range of surgical procedures. Beirut-based Clemenceau Medical Center (CMC), affiliated with Johns Hopkins International, was ranked one of the world's top ten best hospitals for medical tourism in 2012.<ref>{{cite web |url=http://eecoy.com/content/cmc-among-worlds-top-10-best-hospitals-medical-tourism?page=4 |title=CMC Among World's Top 10 Best Hospitals For Medical Tourism |work=eecoy.com |access-date=25 August 2016 |archive-date=4 January 2017 |archive-url=https://web.archive.org/web/20170104055927/http://eecoy.com/content/cmc-among-worlds-top-10-best-hospitals-medical-tourism?page=4 }}</ref>