The FINANCIAL — ELITE, London Stock Exchange Group’s (LSEG) international business support and capital raising programme, announces the launch of ELITE Levant following the signing of an agreement with Scale Up SAL, part of Alyafi Group.
Alyafi Group, based in Lebanon, has for more than forty years provided clients with a suite of professional services including auditing, financial and management consulting, taxation and accounting. The collaboration will provide ambitious mid-market companies in Lebanon, Oman and Kuwait with access to ELITE’s unique training programme to support their long-term growth.
ELITE Levant was launched today by Luca Peyrano, CEO, ELITE, and Dr. Mowafak Alyafi, Chairman of Scale Up SAL in Beirut, Lebanon, together with the support of the Institute for Finance and Governance (IFG) and the Capital Market Authority (CMA).
Designed to help businesses prepare and structure for their next stage of growth, ELITE provides training and mentoring to support management best practice and entrepreneurship; promotes relationships and opportunities with potential investors; and facilitates access to a full range of funding options. Today, more than 1,000 companies make up the growing international ELITE community. Companies come from across 35 countries, 35 sectors and are generating €72.5 billion in combined revenues. Together they account for over 420,000 jobs across Europe and beyond.
Lebanon is the first state in the Levant to launch ELITE. The choice to launch in Lebanon reflects the strong potential of the state’s business climate and diverse economy. With over 15,000 small and medium sized enterprises (SMEs), Lebanon has one of the largest concentrations of SMEs in the Levant. Lebanese SMEs represent over 90 per cent of registered firms, employ 50 per cent of the working population, yet contribute only 27 per cent to GDP.
Together, ELITE and Scale Up SAL will work with selected companies from Lebanon, through a year-long programme, to provide their management teams with a unique network of support to help them scale-up. ELITE works in close coordination with regional business, academic and financial communities across the markets in which it operates to enhance its local programmes. In Lebanon, it will work closely with IFC, CMA and business school, École Supériere des Affaires (ESA).