The strife and instability that has blighted Lebanon’s recent history also has its positive side, with conservative banking regulation resulting in a financial sector that is booming in the wake of the credit crunch, as well as a resilient workforce and entrepreneurial class. This aggressive entrepreneurialism can be seen in the success of descendants of the Lebanese diaspora, who include Mexico’s Carlos Slim, the richest man in the world, Renault boss Carlos Ghosn and Morgan Stanley CEO John Mack.

As well as its history as a trading and financial centre, before hostilities in the 1970s the country was a tourist magnet, dubbed “the Paris of the East”, due to its beauty and cosmopolitan culture.

These factors have contributed to its attractiveness as a base for funds investing in the Middle East and North Africa (MENA) region, with firms like Carlyle having an office there. There is also a well developed professional services community. Consulting firm Booz & Co, for example, has about 300 staff in the country, from which it covers the Middle East...

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