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Christian Adib

Building the GenAI application layer

Christian Adib is an Advisory Board Member at ALEE and is affiliated with the Massachusetts Institute of Technology (MIT) in Cambridge, Massachusetts. He has a strong professional presence, with approximately 7,000 followers on LinkedIn. His background includes experience in independent consulting, particularly with Fulkerson Advisors, where he has been involved in generative AI strategies and consulting services for around eight months. Adib actively shares insights and advice related to data science and AI on his LinkedIn profile, indicating a focus on customer-facing roles and optimization challenges in AI technologies.123

Highlights

Aug 30 · linkedin

Lebanon's Banking Sector Restructuring Plan: Key Points and Concerns

Overall Structure of the Plan

  • The plan aims to resolve $86 billion in deposits, with the majority of the burden falling on depositors.

  • Banks will bear only a small portion of the losses, paid in installments.

  • The central bank (Banque du Liban) will bear direct cash burdens for repaying deposits and manage policy burdens related to issuing large amounts of currency.

Impact on Depositors

  • Direct write-off of $27 billion from deposits through various measures.

  • Depositors will receive a mix of cash, shares, and bonds totaling $39.76 billion, with 52% in Lebanese pounds at various exchange rates.

  • Additional $9.42 billion in bank shares and bonds, valued at only $1.52 billion in bank balance sheets.

  • Zero-coupon bonds worth $11.86 billion, half of which will be immediately written off.

Banks' Responsibilities

  • Banks will pay less than half of the guaranteed deposits, totaling $8.49 billion over 11 years.

  • They must increase their capital by $2.8 billion.

  • $600 million in debt securities will be recorded in their balance sheets.

  • Banks will be largely exempt from legal and financial responsibilities for their actions against depositors.

Central Bank's Role

  • Will pay half of the guaranteed eligible deposits ($5.9 billion) and half of the guaranteed ineligible deposits ($2.59 billion).

  • Must manage the issuance of Lebanese pounds for annual depositor withdrawals (75.7 trillion pounds).

  • Required to lend the government $2.9 billion for issuing zero-coupon bonds.

Privatization and State Asset Sales

  • The government will relinquish ownership of dozens of institutions to fund the deposit recovery fund.

  • Key institutions to be privatized include:

    1. Mobile phone companies (Alfa and Touch)
    2. Ogero
    3. Lebanese Postal Service
    4. Middle East Airlines (currently 99% owned by the central bank)
    5. Intra Company (owns half of Casino du Liban shares)
    6. Tobacco monopoly
    7. Electricité du Liban and its concessions
    8. Public water institutions and the Litani River National Authority
    9. Seaports and land ports
    10. Airport
    11. Public Transport and Railway Authority
    12. Elyssar and Linord projects
    13. Tele Liban (state TV and radio)
    14. Sports cities and the golf club
    15. Oil installations in Tripoli and Zahrani
    16. Rashid Karami International Fair
    17. Deposit Guarantee Institution
    18. Housing Bank (state owns half)
  • Many of these institutions hold monopolies in Lebanon, with some being highly profitable (e.g., mobile companies, Middle East Airlines).

  • Others possess substantial assets valued at tens of billions of dollars (e.g., Ogero).

Lebanon's banking restructuring plan threatens the nation's economic future and social fabric. Shielding crisis instigators while burdening citizens, and through vast privatization, it risks condemning Lebanon to prolonged economic stagnation and social deterioration.

Aug 29 · linkedin

I'm looking to hire a junior AI engineer based in Beirut for a US-based enterprise software company. Must have experience building RAG systems, ideally with Langchain.

If you fit the bill, please shoot your resume over to [email protected] with the subject line [AI Engineer Position - Beirut]

Related Questions

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Christian Adib
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Location

Cambridge, Massachusetts, United States