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Royal Philips Electronics announced the opening of their new offices in Lebanon

Royal Philips Electronics has announced the opening of their offices in the heart Beirut's downtown district, designed to become the new hub of Philips' expanding operations in the Levant. The company has been operative in the region for more than 50 years through distributors.

The inauguration of the new head office was held under the patronage of the Lebanese Prime Minister, His Excellency Saad al-Harriri, and attended by Philips' Middle East Area Management, different business stakeholders and the media.

"Our expansion and continued growth in the Levant is a testament to our firm commitment to the region", commented Louis Hakim, Vice President of Royal Philips Electronics and CEO of Philips Middle East. "Lebanon is the ideal strategic location to set up the office for the region as a result of its access to a large regional market, free-market investment policies, and a liberal economic environment", he adds.

The Levant has experienced its share of change in the past few years and has been enjoying a solid ambitious development. Within the Levant, Lebanon is currently witnessingsustained period of economic growth. According to the report released by the World Bank early this year; Lebanon's GDP is expected to grow by 7 percent in 2010 which is considered significant, and listed as the second highest growth rate regionally.

Source: Philips