Beirut Digital District's building is pictured in downtown Lebanon January 4, 2017. REUTERS/Jamal Saidi
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Circular 331 is a paper with the promise that Lebanon's Central Bank will ensure a large chunk of Lebanese banks' investments into small companies within the "knowledge economy," which can roughly be translated into the tech sector and startups.According to Speed CEO Sami Abou Saab, the money being put into the tech sector coming from Circular 331 has generated more than 100 direct jobs, coming from the companies he and his colleagues have incubated, and more than 500 indirect jobs. And some of these companies would not have been funded in Lebanon without the capital from BDL. At the time, Hariri called the youth to embrace the "new economy, the economy of knowledge," something Circular 331 has helped do, according to Speed's Abou Saab.Abou Saab is an optimist when it comes to the future.According to numbers from the Justice Ministry's Commercial Register, more than 8,000 new companies have been registered from January up to November 2017; that's 25 new companies every day. So, there is a creator's spirit in Lebanon, maybe because, like the game developer from Groovy Antoid thinks, the alternative is simply not worth it.
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