Lebanese Entrepreneur Defies Country's Crises with Tech Hub

Lebanese entrepreneur Fadi Daou gestures as he talks with Multilane company's staff at Houmal technology park in Houmal, Lebanon June 11, 2021. (Reuters)
Lebanese entrepreneur Fadi Daou gestures as he talks with Multilane company's staff at Houmal technology park in Houmal, Lebanon June 11, 2021. (Reuters)
TT

Lebanese Entrepreneur Defies Country's Crises with Tech Hub

Lebanese entrepreneur Fadi Daou gestures as he talks with Multilane company's staff at Houmal technology park in Houmal, Lebanon June 11, 2021. (Reuters)
Lebanese entrepreneur Fadi Daou gestures as he talks with Multilane company's staff at Houmal technology park in Houmal, Lebanon June 11, 2021. (Reuters)

His employees struggle to find petrol for their cars to drive to work and he has to offer a unique product to get customers to trade with a company based in high-risk Lebanon, but against all odds Fadi Daou's technology firm is thriving.

The entrepreneur's company, MultiLane, produces testing and measurement equipment for data center infrastructure, and its international clients include Microsoft, Apple, and Google.

"Everything is conceived, designed and built out of Lebanon," said Daou.

As Lebanon battles a financial crisis that the World Bank has dubbed one of the worst depressions of modern history, Daou has had to overcome numerous challenges, for example building his own solar power supply so as not to rely on the state electricity grid. He manages to export his products successfully.

He moved back to Lebanon in 2006, having spent 25 years in the United States. In Nov. 2019, one month after Lebanon's economy began to unravel, he launched Houmal Technology Park (HTP), in his hometown of Houmal, 15 km outside of Beirut, to expand his output.

Global technology companies "select and choose to work with Lebanon knowing that Lebanon is a high-risk country, so we have to offer twice as much in terms of value proposition, in terms of innovation, time to market. We have to work harder," he said.

"We build a high value product that uniquely solves a problem in the industry, so they purchase it from us."

In the past two years, Lebanon has also been through a popular uprising against its political leaders, the global COVID-19 pandemic and a huge chemical blast in Beirut port that killed 200 people and destroyed swathes of the capital.

Its local currency has lost around 90% of its value against the dollar and the crisis has wiped out thousands of jobs and propelled more than half of the population into poverty.

Daou employs 130 mostly-young men and women at MultiLane Lebanon, and plans to hire 25 more employees by year-end.

His goal is to hire more in the coming few years to fight the brain drain resulting from the financial crisis.

"My reward is when a parent calls me or sends me a message saying thank you because my kids are now working, they were going to leave the country but now they are staying," he said.

Hundreds of engineers, academics, doctors, artists and others have packed their bags to seek opportunities abroad as the country hurtles faster towards complete collapse.

"It's an empowering experience... the company really gives a chance for the youth to stay in the country," said Sana Aawar, one intern at MultiLane.

Her colleague Maria Tawil added they felt able to reach their dreams as young engineers wanting to prove themselves.



Meta Adds Three Board Members Including UFC Boss Dana White, Key Figure in Trump's Orbit

Dana White, CEO of the Ultimate Fighting Championship gestures as he speaks during a rally for Republican presidential nominee and former U.S. President Donald Trump at Madison Square Garden, in New York, U.S., October 27, 2024. REUTERS/Andrew Kelly/File Photo
Dana White, CEO of the Ultimate Fighting Championship gestures as he speaks during a rally for Republican presidential nominee and former U.S. President Donald Trump at Madison Square Garden, in New York, U.S., October 27, 2024. REUTERS/Andrew Kelly/File Photo
TT

Meta Adds Three Board Members Including UFC Boss Dana White, Key Figure in Trump's Orbit

Dana White, CEO of the Ultimate Fighting Championship gestures as he speaks during a rally for Republican presidential nominee and former U.S. President Donald Trump at Madison Square Garden, in New York, U.S., October 27, 2024. REUTERS/Andrew Kelly/File Photo
Dana White, CEO of the Ultimate Fighting Championship gestures as he speaks during a rally for Republican presidential nominee and former U.S. President Donald Trump at Madison Square Garden, in New York, U.S., October 27, 2024. REUTERS/Andrew Kelly/File Photo

Meta has appointed three new members to its board of directors, including Dana White, the president and CEO of Ultimate Fighting Championship and a key figure in the orbit of incoming President Donald Trump.

The social media company, which owns Facebook, Instagram and WhatsApp, is also adding auto tycoon John Elkann and tech investor Charlie Songhurst, Meta CEO Mark Zuckerberg said in a Facebook post late Monday.

White's ties with Trump date back to 2001, when White hosted a UFC at the Republican's former casino-hotel in Atlantic City, New Jersey, the Trump Taj Mahal. Trump has also appeared with White at UFC matches over the years, especially in his 2024 campaign as part of efforts to appeal to younger male voters.

White, in turn, has had speaking roles at the 2016, 2020 and 2024 Republican conventions and appeared on stage at Trump’s election victory party in November, even speaking briefly to the crowd.

White has built UFC “into one of the most valuable, fastest growing, and most popular sports enterprises in the world,” Zuckerberg said. “I’ve admired him as an entrepreneur and his ability to build such a beloved brand.”

Zuckerberg is also active in mixed martial arts. Zuckerberg and fellow billionaire Elon Musk seemingly agreed to fight in a “cage match” in 2023, but it never happened.

Elkann, another person joining Meta's board, is the CEO of Exor, a Netherlands-based investment company, and chairman of its two auto companies, Stellantis and Ferrari.

Zuckerberg said Elkann has "deep experience running large global businesses and he brings an international perspective to our board."

Songhurst previously worked at Microsoft and joined began advising Meta last year on artificial intelligence.