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Feasibility Analysis
Entrepreneurial Consulting Final Report
Presented by:
Caleb Hansen Elizabeth Aramide Oladeinde Hongyan Pei Mohammed Rustom
11/28/2012
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Table of Contents
Executive Summary.........................................................................................................3I. Original Venture...........................................................................................................4
1. Venture Description:.................................................................................................42. Perceived Opportunity/Need:...................................................................................43. Service Description:..................................................................................................54. Target Market:........................................................................................................5 5. Strategy.....................................................................................................................6
II. Venture Analysis..........................................................................................................71. Analyzing Venture Attractiveness (using Porter’s 5 Forces)...................................7Market Landscape............................................................................................................7Competition.....................................................................................................................8Basis for Competition......................................................................................................8Target Market (Size and Growth)....................................................................................9
Figure 1: World Internet Pentration Rate..................................................................10 Figure 2: Internet Usage Growth Trend and Forecast (Conservative)......................10Barriers to Entry and Market Structure.........................................................................112. TOWS Analysis......................................................................................................12Threats...........................................................................................................................12 Figure 3: Arabuy SWOT Analysis............................................................................13Opportunities and Niches..............................................................................................13 Figure 4: Arabuy TOWS Analysis.............................................................................143. PESTEL Analysis...................................................................................................15 Figure 5: Arabuy Mind Map Analysis........................................................................17
III. Findings and Recommendations................................................................................17Figure 5: FAR Analysis.................................................................................................18
Recommendations..............................................................................................................18IV. Conclusions................................................................................................................19
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Executive Summary
The Lebanese Diaspora consists of more than 16 million around the world, far more than the internal population of Lebanon itself, which is estimated at 4 million2. The Diaspora, has been effective in supplying remittances to family members within the country that totaled $8.2 billion 1in 2010 in cash. This accounts for one fifth of the country's economy or about $1,400 per capita every year2. Most of these remittances are spent by the typical Lebanese family for goods and necessities. These remittances cost an average of 26$ for small transactions (up to US$200).3
In our initial strategy, Arabuy was envisioned as an online commerce company; providing E-retailing services for existing retailers in the Lebanese/ME market. The intended market groups were to be all Lebanese residents that have internet access and the purchasing power. The strategy was to focus on this market group and provide this segment with merchandise categories such as: Imported Goods (Goods not available in Lebanon), Local Goods (For personal use and as gifts), local Specialty Goods (Arts and Crafts). The second group of potential customers were to be the Lebanese Expatriates living abroad that have internet access and the purchasing power; with a focus on merchandise categories such as: Exported Lebanese Goods (Lebanese goods not available abroad), Local Goods (As gifts), and Exported Local Specialty Goods (Arts and Crafts).
After researching each of these areas and assessing overall feasibility, we recommend Arabuy take a slightly different course of action to ensure long term growth and sustainability. First, because the Lebanese Diaspora constitutes a bulk of people with Lebanese ancestry around the world, we recommend the company focuses on the Lebanese Diaspora as its core market segment to increase sales and profitability. Secondly, we recommend Arabuy acts as a “facilitator” to online trade between local Lebanese merchants and the Lebanese Diaspora. Third, we recommend that Arabuy handling and delivery services through 3rd party delivery services. Finally, Arabuy provide customizable business services to provide access and support to online retailing for existing and potential traditional retailers.
1http://www.ambbeirut.um.dk/en/menu/CommercialAffairs/News/ WORLDBANKESTIMATESREMITTANCESINTOLEBANONATUS82BILLIONIN2010.htm - Retrieved November 24, 20122 http://en.wikipedia.org/wiki/Lebanese_diaspora - Retrieved November 24, 20123 http://www.migrationinformation.org/datahub/remittances/Lebanon.pdf- November 24, 2012
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I. Original Venture
1. Venture Description:
The company (Arabuy.com) was originally envisioned to be an online commerce company that drop-ships products. As such, it will be provide E-retailing services for existing retailers in the Lebanese/ME market. As a company, it will not own products; it only facilities the online service for other retailers (Advertisement, Sales, and Distribution/Delivery).
Arabuy will create and manage its website through which other retailers (small and large) could post their products; a hybrid between eBay and AMAZON. The benefits to retailers are the vast market reach that they will be exposed to by eliminating the proximity barrier and high advertising costs. The benefit to Buyers is price comparison, online discounts and greater/easier access to a variety of local, international, and specialty goods. In addition to these benefits, through economies of scale, Arabuy will be providing marketing advantages to smaller retailers previously unachievable. It will also provide handling and delivery services through 3rd party delivery services.
With all these services, Arabuy would be stream lining the retailing business for both the retailers and the end users. Its customizable services would complete the retailing loop that starts with product posting, marketing, and selling until finally delivered to the end user.
2. Perceived Opportunity/Need:
Every year over 2 million visitors travel to Lebanon. A big portion of the visitors are Lebanese expatriates working abroad. These figures are expected to grow as more and more Lebanese migrate in search of jobs and stability (estimated at 0.48% annually4). These same individuals are the engine of the Lebanese economy. They move billions in remittances back each year.
While abroad, these individuals have very little means for sending support to their loved ones back home. This is even more of an issue when trying to cater to a special occasion
4 http://www.nationsencyclopedia.com/Asia-and-Oceania/Lebanon-MIGRATION.html -Retrieved November 24, 2012
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or send a gift that is difficult to ship internationally. As such, an online retailer would be the best venue for providing such a service.
Additionally, local customers are constrained by their geographical proximity to the traditional vendors. Comparison buying is time consuming and not always possible. Furthermore, pricing isn’t always transparent. Arabuy will provide the local buyer with an opportunity that allows for all these benefits in a concise and intuitive platform.
3. Service Description:
Arabuy.com will be a ME-based multinational electronic Business to Consumer Commerce Company. The Company would be headquartered in the Middle East, most likely in Beirut, Lebanon. The company’s business structure will be very similar to Amazon.com but tailored to meet the unique needs of the Middle East market culture.
The company website will offer the following services:
Business Services:Market Exposure through
o Market Placeo “Sale On”
o Advertisement (Top Rated Sellers/Products)
Third-Party sellers
o "Ease of Use"
o “Product Posting”
Online Selling Management Applications
o Online Store tracking
o Queries
o Trends
o Data Analysis
3rd Party Delivery Services
a. Consumer Services:
Product Variety
o “Just Ask”
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o Market Place
Competitive Market Comparison
o Recommendations
o Reviews (Products and Sellers)
o Competitive Pricing
"Ease of Use"
Registries
Delivery Services
Security
4. Target Market:
Based on our business model, we plan to target two sets of market groups:
The first group is all Lebanese residents that have internet access and the purchasing power. This market group will be buying the following merchandize categories:
Imported Goods (Goods not available in Lebanon) Local Goods (For personal use and as gifts)
Local Specialty Goods (Arts and Crafts)
The second group of potential customers is Lebanese Expatriates living abroad that have internet access and the purchasing power. This market group will be buying the following merchandize categories:
Exported Lebanese Goods (Lebanese goods not available abroad) Local Goods (As gifts)
Exported Local Specialty Goods (Arts and Crafts)
Finally, repeat customers are expected with a retention rate of 60% or higher. This is based on the fact that customers generally stick with a website that provides them with good service. Amazon for example has a retention rate of 80%. The Lebanese E-retailing industry lacks a clear leader and no major brands exist. Thus with limited effective competition, a 60% retention rate is very possible.
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5. Strategy
Arabuy’s growth and success will depend largely on its strategy and its capability to expand its services to greater sectors of both the Lebanese and Expatriate population. In a low barrier to entry industry, Arabuy needs to always be a step ahead of its competition. As such, Arabuy has in place a 3 year plan with a number of premeditated improvements and expansions to its services.
As a summary, Arabuy will be going through a number of post launch expansions. These phases will be as follows:
Phase 1: Focus on Specialty Goods Imports Phase 2: Expand to Local Goods Sales
Phase 3: Expand to Local Specialty Goods Exports
These three phases are chronologically planned as such to provide the company with a number of advantages:
1. The various phases allow the company to determine and be in control of the pace of post launch growth. Also, this enables Arabuy to present measurable milestones to potential investors.
2. The scheduled improvements will also be a continuous display of Arabuy’s commitment to exceed customer’s expectations and keep its brand and service fresh.
3. Arabuy will be leveraging its business reach in each stage to catapult it to the next stage.
II. Venture Analysis
1. Analyzing Venture Attractiveness (using Porter’s 5 Forces)
Market Landscape
The online retailing business is picking up in Lebanon, but there is still a lack of well rounded sites that provide services at the capacity that Arabuy aims to provide. Sites that we have compared lack some of the following:
Ease of Use Competitive Pricing
Product Variety
Security
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Comparison Shopping
Currently, the E-Retailing industry in Lebanon has a number of main stream E-retailers. Unfortunately, or fortunately for Arabuy, these retailers lack the core requirements of running a successful E-retailing business. Generally, some of the issues with the current services provided are:
Slow browsing speed due to high density web design Cumbersome web structure
Poor search capabilities
Lack of focus; most websites sell products as well as services
Poor display of products
Limited selections
Limited product options
High Prices
Lack comparison tools
Poor user Interface
CompetitionThe competition landscape in Lebanon is divided in to two main categories. These are the traditional retailers as well as e-retailers. We have listed below the most recognized market leaders in this industry.
The indirect competition is comprised mainly of the following major traditional retailers
o Beirut Mallo Hamra Shopping District
o Verdun Shopping Centers
o Beirut Souks
o Spinneys Lebanon
o ABC
In addition to the major traditional retailers, Arabuy will be competing with the smaller retailers. These are neighborhood retailers that provide some of the products that we
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Arabuy will be selling. They form a major competition with Arabuy because of their close proximity and usually high customer loyalty.
Nonetheless, this loyalty will be used to our benefit. Our business model extends the reach of retailers that use our service. Thus, initial customer loyalty to the shops will actually work in our favor in the form of free word-of-mouth advertising. Loyal customers can still work with their retailer and yet do that with the convenience of the net.
On the other hand, our direct competition is comprised of the following e-retailers:
o Amazon .como Lebanesemall.com
o Buylebanese.com
o Shopinleb.com
o Almazad.com
Basis for CompetitionAs a company, our goal would be to provide an online retailing experience that surpasses current local e-retailers. Also since this is a new venture, we have the flexibility of combining proven business structures in new streamlined ways that will further strengthen our prospects for success.
Our goal is to provide an online B2C marketplace that will provide traditional retailers with an online access while providing customers with more choices. Our business model will focus on these customer centered values:
Ease of Use Competitive Pricing
Product Variety
Security
Comparison Shopping
Current competitors focus mainly on high end goods as well as Lebanese made products. Price and variety are not currently utilized for service differentiation.
Very little differentiation exists through the services provided. Generally, products are marked up over local retail prices to account for the e-retailer’s overhead, handling, shipping, and profit margin. This pricing model fails to create a benefit for the customer to buy merchandise online. Nevertheless, customers still buy for reasons related to
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convenience, as in the case of gift giving, and availability, as in the case of Lebanese exports.
In a survey we conducted in 2010, participants failed to consistently name any local online retailers. This signifies that there is very little effective competition. It also signifies a relatively new industry with the potential for Arabuy to be a leading player and build a strong brand.
Target Market (Size and Growth)
As described earlier, we will be targeting two main groups of customers; those are Lebanese residents and Lebanese expatriates.
We have detailed the market population in to the specific segments that we intend to target.
Lebanese Residents: Total population is estimated at 4,017,0955
o Ages between 18 and 45: 1,550,000 (Estimated)
o Internet users: 1,000,0006
o High School Degree: 70.2%7 of total population
o House hold income: Over $10,000 (71.45%8)
Based on the above data, we can assume a market population of 1,000,000 *.8 (Estimated for age range) * 90% (Estimated for High School degree9) * 71.45%.
Thus a conservative estimate for the market base is just over 500,000 potential customers.
Lebanese Expatriates 10: Total population is estimated at 14,799,09511
o Lebanese Origin: 14,799,095
o Internet users: 51% (Estimated). Refer to Figure 1.
5 http://en.wikipedia.org/wiki/Lebanese_people - Retrieved November 24, 20126 http://data.worldbank.org/country/lebanon - Retrieved November 24, 20127 http://www.nationmaster.com/graph/edu_enr_rat_sec_lev-education-enrolment-ratio-secondary-level - Retrieved November 24, 20128 http://www.ipc-undp.org/pub/IPCCountryStudy13.pdf - November 24, 20129 Per the data, 30% of the population does not have a High school diploma. It is safe to assume that 90% of those will also be individuals living under the $10,000 cutoff. Thus we estimated that 90% of the individuals living over $10,000 also have a high school diploma 10 All data will be estimated based on the weighted average of statistics from Brazil, Argentina, USA, Canada, and Europe (Countries with high populations of Lebanese expatriates). 11 http://en.wikipedia.org/wiki/Lebanese_people - Retrieved November 24, 2012
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o Ages between 21 and 45: 62% (Estimated)
Based on the above data, we can assume a market population of 14,799,095 *51% * 62%. Thus a conservative estimate for the market base is just over 4,700,000 potential customers.
Figure 1: World Internet Penetration Rates
For example, in 2010, around 250 million dollars were spent online in Lebanon. 90% of purchases occurred on foreign websites and 22% of those are spent on services12.
Additionally, these segments are constantly growing. Specifically, the local Lebanese market is expected to grow by around 25% in the next 5 years (Refer to Figure 2). This high growth is attributed to a greater expansion of the IT infrastructure in Lebanon. This will be achieved through planned fixed lines internet expansion as well as mobile internet subscriptions. Alfa and MTC Lebanon (both main Lebanese mobile service providers) have implemented (3G) mobile phone technology. This means that more than 2.75m13
mobile subscribers now have access to vastly improved internet services.
12 http://www.zawya.com/story.cfm/sidZAWYA20110325121236 - Retrieved November 24, 2012
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Figure 2: Internet Usage Growth Trend and Forecast (Conservative)
Internet Usage (Lebanon)
0
200000
400000
600000
800000
1000000
1200000
1400000
1600000
199819992000200120022003200420052006200720082009201020112012201320142015
Year
Use
rs
On the international scene, the relative political calmness in Lebanon is increasing the likelihood of Lebanese expatriates returning to their home country. This strengthened bond with Lebanon will mean additional sales.
Also, based on the current migration rates (0.48% annually14) of Lebanese citizens to other countries in search of better jobs, the demand for e-retail services that connect them with their homeland will definitely increase.
Barriers to Entry and Market Structure
E-retailing is generally a low barrier to entry industry. Nonetheless, the barrier to entry is higher for western companies. This is because of the following:
Regulatory and governmental state Political stability and security conditions
Local cultural understanding
For local companies, the same is true except that they are familiar with working around the bureaucracies and are familiar with the culture.
13 http://www.english.globalarabnetwork.com/2011032210293/Technology/staying-in-touch-lebanon-strengthening-it-sector.html- Retrieved November 24, 201214 http://www.nationsencyclopedia.com/Asia-and-Oceania/Lebanon-MIGRATION.html -Retrieved November 24, 2012
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With very low barrier for entry and a number of existing websites, the competition is high. The e-retailing industry in Lebanon very closely resembles a market with based on monopolistic competition.
Fortunately, the lack of differentiation between existing companies and the lack of focus on a clear marketing strategy, it becomes evident that there is a lot of potential for Arabuy to penetrate the market. This decentralized market leadership would help Arabuy get started and grow its customer base to a sizable share before any real competition ensues.
2. TOWS Analysis
Threats
The main threats to the e-retailing industry are centered on the political climate in Lebanon and the Middle East. Ever since the 1980s, Lebanon has been going through cycles of political and economic tension. These uncertainties have played a major blow to the growth of the economy as a whole and the IT sector specifically. As such, the country’s IT infrastructure has been struggling to keep up with the demand for more broadband speeds.
Other threats to the success of Arabuy’s business model are summarized below. You can also refer to Figure 3 for our SWOT analysis
Weak mailing and delivery infrastructure. Cultural approach to online shopping vs. traditional shopping: The Lebanese find
pleasure and excitement in traditional shopping.
Geographical Considerations: Lebanon is a small country so e-retailing has to provide enough incentive and convince for shoppers to choose it over fast and easy traditional shopping.
Regulatory Concerns: Lebanon has not yet implemented a complete set of laws to govern e-retailing. New enacted laws might negatively affect the performance of the company.
Weak business protection rights: Politics and connection play a big role in how things are handled through the government. A major concern is that other influential competitors might involve such tactics to limit Arabuy’s potential and growth.
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Figure 3: Arabuy SWOT Analysis
Opportunities and Niches
As reflected in the SWOT analysis above, there are a number of potential opportunities we could take advantage of. These opportunities are rooted in our business model as well as the nature of the industry and the competition currently existing.
Branding: through our survey and discussions with industry experts15, it is clear that there is no market leader. We do not have data market on current share, but our research has shown that there is no current brand recognition for any of the players in Lebanon.
Retailer Tools and Services: One of our business model’s core strengths is in the services and tools we provide existing traditional retailers. The current model for most e-retailers is to establish a website for their products or pool products from other websites in one website. Our approach is different. We will be empowering traditional retailers with tools and support services that will give them access to online retailing. This will give Arabuy exclusivity in its relationships with a larger pool of retailers. Also, this will allow retailers to generate more sales. Arabuy will leverage this advantage to the benefit the customer in the form of lower pricing.
Market Expansion to the Middle East: Once Arabuy’s business model succeeds in Lebanon, implementing similar services in other ME countries can be easily replicated.
Market Niche: Arabuy aims to focus on a niche market of Arts and Crafts in Lebanon. Since most players in this industry are small shops with little capital to expand in to the e-retailing industry, very few online services of this sort exist.
15 These conclusions are based on our consolation with Amr Bohsali and Nader Kobeisi.
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Our research for such websites only exposed high end retailers. This, along with the great expatriate population is expected to be a very lucrative market segment.
TOWS Analysis
Using the TOWS Analysis we analyzed the external environment (Threats, Opportunities) and the internal environment (Weaknesses and Strengths).
Figure 4: Arabuy TOWS AnalysisExternal threatsT1 Local competitionT2 Regulations and government InterventionT3 Big international players(Amazon)T4 Lower entry barrierT5 Security in LebanonT6 Hard to change the purchasing habit of local customersT7 Customers Concern about delivery and warranty under the low priceT8 Customers concern about the security of bank info.T9 Customers & retailers concern the stability about the on-line system including inventory system, purchasing system accounting system..etc
External opportunitiesO1 New brand and brand buildingO2 Niche market O3 Expending to other ME marketsO4 Small retailers servicingO5
Using of Mobile appsO6 The maturity of B2B/B2C application O7 Potential for exotic goodsO8 Potential for time-saving and money-saving purchasing
Internal weaknessesW1 Weak financial backingW2 New market playerW3 Weak local supply chain contactsW4 weak public access point
1. Focus on specialty goods imports/exports like Arts and Crafts (W1,
W3, T3, O2, O4)
2. Start up a secure and low cost drop shipping website(W1, T4, T5)
3. Build New and Memorable branding linking internal and external marketing.( W2, O1)
4. Innovate new business model based on traditional B2B/B2C(O6,W2,S1)
Internal strengthsS1 Strong international management teamS2 Strong Information technology team S3 Strong web designS4 Product focusS5 Effective business modelS6 Great retailer toolS7 Strong international supply
5. Penetrate into Lebanon market quickly(S1,S4,T4)
6. Build a convenient and secure comparison e-shopping platform (S2, S3, S6,T1,T8)
7. Competitive Pricing(S7, T3)8. Develop safe and stable network with
suppliers(S1, S2, T2,T9 )9. Apply for some Trade Secrets to
enhance our power for raising money and also for increasing our competitive ability ( W1,S1,S2,T3,T4)
10. Build a good consumption experience for local customers (S1,S2,,S6,T6)
11. Develop from specialty goods to various goods(S1, S4, S5,S6, O2, O3)
12. Increasing the users by using website or mobile apps. (S2, O5)
13. Invest mobile telephone money to give free access at hospital, school and etc.( W4,S5, O5)
14. Improve technical for data protection(S2, O5)
15. Develop from Lebanon market to international market (S1,O7,O8
)
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chain contacts
Actions 6, 8 ,14→ build a safe , convenient and stable e-shopping website
Action 1,2,7→ Focus on cheap specialty goods (arts or crafts)
Action 3,5→ build a memorable brand in Lebanon
Action 4,9→ by using trade secrets/patent/trade or other innovative ideas to create new business model.
Action 11,12,13,15→ develop from specialty products to various products by expanding our market.
PESTEL Analysis
We also analyzed the macro-environment, using PESTEL model.
Effect Factors
Political
war sectarianism corruption Tariff monetary policy import and export restriction The relations between Lebanon and
US,between Lebanon and other countries.
The government budget Supervision for internet /mobile
industryEconomic start up cost
market cost global financial inflation exchange rate money market rate the trend of GDP inexpensive work force economic restructure $8.2 billion per year for remittance travel cost
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shipping cost
Social
online shipping culture using credit card change in taste multi-religions multi- languages per capita income life-style aesthetics and value standard
Technological
search engine hits vendor technical service shipping processes mobile apps Accounting tools data security website navigation Internet spread Internet penetration
Environmental
The development of e-commerce in global
The trend of the e-commerce in Lebanon
Media attention for e-commerce in Lebanon
Legal customs and regulations labor Protection Act
Mind Map Analysis
Arabuy provides the Lebanese Diaspora with a forum for purchasing uniquely Lebanese products and/or sending gifts and support to family while also providing Lebanese Vendors access to a broader customer base. We further analyzed this process using a Mind Map Analysis.
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Figure 5: Arabuy Mind Map Analysis
III. Findings and Recommendations
While the original Arabuy concept held significant promise, our in-depth analysis suggested that the initial focus and strategy was not the optimal approach. The initial plan called for a phased approach beginning with an e-retail platform targeting Lebanese consumers in Lebanon. However, both primary and secondary research indicated that Lebanese natives (business and consumer) have been relatively slow to adopt online purchasing, and the existing competition for that market is already highly fragmented.
In addition, the local infrastructure necessary to support a robust online marketplace is not yet solidly established in Lebanon. Arabuy would need to invest significant capital
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in order to gain credibility in the marketplace and would not have a significant competitive advantage based on the initial plan.
The initial plan also called for basing Arabuy operations in the Middle East, specifically in Lebanon. However, the SWOT, PESTLE, and TOWS analysis all indicate that such a decision would subject Arabuy to increased risk due to the socio-political volatility in the region.
Our initial assessment of the Arabuy concept was that it was simply not a viable plan, due to the highly fragmented marketplace, socio-political volatility, and high capital requirements.
However, in order to be certain that we were providing a fair and thorough evaluation of the Arabuy concept, we worked with the founder to develop a FAR analysis. We then used the FAR in conjunction with the other planning/evaluation tools that we created in order to develop an updated strategy that we believe will provide a much more viable opportunity for Arabuy (See Fig. 5 “FAR”).
Fig. 5: FAR AnalysisTarget Market
Lebanese in Lebanon Lebanese Diaspora International Market
(ALL)
Products Lebanese Specialty (Crafts, foods, etc.) Lebanese Consumer Products Non-Lebanese/General Merchandise
Business Type B2C C2C B2B
Business Strategy Volume Retail “Just Ask” Daily-Deals Discount Shopping Comparison Shopping Customized Services
Logistics Retailer Ships Arabuy Ships Consumer picks up in-
store Out-source shipping
(contract)
Product Ownership Mixed (Ownership passes from seller to Arabuy to consumer) Drop Ship (Seller>Buyer) Arabuy buys/resells products
Platform Web-based Mobile App Web-first then
Mobile app Mobile app
first, then web Simultaneous
Phone/Web
Languages Arabic English French Spanish Portuguese Other
RecommendationBased on our analysis of the market and the Arabuy research, we believe there is a substantial opportunity for Arabuy to achieve significant market share by acting as a “facilitator” to online trade between local Lebanese merchants the millions of Lebanese living around the world who still seek ways to connect to family and the traditions of home.
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Arabuy will establish an operational/sales base in Lebanon that will seek to build relationships with local merchants, particularly the single-vendor operations that provide uniquely Lebanese foods or crafts. Arabuy will concurrently work to develop a website (optimized for mobile viewing) that provides an “E-bay” type forum for buyers and sellers to connect online. However, in order to ensure that Lebanese vendors will list their products, Arabuy will provide listing assistance services, as well as provide a contract drop-shipping option to eliminate many of the traditional concerns associated with online retail. Since the bulk of the Lebanese diaspora is centered in South American and the United States, the website will provide English and Arabic language options initially with planned upgrades to add Spanish and Portuguese once the business is fully operational
IV. Conclusions
After completing this analysis, we are more confident that Arabuy is modeled on sound economic basis. We have established a clear understanding of the market, our competition, and Arabuy’s potential for success. By utilizing the recommended strategies, Arabuy is now in a position to proceed with the next phase of developing this venture. Arabuy’s growth and success will depend largely on its strategy and its capability to expand its services to greater sectors of both the Lebanese and Expatriate population.
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