Foreign investment in air transportation services in lebanon is only allowed if carried out through a company incorporated as a Lebanese joint-stock company, provided that the chairman of its board of directors and the majority of its board members are Lebanese.
"Title Four: Nationality – Registration – Rights on Aircrafts
Chapter One - Registration and Nationality of Aircraf
Article 12. Obligation of Registration:
No aircraft ought to fly or land on the Lebanese territories or lift off from said territories unless it is registered in the registry according to the provisions of this Act, or registered in a contracting state or in any other foreign country, thus in execution of a special convention between said state and Lebanon allowing aircraft registered in aforesaid foreign country to operate in Lebanon.
The provisions of this article are not applicable on captive balloons, kites, model aircraft, hang gliders as well as the other aircraft determined by the civil aviation administration by virtue of resolutions issued by it.
[...]
Article 14.  The parties having competency to register aircraft in Lebanon
Registration shall be carried out in the Lebanese register only for aircraft owned by one of the following parties: 
1- The Lebanese State
2- A Lebanese citizen
3- A Lebanese Air Club
4- A Lebanese institute for training air operators 
5- A joint liability company constituted exclusively of Lebanese partners.
6- A limited partnership company, provided that all the partners in charge are Lebanese.
7- A Lebanese joint stock company, provided that the chairman of its board of directors and the majority of its board members are Lebanese.
8- A foreign national resident in Lebanon for five years at least, taking into account that he may lose his right to registration in case he stops residing in Lebanon on a continuous basis for a year.
9- A foreign juridical person practicing his activity in Lebanon and having Lebanese wagers or employees. In that case, the use of the aircraft is limited exclusively to the objectives of its activities.
In the above-mentioned cases, the juridical person ought to have a workplace in Lebanon.
It is plausible, in exceptional cases, to authorize the registration of aircraft to a party other than the above-mentioned parties by virtue of a decree adopted by the Cabinet pursuant to the proposal of the Minister. [...]" (Civil Aviation Safety Act No. 663, Official Gazette – Issue 6 – 10/02/2005)
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"Part II / Subpart 2 / Aircraft Marking and Registration
- Aircraft Registration -
202.09 Registration of Aircraft - General
(1) This Section does not apply in respect of an aircraft that is a hang glider or a model aircraft.
(2) Except as otherwise authorized pursuant to subsection 202.10(1), 202.27(3) or 202.28(1), no person shall operate an aircraft in Lebanon unless it is registered in Lebanon, in a contracting state to the ICAO convention or in a foreign state that has an agreement in force with Lebanon that allows an aircraft that is registered in that foreign state to be operated in Lebanon.
(3) No person shall operate an aircraft on Lebanese AOC unless the aircraft age is equal or below 15 years.
[...]
700.04 Eligibility for Air Operator Certificate
(1) A Lebanese is eligible to hold an air operator certificate.
(2) A person who is a citizen, permanent resident or corporation of a foreign state is eligible to hold an air operator certificate that authorizes the person to operate an air transport service in Lebanon if the person:
(a) holds a similar document of entitlement issued by the foreign state; and (b) meets the requirements of Subpart 1.
(3) An Accountable Manager at all times of commercial operations, as specified in Appendix I of this subpart.
700.05 Aircraft Requirements
(1) No Lebanese air operator shall operate an aircraft in a commercial air service unless: (a) in the case of an aircraft registered in Lebanon under Part II of the LARs, a type certificate acceptable to the Minister, and a Lebanese flight authority have been issued for the aircraft under Part V; and (b) in the case of an aircraft registered in another contracting state, the Minister has authorized its operation under Part II and, the aircraft has been approved for operation under Part V.
(2) No air operator that is a citizen, permanent resident or corporation of a foreign state shall operate an aircraft in a commercial air service in Lebanon unless:
(a) the aircraft is registered in Lebanon under Part II or in the foreign state; and (b) the aircraft has been approved for operation under Part V.
700.06 Extended Charter
No air operator shall operate an aircraft on an extended charter unless the air operator (a) is authorized to do so in its air operator certificate; and (b) complies with the Commercial Air Services Standards. [...]" (Lebanese Aviation Regulations, 2002, as amended)
Civil Aviation Safety Act No. 663, Official Gazette – Issue 6 – 10/02/2005)
Lebanese Aviation Regulations, 2002, as amended
[<a href="http://www.dgca.gov.lb/index.php/en/rr-law-en/file/276-civil-aviation-safety-english-act-no663">Act</a>],[<a href="http://www.dgca.gov.lb/index.php/en/pd-cat-9-lar7-en/file/74-lars-part-vii-subpart-0-commercial-air-services-new-1-sept-2012">Reg</a>],[<a href="http://www.dgca.gov.lb/index.php/en/pd-cat-9-lar7-en/file/75-lars-part-vii-subpart-0-commercial-air-services">Reg</a>],[<a href="http://www.dgca.gov.lb/index.php/en/pd-cat-4-lar2-en/file/2-lars-part-ii-aicraft-identification-registration-and-leasing">Reg</a>]