- Advertising Agencies
- Architects

- Banks

- Car Dealers
- Car Rental
- Casinos
- Commerce
- Consulting
- Cosmetology
- Craft

- Data Processing &
Computer Systems
- Decoration &

- Editing
- Elementary Schools
- Engineering &
- Environment / Waste
Management Services
- Express Delivery

- Fashion
- Financial Services
- Food & Beverage
- Furnished Apartments

- Health / Beauty
- Higher & Vocational
- Home Appliances
- Hotels 3
- Hotels 4(A)
- Hotels 4(B)
- Hotels 5
- Hotel & Restaurant

- Industry
- Insurance
- Interior Design /
- Internet

- Jewelleries

- Lighting
- Luxury

- Media
- Music

- Office Equipment /
- Oriental Carpets
- Outside Decoration

- Printing
- Promotional Materials

- Real Estate
- Recruitment
- Restaurants

- Sanitary Wares
- Security
- Services
- Sweets

- Taxi
- Telecommunication &
Mobile Phones
- Transport
- Travel Agencies
- Technical Studies

- Watches
- Water Treatment



Back to archives Back to news
French Version

Gulf money pours into Downtown Beirut

Abu Dhabi Investment house to develop $600 million project

Privately-Owned Abu Dhabi Investment House announced Friday the launching of a $600 million project involving residential and business facilities in Beirut Central District, the biggest venture in Solidere.

The project will cover an area of 178,000 square meters, encompassing seven deluxe residential buildings and business centers with a total area measuring 21,447 square meters.

Gulf investors have been pouring money into Lebanon in general and the BCD in particular since the events of September 11, 2001 in the United States.

The assassination of former Prime Minister Rafik Hariri apparently did not dissuade Lebanese and Arab companies from making major real estate investments in Solidere.

ADIH CEO Rashad Youssef Janahi said the first phase of subscription for the real-estate venture reached $160 million mainly from Gulf investors and businessman.

"The subscription period lasted for 18 months and was very successful ... we managed to secure a financial infrastructure worth $160 million from Arab and foreign investors and businessmen," said Janahi during a news conference.

Janahi said he hoped that project - the first ADIH executes in Lebanon - would be a unique landmark in Downtown Beirut.

"Our studies showed that in approximately 18 months we will regain around 37.5 percent of the total amount invested," said Janahi.

He added that "Beirut Gate" would be developed in a way that will preserve the historical aspect of the city, but using modern technologies which will make it a "fusion of heritage and modern life."

The privately-owned company which is in charge of the project's management and subscription said it is currently looking for a project developer for "Beirut Gate," the Greek model which won the best design in last year's architectural design competition.

Solidere, the developer of the Downtown, said Beirut Gate which will be located to the south of Martyrs' Square will generate significant revenues.

"The project will be highly successful and will answer the needs and demands of Lebanese citizens, tourists, businessmen and investors," said Solidere Chairman Nasser Chammaa.

"Beirut Gate" is based on the design of the Athens-based architectural team of Vassiliki Agorastidou, Antonis Noukakis, Lito-Lemonia Ioannidou, and Bouki Babalou-Noukaki who were named first-prize winners in an international competition for a design to revitalize Martyrs' Square in Beirut last May.

Chammaa also said Solidere will soon announce the launching of two other real estate projects in the area, one of which will exceed the budget of "Beirut Gate."

"This indicates that investors still have full confidence in the area ... all investors are making huge profits and are optimistic. Once political stability is re-established, demand for stocks will rise," said Chammaa.

Solidere A and B shares reached $25 three months ago due to the high demand on properties. But the stocks eventually fell to $22 and $21 levels.

Solidere dominates the daily trading of Beirut Stock Exchange which experienced the best growth in 2005 for the first time since the bourse reopened in 1996.

The company recorded a net profit of over $50 million in the first nine months of 2005 and officials say performance will be better than 2004.

The competition for Martyrs' Square and the so-called Grand Axis of Beirut was launched a year ago in June 2004.

Beirut 03-04-2006
Nada Bakri
The Daily Star

Business News
Business Forum
Business Opportunities
Fairs & Exhibitions
Useful Addresses
Currency Exchange Rates
Some Marks
To see in Lebanon
Media of 1stlebanon
Impact of 1stlebanon
Add your company
Press Book
Flowers delivery Lebanon
Flowers delivery Dubai
Oriental food specialty
Lebanese wine
Real estate agency Beirut
Hotel Hamra-Beirut
Car rental
Rent a car lebanon
Reservation for your travel in Lebanon
Association des français de l'étranger
-section Liban
Diamond jewelry Lebanon
Jewelry manufacturer Lebanon
Jewelry watches-Swiss made watches
Diamond Swiss watches
Modern and comtemporary jewelry
Byzantine & Phoenician jewelry
Jewelry creation
Oriental, classical and traditional decoration
Hand made furniture
Construction management Lebanon
Projects development
Shoes manufacturer and distributor Lebanon
Sole agent of Philips & Whirlpool in Lebanon
Web development
Web marketing
Printing press services
Paper products
Insurance company Lebanon
Insurance Lebanon
Rent villas France
Hotels all over Syria
Hotel management company
University Lebanon
Arab Media News