|IDAL to unveil trio of private projects worth $900 M (Daily Star)
|Three major private sector projects worth $900 million in total will soon be unveiled by the Investment Development Authority of Lebanon (IDAL), according to informed sources who asked to remain anonymous.
As soon as their feasibility study is completed, the projects will be registered by their developers within IDAL's investment promotion program to benefit from tax exemptions.
The source couldn't divulge to The Daily Star the nature of the projects due to confidentiality, but it is believed that all three will be geared to take advantage of the recent growth in tourist arrivals - either luxury hotels or commercial centers.
Nevertheless, the source did disclose that two of the projects will be built in the area of Dbayyeh, while the third will be located in Beirut.
"They will all be first of their kind projects in Lebanon," said the source.
In 2003, Lebanon received a total of $850 million of Arab investments, according to the Inter-Arab Investment Guarantee Corporation, illustrating the large size of the $900 million investment for three projects only.
Sannine Zenith, the tourist and real estate project located in the Bekaa which covers a 70 million square meter area, is the largest and most expensive single project to be planned in Lebanon - costing a total of $1.2 billion.
Post Sept.11, 2001, the country has attracted many investments from the Arab world, however a majority of them have been made in the hospitality sector.
Tarek El Zein
The Daily Star