The Lebanese Company for the Development and Reconstruction of Beirut Central District

The Lebanese Company for the Development and Reconstruction of the Beirut Central District (Solidere) is a real estate property investment, development and management company focusing primarily on urban planning and infrastructure development. Solidere manages, sells and leases residential and commercial properties in the Beirut central district. The company is also engaged in real estate development outside of Lebanon through its affiliate, Solidere InternationalSolidere International.

The company began developing the USD300 million Souks of BeirutSouks of Beirut, in 2005, its flagship project, spanning an area of 50,334 sq. m (541,790 sq. ft.). When completed in 2011, the Souks will consist of 200 retail shops, several movie theaters and department stores. The southern part of the Souks was completed in October 2009, and includes restaurants, retail and jewelry shops. The northern Souk area, still under development, will consist of department stores, an entertainment complex, 14 movie theaters, games arcades and more on an area of 27,000 sq. m (290,625 sq. ft.).

Solidere’s 2008 revenues grew by 18.5% annually, to USD182.7 million, mainly due to land sales, which constituted 90% of its total revenues for the year. It will lease the Souks to boost its rental revenues.

The company’s land bank in Beirut is 4.69 million sq. m (50.4 million sq. ft.), as of 2009. The company established the UAE-based Solidere InternationalSolidere International, in 2007, to expand its plans in the MENA region; SISI is developing projects in the UAE, Egypt and Saudi Arabia, as of 2009.