May 27 2005 |
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Capital Trust Embarks on Two Projects in Beirut Valued at $58 Million
Beirut (APD) - The Lebanese-based Capital Trust Middle East (CTME) group launched on Wednesday a new residential real estate project called Capital Plaza with an estimated cost of $40 million and inaugurated another one on Thursday named Avenue Plaza with a cost of $18 million, the London-based ALHAYAT daily reported Friday.The two residential centers are located in Beirut central district, the daily said.
Saad Hariri, son of late Lebanese Premier Rafik Hariri, who was present at the ceremony was quoted by the London-based daily ASHARQ AL-AWSAT as saying that there are now in Beirut real estate projects worth $500 million that are still waiting the lifting of administrative and political road blocks.
The chief executive officer (CEO) of Capital Trust Fawzi Farah said that, in the last three years, investments opportunities in Lebanon started to shrink for several reasons mainly the absence of incentives to develop the securities markets and the lack of progress with the privatization program.
Capital Trust Middle East started as a representative office of Capital Trust in Beirut in 1998, than it was incorporated in 2004.
CTME's corporate finance activities include mergers and acquisitions, expansion financing, debt restructuring, leverage buy-outs, divestments, private placements and real estate finance. [FC]
By Shikrallah Nakhoul
© APD (Arab Press Digest) 2005
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