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Master-planned Community 'Waterfront City' Unveiled Yesterday On-site

Beirut, July 13, 2011 - Waterfront City, the flagship project to line the Joseph Khoury Marina stretch, was launched yesterday, in a breathtaking ceremony on-site. Hundreds of guests, partners and members of the press gathered on the vast project site, where the much-anticipated grand-scale master planned development will rise from, to witness its unveil. The project, as was confirmed, will include residential, commercial and leisure facilities, to unfold in multiple phases over the next few years.

Yesterday, on July 13, 2011, Phase One of Waterfront City was launched, which will include 7 unique buildings, an uplifted promenade with cafes, restaurants and a retail zone. The project, located on the Mediterranean Sea, approximately 15km north of Beirut, is a product of a strong joint collaboration between Ste Joseph G. Khoury et Fils Holding and regional developer Majid Al Futtaim Properties .

Covering a total area of over 193,600 square meters, Waterfront City will serve as an unparalleled development in Lebanon, in terms of scale and offerings. With over 5,000 luxurious residential units of varying sizes, catering to all the modern demands of the Lebanese buyer; a full-fledged commercial district, complete with a grand international shopping mall and numerous dining and entertainment options; along with a renowned hotel chain.

"With Waterfront City, we reaffirm our commitment to offer the Lebanese population only the finest of residential and commercial spaces, to create an unmatched community within the metropolitan city of Beirut," said Alain Bejjani, member of the Board of Directors for Waterfront City, at the event.

The master-plans of the development have shown that it will be built around the famous Marina Club, offering residents an exclusive and calm lifestyle away from the city. A newly developed health club, gym and year round swimming pool will also be available to the residents to enhance the lifestyle offering and ensure convenience for active residents.

Walid Khoury, CEO of Ste Joseph G. Khoury et Fils Holding outlined the plans for this development that have been underway for numerous years now, and highlighted that only through the partnership with Majid Al Futtaim Properties , could they be realized.

Waterfront City is in fact part of a one million square meter reclamation project completed in 1997. All infrastructures, such as parks, roads, footpaths, lighting and security, will be upgraded by the developer. The entire area where Waterfront City will be built is protected by well established town planning rules to ensure the vision of the project is maintained.

Waddah El Solh, Country Head for Majid Al Futtaim Properties in Lebanon, shared the vision of the holding with the guests, stating that, " Majid Al Futtaim Properties has a long term commitment to this region and has more projects planned. We are bringing that same philosophy to Beirut, with the construction of the Beirut City Centre shopping mall, and now the Waterfront City project," he concluded.

"The architectural plans for Waterfront City that are currently underway will fuse different elements to enrich the project. It will offer residents a way of life, never before seen in Lebanon," said Elie Gebrayel, Chairman and CEO of ERGA Group , the project's architects and engineers. ERGA Group , along with SB Architects (from the United States) have joined forces to complete the Master Plan as well as the conceptual design of the project.

Invitees were able to experience the vastness of Waterfront City, as the event launch was planned on-site, with a specially-built platform extending to cover the first phase. The unmatched views of the vast horizon, the marina, along with mountains and the cityscape, were visible from the event site, giving guests a feel of what the project will offer.

For more information, visit www.waterfrontcity.com .

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© Press Release 2011