Beirut: Privately owned Abu Dhabi Investment House (ADIH) has launched a real estate project in central Beirut worth about $600 million.
Beirut Gate will include buildings housing luxury residential and business accomodation, ADIH chief executive officer Rashed Janahi told a news conference yesterday.
ADIH launched a $160 million private stock placement in January to finance the first phase of the project, including the initial cost of the land and master plan. The company said in January it expected the placement to offer a return on investment of 37.5 per cent over an 18 month period.
"The subscription attracted a great deal of interest from investors because they view Lebanon as one of the favourite investment destinations," Lebanon's official National News Agency quoted Janahi as saying.
He did not set a date for the implementation of the project, one of the biggest investments in central Beirut, which has been largely rebuilt after the 1975-1990 civil war.
Real estate developer Solidere, Lebanon's biggest company, is the main contractor in the area.
Solidere chairman Nasser Chamaa told the conference that announcements about similar projects were expected soon, the agency reported without elaboration.
Gulf investors have been pouring some of their bumper profits from rising oil prices into Leb-anon's real estate market.
Gulf News 2006
