JEDDAH -- Rusd Investment Bank (RIB) has signed a placement advisory agreement with BMG Financial Advisors-Syria to raise equity for the development of Marina City, Beirut, Adnan Telmesani, vice president, investment services of Rusd Investment Bank, said.
"Marina City will be one of the major development projects in Beirut. Its overall size is around 345,000 square meters with expected total cost exceeding $300 million. It overlooks Joseph Khoury Marina and accommodates more than 700 yachts," he said. Telmesani added, it is the largest Marina in the Middle East, almost 10 minutes drive from the heart of Beirut and comprises a hotel, residential towers, a commercial center, and other facilities.
Basil Al-Ghalayini, CEO of BMG-Syria, said that "this project will create the future second downtown of Beirut where residents and tourists who are residing in northern Beirut would find it an ideal destination for their shopping, dinning, entertainment, and living. Furthermore, Syrian and other Arab expatriates would be interested to invest or own a residence in such a development."
BMG-Syria is a financial advisory firm based in Damascus which offers investment banking advisory services to clients in Syria and Lebanon in respect of merger & acquisition of family industrial businesses, as well as advising international investors to explore opportunities in sectors such as the financial services, transport, tourism, among others, in both Syria and Lebanon.
Telmesani confirmed that in the next few days, Rusd Investment Bank is about to sign several other contracts related to the Marina City project with strategic investors and also will assign agents to promote the project in the Middle East. This is because Marina City meets the requirements of all parts of community who travel to Lebanon such as Lebanese expatriates whose volume has increased in 2003 to about 60 percent of the total tourism of Lebanon, and also to those Arabs who frequently travel to Lebanon for tourism or education.
Khalil Hanware
© Arab News 2004
