ADIH Announces mega-project to go ahead in central Beirut

Beirut, October 13, 2006:  Abu Dhabi Investment House (ADIH) today announced its US$600 million project in the centre of Beirut will go ahead, as four world-renowned architects arrive in the City to finalise the design master plan.

The architects are in Beirut to take part in the final (of four) design workshops for Beirut Gate, which will be an integrated commercial and residential sea view project in the Beirut Central District, commonly known as Solidere.

The development will comprise eight plots spread over 21,448 square metres and a built-up area of 178,500 square metres overlooking the famous Martyrs' Square of Lebanon, downtown Beirut and the Mediterranean.

Announcing the project, Nicholas Fraser, ADIH's Executive Director of Real Estate said: "We are excited that this project is ready to proceed and we are sure this development will provide a major boost for the people of Beirut and the economy of Lebanon.

"Beirut Gate will be an exceptional project and we are confident that it has long-term value, which will deliver healthy and sustained returns to investors.

"We have commissioned four world-class architects to undertake the development of the master plan-governed designs of the landmark buildings within Beirut Gate.

"French architect Christian de Potzempark, of New York's legendary LVMH towers fame; Arquitectonica, a highly-applauded US based architectural firm; Nabil Gholam, a popular Lebanese architect; and Erga Group, another sought-after Lebanese firm, are set to take Beirut Gate to a new level of architecture and design."

Dr Nasser Chammaa, Chairman of Solidere, the company responsible for developing Beirut city centre, explained the importance of the development for Beirut and the economy of Lebanon.

He said: "This massive project is an important display of confidence in Beirut and a huge boost for the economy of Lebanon and Beirut city centre.

"We are confident Beirut city centre reconstruction will remain an attractive and profitable magnet for real estate investment, and today's announcement underlines this." 

Beirut Gate is located near Foch-Allenby, an area famed for its historic and diversified architecture, blending Ottoman, Italian and French styles, Place de L'Etoile, and the main shopping district. The Beirut Central District, where the project is located, is a renovated historic area developed by Societe Libanaise Pour Le Development et La Reconstruction (Solidere). Beirut Gate will be developed on the Martyrs' Square axis that extends to Damascus Road, which passes through the middle of the city and to the port. The project is also close to the highway, which provides access to the airport.

-Ends- 

Notes to Editor:
Established in 2005, Abu Dhabi Investment House is promoted by leading financial institutions and a group of prominent businessmen and investors from the Gulf region. ADIH has a growing portfolio of investments in the region's infrastructure and property development, including The Lagoon Bahrain, a 55,000 square metre landmark retail and leisure development on Amwaj Island off the coast of Muharraq, in Bahrain. Set up with a paid up capital of AED 200 million, ADIH is focused on the existing and emerging potential in private equity, corporate finance, real estate, asset management and investment placement. ADIH advises investors on a variety of high-yielding and untapped investment avenues that will enable them to reap the rich dividends of the regional economic growth. ADIH also has interests in managing Initial Public Offerings (IPOs) and buying and selling domestic and international securities.

For further media information contact:
Ian Hainey,
Euro RSCG Furness for ADIH
+971 50 466 1368
ian.hainey@eurorscgfurness.com,

Ineke Zondag of ADIH
+971 50 6177 039
izondag@adih.ae

© Press Release 2006