Beirut City Centre 10 Years in the Making

Dubai, November 28, 2004: SOLIDERE, The Lebanese Company for the Development and Reconstruction of Beirut Central District, will showcase its flagship 'Beirut City Centre' project at Cityscape 2004, the region's premier property investment and development event being held at the Dubai International Exhibition Centre on November 29- December 1, 2004.

Marking Middle East's major post-war reconstruction and urban regeneration project, the multi-billion dollar Beirut City Centre project involves the development and reconstruction of the traditional Beirut City Centre into the 'finest City Centre in the Middle East'.

Randa Armanazi, Public Relations Manager, Solidere, said: "We are delighted to participate in Cityscape, among the most prestigious forums for commercial architecture and property development in the region. It provides us with the ideal platform to showcase the scale and magnitude of our landmark Beirut City Centre project whose reconstruction marks the recovery of Beirut as a favoured location for residents, business and institutions alike, and a vibrant cultural, tourist, leisure and shopping destination.

"At the same time, the event presents an excellent opportunity to network with leading professionals from the real estate industry and share ideas, information and know-how."      

A mixed-use development, the Beirut City Centre covers over 191 hectares of prime land, of which one third is reclaimed from the sea. As part of the project, Solidere is developing 4.69 millions m2 of built-up-space featuring 40% residential, 50% commercial and offices and 10% hotels, cultural and leisure services.

Displayed at the modishly designed Solidere pavilion in Hall No. 5 will be a scale model of the project featuring the restoration and new developments taking place simultaneously to revive the traditional city centre as a hub of business, finance, culture and leisure.

Phase One of the Beirut City Centre project, which was successfully completed this year, saw installation of top-of-the-line infrastructure and utilities and reconstitution of the public domain. Highlights include restoration of more than 90% of retained buildings, construction of the Beirut Marina and a one-kilometre sea defence structure and execution of new development projects including the United Nations (UN) building, the Embassy complex, Saifi Village residential district, Wadi Abu Jamil residential complex and a number of prominent residential, commercial and office buildings. 

Armanazi commented that the Beirut City Centre reflects the architectural renaissance of the city in its unique reconciliation between preservation and contemporary development. "We have broken away with the traditional business district model by developing an innovative multi-function and residential city centre around the restored historic core. In executing this task, we have made judicious use of the site's natural assets, archaeology, urban and architectural heritage by adopting stringent preservation policies."  

Alongside the Beirut City Centre project, Solidere will also be exhibiting other key developments from its portfolio including Marina Towers, Beirut Waterfront Development, Beirut Tower, Care Group, Moawad Residential Projects and Prime Realty.

In addition to showcasing its projects portfolio, Solidere will also present on key issues relating to the project's development works, investments, shares and purchase of land on December 1 (Wednesday) at the conference taking place alongside the exhibition.

Today, with its reconstituted urban fabric and restoration of historic streetscapes and buildings, the Beirut City Centre is a shining example of the fast paced regeneration and growth, which characterises the city of Beirut and its renewed aspirations. "With this project, we have succeeded in recreating life in the heart of Beirut, making it once more the melting pot where the young and the old from various countries and walks of life come together."

"The Beirut City Centre has already received international acclaim as a model of sustainable urban development. We look forward to receiving a similar response from the regional and international investors' community at Cityscape," concluded Armanazi.

-Ends- 

Note to editors:
About Solidere
The Lebanese company for the Development and Reconstruction of the Beirut City Centre, Solidere, is a joint stock Corporation incorporated in May of 1994 through an association of former property rights holders in the Beirut City Centre and cash investors. The Company's capital is $1.65 billion, with shareholders numbering about 35,000. Its shares A and B, are traded in the Beirut Stock Exchange. The company is also listed on the London Stock Exchange where Global Deposit Receipts (GDRs) are traded.

The Lebanese Company for the Development and Reconstruction of Beirut Central District, s.a.l.
Building 149, Saad Zaghloul Street, off Foch Street,
P.O.Box 119493
Beirut,
Lebanon
Tel: (01) 980650-980660,
Fax: (01) 980661-980662
e-mail: solidere@solidere.com.lb
http://www.solidere.com.lb

© Press Release 2004