Major participation highlights importance of GCC investors in the redevelopment of Lebanon's historic capital.
The Lebanese Company for Development and Reconstruction of Beirut Central District (SOLIDERE), one of the largest real estate developers in the Middle East, is sending a top level delegation to participate at Cityscape 2005 underscoring the significance of the GCC investment market.
Randa Al Armanazi, Public Relations Manager at SOLIDERE explained that the participation of such a high level delegation highlights the importance of Cityscape 2005 as the premier venue for international real estate developers, investors and property financiers.
"The Gulf market is one of our largest markets and the UAE is an important stop for us. SOLIDERE plans to lead a 25 member strong delegation that will include the heads of 12 Lebanese real estate developers and constructors who are actively involved in the development of Beirut City Centre," she said.
She also emphasised that Cityscape is an excellent forum for SOLIDERE to market its real estate developments to nationals and expatriates alike.
"There is a huge demand for our properties from nationals and expatriates in the region and as such we consider it one of our most important markets," Armanazi pointed out.
Devastated by the civil war that raged from 1975 to 1990, Lebanon's capital has undergone a transformation that has seen the city of Beirut rise, phoenix-like, to its former glory as a vibrant, attractive and cosmopolitan city.
Rebuilding Beirut's decimated infrastructure was a massive undertaking on its own, but in addition there were almost 900 severely damaged buildings that needed to be renovated and various projects to reclaim areas covering 250,000 square metres of untreated waste.
SOLIDERE, a private company of almost 100,000 shareholders, supports major real estate developments that have seen the Lebanese capital regaining its former glory as a premier business and entertainment hub that is increasingly attracting the interests of real estate investors, buyers and developers across the Arab region.
"The central district is a unique district in that it represents the heart of the city of Beirut and is home to all of the country's communities," said Randa Al Armanazi who also pointed out that the first phase of the Beirut City Centre development is now complete.
The formula developed by SOLIDERE was to link property rights holders in the central district (proprietors, tenants and leaseholders) with investors in a joint-stock corporation that would be charged with the development and reconstruction of the city centre. The majority shareholders were the property rights holders (two-thirds of the capital) while the investors (one third of the capital) offered the cash component to ensure the project was sufficiently capitalised to gain momentum.
Over the next ten years, development will continue, focusing on the Martyrs' Square axis and the New Waterfront District, including development of the Eastern Marina and the launch of high-rise developments with a distinctive architectural style.
Other real estate projects will finalise the redevelopment of the traditional city centre, including the Saifi and Wadi Abou Jamil residential neighbourhoods, and construction of the Hotel District. High-density zones will also be developed comprising the Beirut Trade Centre, the gateway towers on either side of Gibran Khalil Gibran garden, The Landmark development near UN House, and the Northeast gateway towers marking the point where the coastal highway leads in to the city centre.
A subscription offer for US$650 million (6.5 million shares of US$100 each) was made from October 10, 1993 to January 10, 1994. The offer, which drew almost US$1 billion in applications, resulted in the association of nearly 20,000 Lebanese investors in the project.
As a consequence, SOLIDERE is now a thriving real-estate/development company, which reported a three fold increase in profit to USD54.1m in 2004 due to a boom in sales revenue. The successful execution of a regeneration 'Master Plan' means Beirut now offers visitors and residents all they would expect from an historic city centre with restored infrastructure, sandy beaches, two tourist marinas, an 80,000- square metre public park, bustling nightlife and a thriving business community.
Franck Dailles, Project Director, Cityscape 2005 commented: "The regeneration of Beirut undertaken by SOLIDERE has been achieved without any contribution from the public purse, setting a practical example for other private enterprises to follow. It also adds another dimension to the show, that will attract visiting entrepreneurs and investment consultants eager to uncover the secret of their success".
The Middle East's premier international property investment and development event, Cityscape 2005 takes place from September 17-19 at the Dubai International Exhibition Centre.
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About the company
The Middle East's premier international property investment and development event, Cityscape 2005 takes place from September 17-19 at Dubai International Exhibition Centre.
Emaar Properties, Dar Al Arkan, Nakheel, Rikaz, Galadari Investment Office and Dubai Properties are platinum sponsors for Cityscape 2005, which is organised by IIR Middle East.
Gold sponsors include The Commercial Real Estate Company, Saraya Jordan and Al Hanoo Holding Company.
The three-day exhibition and conference attracts industry professionals such as investors, property developers, architects and designers. A series of industry conferences will be held throughout, and the winners of the increasingly coveted Cityscape Architectural Review Awards will be announced at an exclusive gala dinner event.
Cityscape this year is expected to attract approximately 15,000 participants from 81 countries.
For further information about Cityscape 2005, log on to www.cityscape-online.com
For media information please contact:
Nathalie Visele
Director
Shamal Marketing Communications (SMC) FZE
PO Box 24459
Suite 712
The Fairmont
Sheikh Zayed Road
Dubai
United Arab Emirates
Tel: 971 50 4576525
Fax: 971 4 3124313
E-mail: nathalie@theshamalgroup.com
© Press Release 2005
