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Beirut Gate project is launched

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 big-gest 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 Lebanon's real estate market.







Shares rebound at Beirut stock exchange
Monday, 3 April, 2006


Beirut, Lebanon - Solidere shares rebounded today as a result of the announcement on Saturday that two real estate projects , worth a total of $1.5 billion will soon be launched in the capital's downtown.

Solidere shares were up as expected. "A" shares closed at $ 22.29 and "B" shares closed at $ 22.35.

Most Bank shares were up too.
Banque Audi GDR was up and closed at $ 68.80
Bank of Beirut "listed shares" was unchanged at $ 13.05
Byblos Bank "listed shares" was up and closed at $ 2.85
Byblos Bank priority "listed shares" was up and closed at $ 2.60
BLOM Bank GDR was slightly up for the week and closed Friday at $ 80.00


HOLCIM Liban which is a cement manufacturer was also expected to go up as a result of the announcement on the new projects... was up almost 4 % and closed at $ 2.71.

The value of the shares traded was up at : $ 7.25 billion.

The Lebanese Pound (Lira) was unchanged at USD/LBP :1507.5

Volume of trade was up too. Number of shares traded today was 472,243 and Value $ 5,613,201

$1.5 billion boost for Beirut real estate investments

Solidere, the firm rebuilding downtown Beirut, announced Saturday that two real estate projects worth a total of $1.5 billion will soon be launched in the capital's prime location.

The announcement came during a Press conference to launch the second phase of the $600m Beirut Gate project, the downtown's largest development project managed by the Abu Dhabi Investment House (ADIH).

"I am happy to confirm that in the next few months, we will launch more projects of the same size or even bigger and which have already been signed by Solidere," said Solidere chairman and general director Nasser Shammaa.

"We are talking about investments of $1.5 Billion. They will be two projects, one of them of the size of this project and the other one bigger," he said.

Shammaa said more details on the projects will be disclosed "when they will be ready".

"Undoubtedly, these investments will revive economic activity in Lebanon. This asserts that investments in this area (downtown Beirut) of Lebanon still interest investors from around the world," he said.

Rashad Janahi, chief executive officer of ADIH, said the $160m private placement to fund the development of the first phase of Beirut Gate project was "successful".

He said the placement offer for the first phase of Beirut Gate is projected to offer a return on investment of 37.5 per cent over an 18-month period.

Beirut Gate comprises seven plots on 229,871 square feet and a built-up area of almost 1.9m square feet overlooking the landmark Martyrs Square at the heart of downtown Beirut.

The project will be a mixed-use commercial and residential area.

Sources: Beirut Stock Exchange, Ya Libnan, gulf-daily
 

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Beirut! said:
Some renders:




Please post more if you have any.
This is one of the most exciting projects in Lebanon as Martyrs Square will be transformed!
This is not the Beirut Gate project, this was one of the many designs during the Martyr's Square competition. It got 2nd place.
 

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Do you guys know if they've chosen what Martyr's square will look like? I've seen the pictures above, but I also keep finding this one, too.

 

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Discussion Starter · #9 ·
arzliban said:
Do you guys know if they've chosen what Martyr's square will look like? I've seen the pictures above, but I also keep finding this one, too.


^^ This one is very very old, whatever Beirut Gate actually looks like, that will be the new Martyrs Square.
 

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you welcome, here theres this picture I found, and it seems like the Beirut Gate started already. I believe the excavation u see in the bottom-middle left is part of Beirut Gate.


Here is another picture of buildings going up in Beirut
 

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Discussion Starter · #13 ·
^^ I just have to say you are awesome Nadini, these are amazing pics where did you find them? And yes it appears the digging has begun for a part of Beirut Gate...

Thank you so much!
 

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That's not the Beirut Gate under construction. What you see there coming up on the left side is part of the Saifi Village II project.

Construction on the Beirut Gate will not start until sometime in the summer at the earliest.
 

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Discussion Starter · #15 ·
Lebanese Cedar said:
That's not the Beirut Gate under construction. What you see there coming up on the left side is part of the Saifi Village II project.

Construction on the Beirut Gate will not start until sometime in the summer at the earliest.

Well that does make more sense now that I look at the renders (which arent very helpful), but Saifi Village II? It seems pretty small, why dont they just make it an extension of Village I?

Thanks again Lebanese Cedar, you seem to know everything...
 

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I don't believe this is the Beirut Gate, they won't ruin the Martyr Square with a highway. It will ruin the ''Freedom Square'' and we won't have a memory of March 14.
 

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Discussion Starter · #18 ·
^^ No no Hani, this is not Martyrs Square. This is the already existing highway facing the square . ... or it is supposed to be, this render is confusing.
 
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