Ar 2010

Solidere Annual Report 2010
WHENEVER I CAN, I GO BACK MANY TIMES TO THOSE

PLACES I HAVE PHOTOGRAPHED BEFORE. THIS IS THE
MOST INTERESTING AND USEFUL WAY TO REACH A
CONCRETE APPROACH, A MAJOR INVOLVEMENT WITH
REALITY. THIS RETURNING TO PLACES CREATES A
PECULIAR EMOTIONAL ATTITUDE: IT IS LIKE WAITING
FOR A DATE, THE AWAKENING OF THE MEMORY OF
PLACES AND OBJECTS, AS IF THE ENGINE OF A CAR
WAS STARTED UP AGAIN AFTER A LONG TIME.
GABRIELE BASILICO , 1991

CITY IN LAYERS
04 CITY IN LAYERS Solidere Annual Report 2010
FOREWORD
Sixteen years of destruction, hostilities and His photography evokes a contemplative

ruins. Sixteen years of reconstruction and stillness while it also captures the process of
development. transformation. Indeed, the ruins are latent
even in Basilico's most recent work.
In 2010, Beirut embarked upon a new
decade, the years of recovery slowly fading This year's Annual Report includes Basilico's
into the past as the reconstruction of the tra- photography from 2011, punctuated by im-
ditional city center nears completion. Solid- ages from 1991 and 2003. The layers - of
eres achievements during the year occasion paper, text and image - gesture towards the
a moment of reflection. How can we perceive strata of memory underlying the contempo-
anew the evolution of the built environment, rary cityscape. Tranquil white terrains echo the
which bears layers of difficult history? introspection prompted by Basilico, whose
photographs denude the built environment
In 1991, Italian photographer Gabriele Basil- that we perceive today.
ico, renowned for his architectural and
urban landscapes, captured Beirut city cen- In its dedication to the lens of a single pho-
ter on the heels of its most painful sixteen tographer, the 2010 Annual Report explores
years. It was autumn, and downtown Beirut a new approach to representing and docu-
was all ruins, weeds, barricades and the menting the work of Solidere in Beirut city
gripping loneliness of a war that had just center, a place where history, present and fu-
come to an end. ture emerge and evolve in unexpected ways.
Through his lens, the bullet-ridden holes,

skeletal balconies and dirt mounds on dead
squares narrated a story that extended beyond
the horrific nature of the moment.
Basilico returned to Beirut in 2003 and 2011,

and his work, spanning two decades, portrays
an urban history with precision and clarity.
His city center landscapes depict the evolu-
tion of Beirut; a prose with its own internal
tune, defining a set of details, the final shape
of which cannot be discerned and the parts
of which cannot be kept within bounds.
CONTENTS CITY IN
LAYERS
BEIRUT CITY CENTER / 14
THE MASTER PLAN / 16

PROJECTS ZAITUNAY BAY / 146
OFFICE BUILDING / 148

CORPORATE
& FINANCIAL
REPORT
CONSOLIDATED FINANCIAL
HIGHLIGHTS / 170
TRADITIONAL CITY CENTER SERVICED FURNISHED SALES AND RENTAL

WATERFRONT DISTRICT APARTMENTS, SPA AND STRATEGY / 172
PHASE ONE 1994-2004 SALES RESULTS
PHASE TWO 2005-2030 WELLNESS CENTER / 150 LEASING RESULTS
DESIGN AND BUILDING SPECIFICATIONS PROPERTY MARKETING
SUSTAINABLE DEVELOPMENT SALES PROCEDURE
URBAN STUDIES 178 SAIFI VILLAGE / 152 PROPERTY MANAGEMENT
SOLIDERE MANAGEMENT SERVICES
FUTURE PROJECTS / 154
RESTORATION / 36 PINWHEEL PROJECT CORPORATE FINANCES / 174
RECUPERATED AND RETAINED BUILDINGS CONGRESS CENTER
RELIGIOUS BUILDINGS BEIRUT CITY HISTORY MUSEUM CORPORATE FUNDING
GRAND THEATRE HOTEL TREASURY
BEIRUT FITNESS CENTER EXCHANGE LISTINGS AND TICKER SYMBOLS
ANALYSIS OF SHARE PRICES
INFRASTRUCTURE / 52 DIVIDEND DISTRIBUTION
PARKING PROPERTY INDEX / 160 INVESTOR RELATIONS
CIVIL WORKS
HARDSCAPING
BROADBAND / IT BOARD OF DIRECTORS AND
02
MAINTENANCE
GENERAL MANAGEMENT / 176
LANDSCAPING / 68
YEAR IN REVIEW ORGANIZATIONAL CHART / 177
COMPETITIONS
AUDITORS REPORT
BEIRUT SOUKS / 88 & FINANCIAL STATEMENTS / 180
SOUTH SOUKS
NORTH SOUKS
YEAR IN REVIEW
BREMS
OTHER SERVICES
MARINAS / 112
BEIRUT MARINA
EASTERN MARINA
03
URBAN EXPERIENCE / 128
CULTURE
HOSPITALITY
LEISURE
01
AUDITORS
DELOITTE & TOUCHE

Arabia House, 131 Phoenicia Street
PO Box 961, Beirut, Lebanon
T 00961 1 364 700, F 00961 1 367 087
ERNST & YOUNG P.C.C.

Commerce and Finance Bldg, Kantari
PO Box 11-1639, Beirut 1107 2090, Lebanon
T 00961 1 360 640, F 00961 1 360 634
CORPORATE LEGAL COUNSEL

SAMI NAHAS
Attorney-at-Law
34 Clemenceau Street, BBAC bldg
PO Box 11-4570, Beirut, Lebanon
T 00961 1 364 990, 00961 1 374 990
F 00961 1 369 663
SOLIDERE
REGISTERED OFFICE
Solidere Bldg 149, Saad Zaghloul Street
PO Box 11 9493, Beirut 2012 7305, Lebanon
T 00961 1 980 650, 00961 1 980 660
F 00961 1 980 661, 00961 1 980 662
08 Solidere Annual Report 2010
CHAIRMANS
MESSAGE
It is hard for todays visitors to imagine what Beirut city center

looked like only a few years ago.
Dramatic progress has been achieved in its reconstruction

and development, and a functional urban district has emerged,
In the midst of these eventful times, Beirut US$ 7.5 billion land bank, US$ 1.2 billion real and drivewith
equipped footfall
newbetween the traditional
infrastructure, enhanced cityby high-quality
real estate products will not be affected in
city center remains a beacon of hope and estate assets, US$ 162 million in cash, US$ 486 centerspace:
public and the Waterfront
landscaped District.
streets, Several
squares the medium
and pedestrian areas, and longer terms. Once the
progress, as a destination of choice for every- million in accounts receivable, US$ 229 mil- plotswith
and have beenrestored
a fully dedicated for concerts
conservation that
area. current issues are resolved, any government
one. I am pleased to report that Solidere and lion in treasury stock, and US$ 550 million are attracting international performers and that is elected will have a strong interest in
its group of companies delivered positive equity in Solidere International. The com- musicians.
The memorySolidere
of Beirutisinalso designing
ruins a con-
is gradually fading,pushing the countrys economic agenda at
too. Repress-
financial and operational results during the pany's solid financial position should be taken temporary
ing the pastfitness
horror,center
with itsin addition
traumatic toeffects
imple-on our a faster rategoto address the peoples needs
lives, we
last period despite challenging economic and into consideration to put the current short- menting
about other activities
our business that will
and confidently facefurther
the future.and
Thoseaspirations.
of us
geopolitical conditions that have tempered term facilities of US$ 480 million in context. opendaily
who the area to the
frequent public. Beirut, constantly marvel at what
downtown
investor sentiment locally and regionally. is being done to make it the finest city center in theSolidere Middle International
East. is continuously evalu-
The Company remains in a unique position Our hospitality activities also commenced ating potential opportunities in the region and
Our strategy remains consistent since my last in contrast to an industry still challenged by operations inhas
Photography 2010, further contributing
documented the devastation. to In 1991,
in Saudi Arabia where we see good potential
a number
letter; we are focused on creating share- difficult portfolios and weak balance sheets Beirut
of city center's
photographers tookappeal
stock ofand supporting
the capitals to invest
city center at thegiven
end the government's current fiscal
holder value by investing in our land bank, that continue to impede developers' ability to our
of theincome
Lebanonportfolio. We we
war...lest have already
should opened
forget. expansion policy.
increasing recurring income, diversifying into create shareholder value. Moving forward, three restaurants in different areas of the city
complimentary business lines, and expand- Solidere will continue with its investment and center that have been soliciting heavy inter- Looking forward, we are mindful of the cur-
ing our presence outside Lebanon. However, development plans; however, our policy will est from local and international visitors. rent circumstances and potential economic
we approach the coming period with a sense
of cautious optimism as current events and
focus on preserving liquidity and balancing
cash flows in order to invest in revenue gen-
the memory of
Beirut Hospitality Company will continue
with its plans to open a number of new
challenges of the coming period, however,
we remain confident of the Company's
the slowdown in the global economy con-
tinue to weigh down investor confidence.
erating projects that will positively impact
future financial results.
Beirut in ruins is
restaurants within Beirut Souks and other
areas later in the year.
prospects, backed by a solid asset base, an
effective strategy and development approach
Solidere reported standalone net profits of The South Souks are fully leased and have gradually fading
Solidere International was profitable in its
that have kept us profitable since inception,
allowing Solidere to distribute cumulative
US$ 196.5 million on revenues of US$ 337 become a vibrant leisure and retail destina- third year of operation with a net profit of dividends of US$ 924 million in cash and 4.1
million. The top and bottom lines increased tion for residents and tourists visiting the US$ 30.7 million and a consolidated net million bonus shares to date.
by 8% and 10% respectively year-over-year. city. We expect the North Souks to become Nprofit
A S S of
E Rapproximately
C H A M M A A US$, 2 06.5
0 0 million before
These results were largely driven by land operational next year, when state-of-the-art tax. The company maintained its strong bal-
sales realized from previous years, as the cinemas and entertainment facilities open ance sheet with US$ 425 million in cash
company did not sign new contracts in 2010 their doors to visitors. The adjacent depart- without any bank debt at year end.
due to local and regional conditions that may ment store is currently under design by
continue to prevail in the short and medium international architect Zaha Hadid, and we Al Zorahs capital was reduced last year by
run. The company is currently in negotiations expect it will be ready in four years. Solidere 50% from AED 4 billion to AED 2 billion,
with several investors who have been assess- is also planning to launch a number of real resulting in the repatriation of AED 1 billion
ing a number of plots in Beirut city center. The estate projects including a residential build- repaid in cash to Solidere International and
results of our investment program are begin- ing, modern office building and mixed-use SI Al Zorah Equity Investments Inc. We are
ning to surface as rental income increased by development to complement the Souks area. pushing through with our strategy to repo-
50% to US$ 41 million, and we expect this All these projects are under design and will sition Al Zorah from an urban center into
will reach US$ 50 million in 2011 driven by be launched gradually taking into consider- one of the most prestigious waterfront
rental contracts from Beirut Souks. ation their financial requirements. tourist destinations in the region. We offi-
cially launched the project this year and are
The share price averaged around US$ 18 dur- We are proceeding with infrastructure design currently focused on infrastructure works
ing the year, influenced by local conditions. for the Waterfront District, which we expect and on developing the resort component
However, we retain our view that the stock will be completed in two years, including the which is currently under design.
NASSER CHAMMAA
does not reflect the company's strong asset Eastern Marina. We have also initiated a
base of approximately US$ 10 billion, broken number of new temporary cultural and We are closely monitoring the situation in Chairman and General Manager
down as follows at current market prices: lifestyle activities to establish connectivity Egypt and are optimistic that demand for July 2011
08 Solidere Annual Report 2010
CHAIRMANS
MESSAGE
In the midst of these eventful times, Beirut US$ 7.5 billion land bank, US$ 1.2 billion real and drive footfall between the traditional city real estate products will not be affected in
city center remains a beacon of hope and estate assets, US$ 162 million in cash, US$ 486 center and the Waterfront District. Several the medium and longer terms. Once the
progress, as a destination of choice for every- million in accounts receivable, US$ 229 mil- plots have been dedicated for concerts that current issues are resolved, any government
one. I am pleased to report that Solidere and lion in treasury stock, and US$ 550 million are attracting international performers and that is elected will have a strong interest in
its group of companies delivered positive equity in Solidere International. The com- musicians. Solidere is also designing a con- pushing the countrys economic agenda at
financial and operational results during the pany's solid financial position should be taken temporary fitness center in addition to imple- a faster rate to address the peoples needs
last period despite challenging economic and into consideration to put the current short- menting other activities that will further and aspirations.
geopolitical conditions that have tempered term facilities of US$ 480 million in context. open the area to the public.
investor sentiment locally and regionally. Solidere International is continuously evalu-
The Company remains in a unique position Our hospitality activities also commenced ating potential opportunities in the region and
Our strategy remains consistent since my last in contrast to an industry still challenged by operations in 2010, further contributing to in Saudi Arabia where we see good potential
letter; we are focused on creating share- difficult portfolios and weak balance sheets Beirut city center's appeal and supporting to invest given the government's current fiscal
holder value by investing in our land bank, that continue to impede developers' ability to our income portfolio. We have already opened expansion policy.
increasing recurring income, diversifying into create shareholder value. Moving forward, three restaurants in different areas of the city
complimentary business lines, and expand- Solidere will continue with its investment and center that have been soliciting heavy inter- Looking forward, we are mindful of the cur-
ing our presence outside Lebanon. However, development plans; however, our policy will est from local and international visitors. rent circumstances and potential economic
we approach the coming period with a sense focus on preserving liquidity and balancing Beirut Hospitality Company will continue challenges of the coming period, however,
of cautious optimism as current events and cash flows in order to invest in revenue gen- with its plans to open a number of new we remain confident of the Company's
the slowdown in the global economy con- erating projects that will positively impact restaurants within Beirut Souks and other prospects, backed by a solid asset base, an
tinue to weigh down investor confidence. future financial results. areas later in the year. effective strategy and development approach
that have kept us profitable since inception,
Solidere reported standalone net profits of The South Souks are fully leased and have Solidere International was profitable in its allowing Solidere to distribute cumulative
US$ 196.5 million on revenues of US$ 337 become a vibrant leisure and retail destina- third year of operation with a net profit of dividends of US$ 924 million in cash and 4.1
million. The top and bottom lines increased tion for residents and tourists visiting the US$ 30.7 million and a consolidated net million bonus shares to date.
by 8% and 10% respectively year-over-year. city. We expect the North Souks to become profit of approximately US$ 6.5 million before
These results were largely driven by land operational next year, when state-of-the-art tax. The company maintained its strong bal-
sales realized from previous years, as the cinemas and entertainment facilities open ance sheet with US$ 425 million in cash
company did not sign new contracts in 2010 their doors to visitors. The adjacent depart- without any bank debt at year end.
due to local and regional conditions that may ment store is currently under design by
continue to prevail in the short and medium international architect Zaha Hadid, and we Al Zorahs capital was reduced last year by
run. The company is currently in negotiations expect it will be ready in four years. Solidere 50% from AED 4 billion to AED 2 billion,
with several investors who have been assess- is also planning to launch a number of real resulting in the repatriation of AED 1 billion
ing a number of plots in Beirut city center. The estate projects including a residential build- repaid in cash to Solidere International and
results of our investment program are begin- ing, modern office building and mixed-use SI Al Zorah Equity Investments Inc. We are
ning to surface as rental income increased by development to complement the Souks area. pushing through with our strategy to repo-
50% to US$ 41 million, and we expect this All these projects are under design and will sition Al Zorah from an urban center into
will reach US$ 50 million in 2011 driven by be launched gradually taking into consider- one of the most prestigious waterfront
91A6-178
rental contracts from Beirut Souks.
The share price averaged

Gabriele Basilico, around
1991 US$ 18 dur-
ation their financial requirements.
We are proceeding with infrastructure design

tourist destinations in the region. We offi-
cially launched the project this year and are
currently focused on infrastructure works
ing the year, influenced by local conditions. for the Waterfront District, which we expect and on developing the resort component
However, Marfaa / Conservation
we retain our view Area / Maarad
that Street
the stock will be completed in two years, including the which is currently under design.
NASSER CHAMMAA
does not reflect the company's strong asset Eastern Marina. We have also initiated a
base of approximately US$ 10 billion, broken number of new temporary cultural and We are closely monitoring the situation in Chairman and General Manager
down as follows at current market prices: lifestyle activities to establish connectivity Egypt and are optimistic that demand for July 2011
Text excerpted from Beirut in Ruins, Solidere (2000).

91A6 -178
Gabriele Basilico, 1991
03A2-70
Marfaa / Conservation Area / Maarad Street Marfaa / Conservation Area / Maarad Street
12
01
CITY IN
LAYERS
BEIRUT CITY CENTER / 14
THE MASTER PLAN / 16

TRADITIONAL CITY CENTER
WATERFRONT DISTRICT
PHASE ONE 1994-2004
PHASE TWO 2005-2030
DESIGN AND BUILDING SPECIFICATIONS
SUSTAINABLE DEVELOPMENT
URBAN STUDIES
RESTORATION / 36
RECUPERATED AND RETAINED BUILDINGS
RELIGIOUS BUILDINGS
INFRASTRUCTURE / 52
PARKING
CIVIL WORKS
HARDSCAPING
BROADBAND / IT
MAINTENANCE
LANDSCAPING / 68
YEAR IN REVIEW
COMPETITIONS
BEIRUT SOUKS / 88
SOUTH SOUKS
NORTH SOUKS
YEAR IN REVIEW
BREMS
OTHER SERVICES
MARINAS / 112
BEIRUT MARINA
EASTERN MARINA
URBAN EXPERIENCE / 128

CULTURE
HOSPITALITY
LEISURE
BEIRUT CITY CENTER

Commanding fine views of the Mediterranean and surrounding
mountains and hills, Beirut city center is a historic and cosmo-
politan destination a prestigious address for residents, visitors
and investors alike.
SOLIDE RE The Lebanese Company for the Develop- As supervisory body and lead developer, Beirut city center enjoys a prime location in economy quickly reemerged, after Prime
Supervisory body ment and Reconstruction of the Beirut Solidere controls the pace, main compo- the heart of Lebanons capital. Sloping Minister Rafic Hariri advocated a national
and lead developer
of Beirut city center
Central District s.a.l. (Solidere) was founded nents and quality of development in Beirut down towards the sea, the site commands recovery and development program based
in 1994 and charged to formulate and im- city center, whether implemented directly fine views of the Mediterranean with a sur- on major public investments and a liberal
plement an urban master plan to guide the by itself, third-party developers or joint rounding landscape of mountains and hills. economic policy to attract and stimulate
reconstruction and development of Beirut venture. The Company has an established Continuously inhabited for more than 5,000 local and foreign investments. The pro-
city center, with the aim of turning it into track record and a unique inter-disciplinary years, Beirut bears the marks of eleven civ- gram included a vision and inspiration for
a modern urban environment of the finest team with practical experience in urban ilizations, ranging from the Canaanite to the rebirth of Beirut through systematic
caliber. Initially given a 25-year lifespan, planning, real estate development, prop- the Ottoman. The citys maritime legacy planning and development.
the Companys duration was extended by erty marketing, sales and other key aspects dates back to the Phoenicians. Its Roman
decree in 2005 to 35 years from the date of of large-scale urban and waterfront regen- law school was the most prominent in the Solideres primary role, on the one hand,
registration, May 10, 1994, in Lebanons eration projects. Empire. Its urban character and architec- has been to restore the citys historic build-
Commercial Registry. tural style were formed during the Ottoman ings and preserve its townscape features
Building upon its success in Beirut city cen- period and the French Mandate when it and, on the other, to prepare the land and
Solidere is a joint-stock company with an ter, Solidere amended its bylaws in 2007 to became the seat of public institutions. infrastructure needed to attract and enable
initial capitalization of US$ 1.82 billion, of establish Solidere International Ltd. (SI) in third-party property developments. It has
which US$ 1.17 billion were contributions order to capitalize on its growing reputa- Prior to the outbreak of war in 1975, mod- enhanced the citys intrinsic qualities
in kind of property right holders and US$ tion as a leading urban designer and prop- ern Beirut had widely become known as through sound urban planning and by cre-
650 million cash subscriptions following erty developer by expanding its activities the regions commercial and cultural capi- ating new infrastructure and landscaped
an oversubscribed Initial Public Offering beyond the boundaries of the Lebanese tal. Situated at the crossroads of three con- public spaces, attracting investors, visitors
(IPO). After the retirement of some 17 mil- capital. SI was registered in the Dubai In- tinents, the lively and cosmopolitan city and residents.
lion shares in 1997, the Companys capital ternational Financial Center (DIFC) with served as the gateway to and from the
currently stands at US$ 1.65 billion. the aim to advise on, invest in and manage Middle East and offered a home to the A fine city center has emerged, one that
urban development projects in the Middle Arab worlds leading banks and financial accommodates a broad, viable mix of facil-
East and around the Mediterranean basin. institutions. The citys universities, theatres ities. The Solidere approach confirms the
and nightclubs attracted visitors from sustainability of traditional districts and
across the globe. heritage buildings, once they are adapted
to the needs of contemporary life and busi-
When, following 15 years of hostilities, ness, and introduces quality new develop-
peace and stability finally returned in the ments based on carefully researched land
early 1990s, the ruined Beirut city center use strategies.
was a ghost of its former self. Lebanons
THE MASTER PLAN

Building upon the unique geographic and historic setting
of Beiruts core, the plan integrates traditional urbanism
and innovative architectural design to create a vibrant
and sustainable city center.
THE CITY
my tourCENTER
of the city. The city wasMASTER PLAN
I remember my arrival in Beirut at night a very bright night and
not illuminated and buildings looked
ACCOMODATES
atmosphere was heavy and Afascinating
BROAD SUSTAIN-
like ghosts... Only the space was perceivable, but not the matter. The
at the same time.
ABLE LAND USE MIX INCLUDING

49.8% RESIDENTIAL,
only the space 27.7% wasOFFICES,
8.5% MIXED-USE, 6.3% HOTEL, 3.8%
perceivable,
CULTURAL AND GOVERNMENTAL, but not
the matter
3.2% RETAIL AND 0.7% RELIGIOUS.
G A B R I E L E BA S I L I C O, 1991
THE MASTER PLAN

Building upon the unique geographic and historic setting
of Beiruts core, the plan integrates traditional urbanism
and innovative architectural design to create a vibrant
and sustainable city center.
91A6-238
Mina El Hosn / Hotel District / Petro Paoli Street
Text excerpted from Beyrouth 1991 (2003).

18
03A2-49
Marfaa / Conservation Area / Cheikh Mohammad Jisr Street

The Beirut city center Master Plan was formulated and implemented in accordance to Law The Serail Corridor is designed with the aim to preserve an unobstructed view from the
117, which regulates Lebanese real estate firms working in the reconstruction of war- Grand Serail government palace over the city center, the waterfront city park and the
damaged areas. It aims to direct the ongoing transformation of the formerly war-ravaged Mediterranean Sea. It is a mixed-use sector of medium density that forms a transition
heart of Beirut into a vibrant and sustainable, mixed-use city center with a target floor between the citys historic core and the Hotel District. The latter is a high-density sector,
space of 4.69 million sq m. The plan builds upon the unique geographic and historic setting accommodating a mix of hotels, residential and commercial towers.
of the Lebanese capitals core, reflecting the site topography and natural characteristics.
The Ghalghoul Sector, a mixed-use area, includes gateway towers that mark the city cen-
The plan covers a total surface area of 191 ha (472 acres), with 118 ha (292 acres) in the ters key entry points. Finally, Martyrs Square Axis, a mixed-use sector with the highly
traditional city center and 73 ha (180 acres) in the Waterfront District, land reclaimed from symbolic central square at its heart, reconnects and reactivates the city center as well as
the sea. Nearly half of the total land area encompasses the recovery and extension of the enhances and intensifies the citys link with the waterfront.
public domain, which includes primary and secondary infrastructure, and the creation of
no less than 60 parks, gardens, squares and pedestrian promenades. WAT E RF RONT DI S T RI CT
City park overlooking the
The exact breakdown is as follows: 98 ha (242 acres) of public domain, with 59 ha (146 The part of the Master Plan that relates to the Waterfront District, which was ratified by Mediterranean, elegant
boulevards and a special
acres) of infrastructure and 39 ha (96 acres) of landscaped open spaces. A total of 93 ha decree in 2005, is based on a 2001 planning study by a consortium of American firms includ- purpose business district
(230 acres) is allocated for development, which includes 22 ha (54 acres) of retained public ing Skidmore Owings & Merrill (SOM) for urban design, Sasaki for landscaping and Parsons
or religious properties. Brinckerhoff for transport planning. The plan recognizes Beirut as a prime tourist destination
and aims to turn the district into a mixed leisure, residential and commercial area.
Following a series of more detailed urban studies, conducted with an eye on such issues
as traffic and new archeological finds, several amendments to the Master Plan were The Waterfront District consists of a total of 1.7 million sq m of built-up area (BUA) and
adopted over the years. The latest such modifications were approved by decree in 2006. is governed by sectors A and D in the Beirut city center Master Plan. Sector A comprises
the waterfront city park, land, boulevards, quays and breakwaters in the vicinity of the
The Master Plan provides an urban design framework for both the restoration of old Beirut (Western) Marina. Sector D refers to the development blocks and public domain
buildings and the construction of new ones. It recognizes Beiruts rich heritage and aims situated east of the waterfront park and extending north of the city centers Souks Sector.
to preserve the citys historical buildings and townscape features. It encourages the har- The development density within the district will be higher than in the traditional city cen-
monious integration of the old and the new, tradition and innovation, in proposed urban ter, with nearly 60 percent of land set aside for public space and parks.
and architectural designs, while protecting open view corridors of the sea and mountains.
Sector A is mainly reserved for leisure, sports and tourist activities. The 2005 decree men-
The plan divides the city center into ten planning sectors and five cadastral zones. Eight of tions an outdoor amphitheatre to be built as part of the waterfront park as well as a yacht
the sectors are located in the traditional city center and two in the Waterfront District. Some club, sport facilities, hotels, restaurants and cafs among other components. No perma-
sectors refer to previously existing neighborhoods that are brought back to life, and others nent construction will be allowed on the marinas quays and breakwaters with the
are defined by their topography or by the boundaries created within the new urban fabric. exception of infrastructure related to the ports management.
T RA DI T I ONA L CI T Y CE NT E R Promoting sustainable, low-energy development, sector D encompasses a multi-use dis-

Ottoman and French trict that offers a wide range of commercial and retail space in addition to an exhibition
Mandate architecture The traditional city center consists of eight planning sectors that take into consideration and convention center, cultural facilities and extensive residential developments. Strict
with contemporary
residential and such variables as natural features, preserved historical buildings, visual corridors, traffic design criteria have been formulated regarding the main street and boulevard frontages,
commercial districts
flow and open space networks. With its rich Ottoman and French Mandate heritage build- and view corridors aim to preserve open sea and mountain views. The building regulations
ings and many archeological sites, the Conservation Area is the political, financial and of the Beirut Marina will also apply to the future Eastern Marina.
cultural heart of the city. The Souks Sector, named after the Ottoman bazaar that once
occupied the site, is the focal point for retail and commerce. The District will be capable of accommodating the rising demand for intelligent office
space within the planned special purpose business district. Most developments are of a
The Wadi Abou Jamil and Saifi sectors are medium-density residential areas, each with a medium density, limited on the park and sea frontages to 40 m in height, while frontages
large number of retained buildings and a network of pedestrian links, small squares, land- on the Mount Sannine view corridor reach 52 m in height. Some 16 high-rise develop-
scaped streets and gardens to recreate a traditional urban neighborhood. ments are planned at distinct locations.
91A6- 405
03A2-21
Marfaa / Conservation Area / Allenby Street Marfaa / Conservation Area / Allenby Street
One cluster of towers is located on the Foch Street extension and the central zone of the DE S I G N A ND B U I L DI NG S PE CI F I CAT I ONS
district around the planned congress center. These towers will enjoy 360 degree views on Environmentally sound
the city, sea and mountains. A second cluster of towers is currently under study and will To create a sustainable city center, Solidere has formulated a set of strict criteria for urban future
be located towards the northeastern tip of the Waterfront District. developers to abide by. These criteria concern everything from architectural design to
environmental safety, and they are regularly updated in accordance with international
In response to increasing investors interest in the Waterfront District, an urban design best practices and standards. They are mandated in development briefs.
study is underway to formulate a coherent phasing strategy, which includes dedicating
the districts central zone to temporary uses for a period of eight to ten years. Initially executed on a project basis, quality control has become a centralized eponymous
Solidere division to ensure that all construction within the Beirut central district, from
PH A S E ONE 1994 2004 inception to completion, meet the Companys and international standards. The most
important decisions regarding the quality of a certain development are made in the design
Phase One of the Master Plan saw the completion of all infrastructural works in the tra- and planning stage when component configurations, material specifications and func-
ditional city center as well as major advances in the landfill treatment and land reclama- tional performance are determined. Once construction is underway, quality control entails
tion works in the Waterfront District. In addition, many marine works, defense structures, carrying out inspections to ensure the conformity of the projects execution with the orig-
sea promenades and the Beirut Marina were finalized. Phase One also concluded the inally approved design.
restoration of the citys historic core; the renovation of the banking district as well as
Starco and Lazariyeh commercial centers; and the redevelopment of the Wadi Abou Jamil, Following extensive land surveys and earthquake vulnerability assessments, Solidere also
Zokak El Blatt and Saifi residential areas. formulated strict development guidelines regarding seismic safety measures. These
include earthquake-proof foundations for all new buildings and bridges and when
Major new construction projects in Phase One included the UN House, Saifi Village, feasible for all restored buildings. Seeing the trend of increased seismic activity around
Embassy Complex, Rue de France multi-use complex, Banque Audi, Medgulf and Bankers the globe, Solidere has established a criterion of 0.3 g acceleration for all new develop-
Association headquarters, Monroe Hotel, El Bourj and Atrium office buildings, and 24 ments, especially for those built on reclaimed land. This upgraded standard has been
Avenue du Parc and Park View Realty, both residential buildings. incorporated in the development briefs. Meanwhile, a team of eminent seismic engineers
has been assembled to develop a new and even stricter standard for future designs.
PH A S E T WO 2005 2030
S U S TA I NA B L E DE VE LOPME NT
Phase Two of the Master Plan entails the consolidation of the traditional city centers Renewable energy,
urban fabric by completing the Beirut Souks, Saifi and Wadi Abou Jamil urban villages Solideres current environmental standards promote the concept of sustainability with green technology and
low-carbon strategy
and establishing prime new areas in the Serail Corridor, Hotel District, Ghalghoul Sector an emphasis on green technology, recycling, environmental remediation and energy con-
and Martyrs Square Axis. The focus on high-density zones to the north and south of servation. The Company has incorporated the latest international green standards to cover
Martyrs Square will intensify the effort in turning Beiruts city center into a leading des- its real estate developments. The purpose of this initiative is not only to enhance envi-
tination for international firms and financial institutions as well as a prime residential, ronmental standards and lower energy demand but also to reduce operational and main-
tourist and cultural hub. tenance costs, increasing the Companys return on investment. The voluntary application
of sustainability measures has been encouraged throughout Beirut city center for the past
Completed real estate projects include the South Souks as well as a series of developers ten years and many projects now meet the Leadership in Energy and Environmental
projects, including Marina Towers, Beirut Tower, Platinum Tower, Four Seasons and Le Gray Design (LEED) Gold Standard.
hotels. Ongoing projects include Zaitunay Bay, The Landmark and other gateway towers
on the city centers southern edge, as well as several projects along the Martyrs Square While implemented on an advisory basis in the traditional city center, Solidere has intro-
Axis and the northeastern gateway towers. Still under design are Solideres plans for a high- duced a mandatory low-carbon strategy in the Waterfront District, which is to be planned,
end office building, a mixed-use building and several residential and hospitality projects. designed and built as a model of sustainable urban development. The Company has short-
listed a team of consultants and is in the process of negotiating contracts to prepare a
Regarding the Waterfront District, Phase Two has seen the completion of the land recla- sustainability strategy, which includes guidelines for the design of infrastructure and
mation process and involves finalizing and implementing the areas landscaping design buildings. These guidelines will be customized to suit Beiruts climate and environment
and infrastructure. Phase Two also includes initiating real estate projects and developing and advocate, among other things, seawater cooling, renewable energy technologies and
the Eastern Marina and, in coordination with the Port Authority, the First Basin. recycling grey water.
In 2010, Solidere joined a network of urban operators, including city mayors and public PUBLIC AREA LIGHTING STRATEGY
and private urban development agencies, which represent a group of cities around the
Mediterranean. Initiated by the MedCities program in Marseilles and funded by the World Beirut city center enjoys an active use of its public spaces, which upon completion of the
Bank and Caisse des Dpots, the network aims to develop a set of commonly agreed guide- Waterfront District, amount to some 60 parks, gardens, squares and promenade areas. Solid-
lines for sustainable urban development in a period of climate change. Solidere has con- ere intends to maximize the value of these assets by implementing a new lighting strategy
tributed to conferences and workshops and has been invited to host a future conference for public areas, further enhancing the city center as a main attraction and meeting point.
in Beirut. Within the network, the Waterfront District is presented as a model for sustain- Consultants are currently being shortlisted to produce a lighting master plan. There will
able development and a test bed for an environmentally sound urban future. be three main components: a festive lighting program for major calendar events (possibly
including an annual Festival of Light), architectural lighting and faade lighting guidelines
U RB AN STU DIES for private owners.
Expert analysis to support
a healthy property market As Solidere aims to create a healthy, sustainable property market by controlling the supply Lighting Beirut Architecture is a new architectural lighting concept using the principle
and quality of new development in key sectors, research and urban studies are of of image projection. It was created to illuminate selected heritage and contemporary
great importance. With investors increasingly interested in the Waterfront District, several buildings in the Conservation Area and permanently light the city centers architectural
in-house design studies have been launched to decide upon such issues as land use, nightscape.
building massing, phasing and sales strategies. In addition, detailed transportation, sus-
tainability and lighting strategies have been formulated, with some already implemented. Solidere, light design consultants Light Cibles & DIAP (France), lighting solution
providers Mamari Frres MFR and their partner manufacturer Lampo (Italy) conceived
TRANSPORTATION STRATEGY and developed a unique lighting design and all weather projector system that projects
the image of a building onto itself. The system uses distinct light effects and energy effi-
The ongoing planning process for the Waterfront District and the detailed design regard- cient technologies that use significantly less electricity than conventional lighting systems.
ing the Martyrs Square Axis have highlighted the need for more parking, public transport
strategies, detailed traffic modeling and traffic management. Impending growth in Launched in June 2011 in the Foch-Allenby area and Souks Sector, the project will grad-
development density and employment uses in the Waterfront District confirm the neces- ually be expanded in the future and aims to turn the city center into a lively platform for
sity for rapid bus transport in the future. cultural experimentation with light.
A strategic transport planning project is under way with British consultants Arup. A large-
scale circulation model has been constructed for the city center, based on data provided
by existing Beirut traffic models. The models illustrate peak hour traffic flow, traffic build-
up and vehicle turning movements. Based on new land use projections for the Master
Plans sectors A and D, the traffic model has been extended to cover the Waterfront Dis-
trict, and the output will enable Solidere to provide detailed briefing guidelines for the
street network design.
A parking strategy for the city center, also to be developed by Arup, will include a more
detailed scheme for the Waterfront District. Significant visitor parking capacity, proposed
beneath the Corniche road and the waterfront city park, is likely to reduce parking
requirement standards for individual block developments. The consultant will also propose
pilot projects to encourage the gradual introduction of city-wide public transport. The strat-
egy will promote pedestrian-friendly areas and the implementation of bicycle lanes.
28
VISUAL CORRIDORS
11A1-0033
Marfaa / Conservation Area / Capuchin Street

30
11A1-0269
Marfaa / Conservation Area / Riad El Solh Street

32
11A1-0266
Marfaa / Conservation Area / Amir Bachir Street

34
11A1-0268
Marfaa / Conservation Area / Maarad Street

RESTORATION
Solidere has preserved and rejuvenated heritage buildings
within Beiruts historic core by adapting interiors to the needs
of contemporary life and business.
SEVENTEEN RESTORED
At first I examined the historical center from different points of
view ... to understand the city better HISTORIC
and to be in harmony with it...
PLACES OF couldWORSHIP ATTEST TO

Since I consider myself, first of all, a documentary photographer,
I try to show a reality that be understood and recognised by
others, without trying to transform it. I work on the visible reality,
THE
but sometimes SPIRITUAL VALUE
the visible reality is not immediately
and photography can help to reveal it.
OF CENTRAL
perceptible,
BEIRUT AND DRAW PEOPLE FROM

DIFFERENT
sometimesCOMMUNITIES. the
visible reality is not
immediately percepti-
ble, and photography
can help to reveal it
RESTORATION
Solidere has preserved and rejuvenated heritage buildings
within Beiruts historic core by adapting interiors to the needs
SEVENTEEN RESTORED HISTORIC

PLACES OF WORSHIP ATTEST TO
THE SPIRITUAL VALUE OF CENTRAL
BEIRUT AND DRAW PEOPLE FROM
DIFFERENT COMMUNITIES.
91A6 -326
Marfaa / Conservation Area / Abdel Malak Street

38
03A2-140
Zokak El Blatt / Conservation Area / Army Street

The Solidere Master Plan indicates that a total of 292 buildings within Beiruts city center demolished for safety reasons. Restoration was halted on three buildings due to a variety
are retained for preservation, including 27 public or religious buildings. Most retained of legal issues, and Solidere purchased the last two, one of which was then sold.
heritage buildings were restored in accordance with the guidelines Solidere set in coop-
eration with the concerned national authorities. The regulations relate to two categories Of the non-recuperated buildings whose ownership devolved to Solidere, the Company
of buildings: those of heritage value and other. sold 37 original lots as is, regrouped into 31 lots. It also leased one building as is, which
is to be restored by its user. To date, the restoration of 29 lots has been completed.
Buildings belonging to the first category must be faithfully restored to match their original
external fabric. Buildings in the latter category are allowed certain flexibility, for example Finally, Solidere retained 37 built lots in its portfolio, which includes five co-owned
in terms of limited additions, although they are subject to the prevailing height and mass- buildings, 34 of which are being restored by the Company itself. By the end of 2010, the
ing control criteria applicable in the sector. Restoration briefs for the designated buildings restoration of 27 of these buildings had been completed: 14 residential buildings in Saifi,
are based on architectural and photogrammetric surveys, damage assessment studies and Wadi Abou Jamil and Zokak El Blatt; one office building in Saifi; and 12 office buildings
historical research into the original designs and use of materials. with retail at the ground level in the Maarad-Nejmeh and Foch-Allenby areas. The latter
includes six buildings that today serve as company premises. Three buildings are being
The briefs provide guidelines that articulate the design and restoration principles for each restored by third-parties, both co-owners and leaseholders, one of which has so far been
individual project. Every project is required to go through a process of approval regarding completed.
the suggested preliminary design, faade and materials used before being issued a permit.
Solidere then monitors the projects implementation until final occupancy. Stone repair Up to end 2010, the Company had signed 160 lease agreements in its restored buildings:
was an important issue in the Foch-Allenby and Nejmeh-Maarad areas, which are notable 16 for office space (9,842 sq m), 32 for retail (4,668 sq m) and 112 for residential properties
for their elaborate faades and high-quality masonry. Restored buildings are maintained (20,540 sq m).
on a regular basis as owners are required to undertake a general cleaning and faade
maintenance every five years. RE LIGI OU S BU I LDI NGS
The restoration of the city center combines authenticity with a progressive outlook, as Nineteen places of worship attest to the spiritual value of central Beirut. Solidere assists
the buildings interior designs were largely free of constraints. Buildings have been reju- financially in the restoration of the historical buildings, with 17 in use today, drawing ever
venated, for example through the use of skylight atriums, roof gardens or glazed roofs. increasing numbers of people from different communities throughout the year and on
Interiors are fitted with the most modern equipment to guarantee a sense of comfort and special occasions. The new Mohamed Al Amin Mosque took on a profound meaning
efficiency. In residential areas, this has been aligned with a strong sensitivity for a when the late Prime Minister Rafic Hariri was laid to rest next to it in 2005.
Mediterranean architectural typology. In office buildings, open plan designs allow for the
optimal and flexible use of floor space.
Solidere took the lead in the restoration process, the result of which is a unique combi-
nation of quality space and character. Its commercial success confirms that heritage build-
ings can survive and even create great value, provided that they are adapted to the needs
RE CU PE RAT E D A ND RETA I NE D B UI L DINGS
Solidere completed the recuperation process by giving former owners and tenants the
opportunity to regain their rights in the buildings that were retained for preservation.
While fulfilling the requirements that apply to any restoration project, the recuperation
contracts outlined the financial rights and responsibilities of the parties involved.
A total of 146 built lots had been recuperated, including 135 buildings that have been
successfully restored to date. Of the 11 remaining buildings, two are in the process of
acquiring the necessary building permits; three are being designed; and one had to be
91A6-339
03A2-87
Marfaa / Martyrs Square Axis / Dakar Street Marfaa / Martyrs Square Axis / Dakar Street
44
CITY PORTRAITS
11A1-0034
Mina El Hosn / Wadi Abou Jamil Sector / France Street

46
11A1-0267
Marfaa / Conservation Area / Weygand and Al Omari Mosque streets

48
11A1-0154
Marfaa / Conservation Area / Hussein El Ahdab and Weygand streets

50
11A1-0265
Marfaa / Conservation Area / Allenby and Moutran streets

INFRASTRUCTURE
The high quality of life in Beirut city center depends on
the ability to provide solid and sustainable infrastructural
foundations across the board.
UPGRADES AND EXTENSIONS TO

The physical structure of Beirut was still evident and legible.
Looking at the city at a certain distance, it seemed to suffer from
THE PRE-WAR ROAD GRID, PARKING,

some skin disease a terrible disease proving the absurdity of
every war. Overcoming this first impression, I tried to portray
CIVIL WORKS, HARDSCAPING,

a coherent image of the city, beyond its wounds. This is certainly
a very personal point of view, but I believed it could be possible
BROADBAND AND INFORMATION

to reconstruct ideally this part of the city as a whole, and also
to trace the story of its construction and its following developments.
With this scheme in mind, trying not to get captured by the photo-
TECHNOLOGY MAKE THE CITY
genic aspect of destruction, I tried to imagine the city in its original
form, ready to go on living.
CENTER AN ATTRACTIVE DESTINA-
ITION
triedFOR
to RESIDENTS,
imagine VISITORS,
BUSINESSES AND INVESTORS.
the city in its original
form, ready to go
on living
INFRASTRUCTURE
The high quality of life in Beirut city center depends on
the ability to provide solid and sustainable infrastructural
foundations across the board.
UPGRADES AND EXTENSIONS TO

THE PRE-WAR ROAD GRID, PARKING,
CIVIL WORKS, HARDSCAPING,
BROADBAND AND INFORMATION
TECHNOLOGY MAKE THE CITY
CENTER AN ATTRACTIVE DESTINA-
TION FOR RESIDENTS, VISITORS,
BUSINESSES AND INVESTORS.
91A6-120
Bachoura / Ghalghoul Sector / Syria Street

54
03A2-19
General Fouad Chehab Avenue (Ring Road)

The traditional city center features a 3.6 km-long ring road, 8.4 km of primary roads and Chris Blandford Associates (UK) were the winners of a limited competition launched in
16.6 km of secondary, tertiary and pedestrian streets. Extensions to the pre-war road grid 2010 to design the landscaped features of all infrastructure and roads in the Waterfront Dis-
have improved the city centers traffic flow and helped facilitate the process of land parcel- trict, including sidewalks, shared surface and pedestrian streets, medians and traffic islands.
ing and real estate development. The first roads to be upgraded were the city centers
boundaries and main axes. PARKI NG
Vacant lots are used as
temporary parking areas
The ring road system consists of the George Haddad Street to the east, the widened Among the many public parking facilities provided by Solidere, the Beirut Souks car park pending completion of
Fakhreddine Street to the west and the General Fouad Chehab Avenue to the south. The has a capacity of some 2,500 spaces. All four underground levels of the southern part are planned underground
car parks
ring roads southern overpass was doubled in capacity, and new interchanges and under- operational with around 2,100 lots for public use while the northern part is reserved for
passes were added to provide better access to the port, airport and other parts of Beirut. companies working in the city center. An additional car park with a capacity of around
400 spaces is planned under Khan Antoun Bey Square. Serving the Foch-Allenby area
The Martyrs Square Axis links the Damascus Road to four major east-west avenues; are the four-level Weygand Street car park with 108 spaces and the Solidere car park,
Maarad, Allenby, Foch and General Franois El Hajj streets are major north-south axes which offers 320 lots below Harbor Square.
that will be extended to the Waterfront District; the east-west Professor Wafic Sinno and
Mir Majid Arslan avenues form a boundary between the traditional city center and the Furthermore, the construction of a 400-space car park underneath the Corniche road,
Waterfront District; and finally, part of the Corniche road near the Beirut Marina that will which was awarded to Geneco, will be completed before end 2011.
be extended to skirt the Waterfront District along a broad pedestrian esplanade.
The Master Plan envisages two car parks under the Martyrs and Riad El Solh squares
Solidere also created several small streets in the areas of Wadi Abou Jamil and Marfaa and a third underground car park near the Grand Serail, which have not been imple-
and proposed two major road modifications that were approved by decree in 2005. The mented yet. The Council of Ministers resolved in 2010 to prepare the tendering of the
first is Byblos Street, which will link the northern-end of Martyrs Square with Trieste Martyrs Square parking as a Build Operate Transfer (BOT) project. In 2010 as well, Beirut
Street. Michel Macary (France), in coordination with Dar Al-Handasah and Solidere, com- Municipality resolved to cancel the parking planned under Riad El Solh Square due to
pleted the concept design for the crossing that will bridge the ancient Tell area in order archeological finds.
to preserve the archeological remains. The second concerns an improvement to the
George Haddad Fouad Chehab junction by creating a grade separation at the intersec- The winning Greek Team of the Martyrs Square Axis international urban design compe-
tion. The two projects await funding from the Lebanese state or Beirut Municipality. tition (Agorastidou, Babalou-Noukaki, Ioannidou and Noukakis) integrated the under-
ground parking within the landscape scheme for the square, which required implementing
With the land reclamation effort completed, Solidere has started working on the founda- some adjustments to the initial design, including incorporating the archeological remains
tions and infrastructure for the Waterfront District. Enclosed by a terraced sea defense of the Petit Serail.
system designed to withstand centennial storms, the 73 ha of reclaimed land are designed
as both an extension to and a natural continuation of the traditional city center. The concept is further developed in a detailed urban design study currently undertaken
by Renzo Piano Building Workshop (Italy), supported by Solideres transport planning
To accelerate infrastructure and road network on the district, the Company signed an agree- consultant Arup (UK). Solidere has submitted the plans to the Council for Development
ment with Laceco for the delivery of a detailed design by the end of 2011, with execution and Reconstruction (CDR), who along with their consultant Khatib & Alami, are prepar-
of works planned to begin in 2012, lasting up to two years. ing the BOT bid for the Martyrs Square underground parking.
The reclaimed land area is the natural continuation and termination of the existing Beirut Pending the completion of sufficient underground parking space, several vacant lots in
Corniche. With the Beirut Marina, and upon completion of the Corniche promenade, the the traditional city center are used as temporary surface parking lots providing up to 3,000
Eastern Marina and Beirut Port First Basin quayside, the city center will offer a 3.5 km spaces. Some temporary parking lots have ceased or will soon cease to exist to make room
uninterrupted extension of the Beirut shoreline, providing more than four times the space for development. The Bachoura parking near Riad El Solh Square, for example, was closed
of seafront promenade currently available in the city. To date, the 1.3 km-long Corniche in April 2010 to start the foundation works for The Landmark project. Temporary car parks
promenade has been completed. Terracing down to the sea, it varies in width from 45 to in the eastern section of the Waterfront District provide another 3,000 spaces with a free
110 m and has already become a popular pedestrian area. shuttle service to the city center.
CIVIL WORKS Thus, the city center has been transformed into a 24-hour IT zone, a necessary requirement
in order to attract multinationals and private residents. In addition, the Solidere Broadband
Solidere has created a vast water supply network, which consists of 30 km of pipelines to Network in 2008 launched an IPTV service for city center residents. The delivery of such
supply the Beirut city center with drinking water and a 38 km-long irrigation system. The services as web hosting and applications are being rolled out in 2011.
water disposal system comprises a sewage pumping station, 28 km of sewage piping and
26 km of storm water drainage. Internally, the Solidere IT department in 2010 completed upgrading its data center to
meet the latest international specifications for server rooms, with work progressing on a
The Company also installed a power supply system consisting of 66 KV and 220 KV power unified database system to support the Companys business intelligence applications.
cables as well as a 220 KV link connecting the Beirut Pine Forest station to the city center Special software for Digital Asset Management is being introduced to help track, archive
and a 240 MW substation transforming high-tension power transmitted by Electricit du and control the use of graphic documents and photographs, and several Geographic
Liban into medium-high voltage, which local transformers in turn convert into low-voltage Information System applications have been developed to serve the needs of the newly
electricity for domestic use. All areas of the traditional city center were equipped with duct opened Beirut Souks.
banks for low and medium voltage cables.
MAINTE NA NCE
Public lighting was installed throughout the city center, including all necessary meters, A multitude of services
By law, Solidere operates and maintains all completed infrastructure and public domain including security, street
low-voltage cabling, lighting fixtures and feeder pillars. Tunnels too were equipped with furniture cleaning
lighting systems, and telecommunication networks were installed. before delivering them to the CDR upon their completion. To date, Solidere delivered all and pest control
major and secondary infrastructure networks. The municipality subcontracts the operation
HARDSCAPING and maintenance of handed-over work, including the sewage pumping station, to other
parties, and Solidere provides assistance and supervision when and where needed.
Solidere undertook the integrated design of street furniture, signage and public area light-
ing and commissioned public art for various parts of the city center. Plaques with new The Company remains in charge of the maintenance of open spaces, including the irri-
postal codes were installed on completed buildings. Street furniture, based on new designs, gation network, trees and planters. Solidere also documents damages that occur to public
includes street name signage in stainless steel, benches, telephone booths, street kiosks, property around the city center and reports them to the municipal authorities, offering
bus shelters, caf seating enclosures and advertising billboards. to execute the repairs at its cost.
As a pilot project, Beyhum Street was equipped with new benches, bollards and waste In cooperation with city center residents and property owners, Solidere has implemented
bins, with street furniture to be gradually renovated everywhere. The signage manual pre- a multitude of services in addition to the ones offered by the Beirut Municipality. These
pared by Solidere received municipality approval. Street name plates were installed in include the following: security surveillance, door-to-door waste collection, street and fur-
the Conservation Area and Saifi, while pedestrian way-finding signage was installed in niture cleaning and pest control. The Company is also installing a traffic control and CCTV
all areas. Advertising billboards for the public domain were delivered to the municipality, surveillance system covering all parts of the city center.
which leases them out for operation.
B ROA DB A ND/ I T
In 1998, Solidere obtained a build-and-operate license for the broadband distribution of

a converged IP network, which includes high-speed internet, Internet Protocol TV (IPTV),
video on demand, video conferencing, data center facilities and virtual private networking
(VPN) for corporate clients.
In 2006, the Company signed an agreement with Orange, part of the France Tlcom group,
for building and operating an advanced IP network using a fiber-optic backbone with dual
connection to each building in the city center. The Solidere Broadband Network deployment
was completed by March 2007. Under its unified communication network, Solidere is able
to provide data and images operated and monitored from the main operation center.
60
HOW DOES THE COBBLESTONE SMELL AFTER THE RAIN
11A1-0226
Marfaa / Conservation Area / Parliament and Cheikh Mohammad Jisr streets

62
11A1-0225
Marfaa / Conservation Area / Parliament Street

64
11A1-0229
Marfaa / Conservation Area / Weygand Street

66
11A1-0220
Marfaa / Conservation Area / Nejmeh Square

LANDSCAPING
With no less than 60 open spaces, Beirut city center features
finely designed gardens and green squares that enrich the
quality of life.
THE YEAR 2010 WITNESSED THE

I consider myself a documentary photographer, aware of the
inevitable subjectivity of my way of telling. That is why I try to
COMPLETION AND ON-GOING CON-

understand the landscape as it appears to me, to catch it in my
photos without judging it. This is not an absence of judgement,
STRUCTION OF A NUMBER OF OPEN

but a temporary suspension for the time needed to be in harmony
with reality.
SPACES INCLUDING RAFIC HARIRI
ISCULPTURAL
try to GARDEN, GEBRAN
understand
TUEINY MEMORIAL GARDEN, BAB
the landscape
IDRISS SQUARE, as it
ZEYTOUNEH
appears to me... SQUARE, AND
SQUARE, HARBOR
DESIGN COMPETITIONS
without judging it ON SEVERAL
OTHERS SUCH AS ROMAN BATHS
GARDEN, OMAR DAOUK SQUARE,
KHAN ANTOUN BEY SQUARE AND

WATERFRONT CITY PARK.
LANDSCAPING
With no less than 60 open spaces, Beirut city center features
finely designed gardens and green squares that enrich the
quality of life.
THE YEAR 2010 WITNESSED THE

COMPLETION AND ON-GOING CON-
STRUCTION OF A NUMBER OF OPEN
SPACES INCLUDING RAFIC HARIRI
SCULPTURAL GARDEN, GEBRAN
TUEINY MEMORIAL GARDEN, BAB
IDRISS SQUARE, ZEYTOUNEH
SQUARE, HARBOR SQUARE, AND
DESIGN COMPETITIONS ON SEVERAL
OTHERS SUCH AS ROMAN BATHS
GARDEN, OMAR DAOUK SQUARE,
KHAN ANTOUN BEY SQUARE AND
WATERFRONT CITY PARK.
03A6-63
Marfaa / Conservation Area / Hadiqat As Samah

70
03A2-69
Marfaa / Conservation Area / Bechara Mouhandess Street

With 39 ha of landscaped public spaces, Beirut city center, which represents 10 percent of 2009. The design of Santiyeh Garden, which is the site of an old cemetery, has been approved
municipal Beirut, will contain half of the capitals green areas. The public domain will consist by Solidere and the concerned religious authority in 2010. Tender documents are complete,
of no less than 60 parks, gardens, squares, pedestrian areas and seafront promenades, the and construction works are planned to start in 2011.
most important of which will be the waterfront city park in the Waterfront District. As the
latter awaits construction, most greenery and public spaces are currently found in the tradi- Castle Square and Belvedere Park, located to the west of the Tell and Martyrs Square,
tional city center. The gardens, parks streets aligned with trees shrubs, and seasonal plants are designed by Machado and Silvetti Associates (US). They integrate a promontory wall
have strongly contributed to creating a pleasant and distinctive urban character. at the citadel level with pedestrian passages. Solidere is in the process of restoring the
ancient citadel while civil works on the square were put on hold following the discovery
Y E AR IN RE VIE W of several archeological remains. The main design has now been revised to accommodate
the remains of stone vaults dating back to the Crusader era. Belvedere Park, overlooking
In 2010, the traditional city center saw the completion of one garden while several others the ancient Tell near Castle Square, includes a garden with historic remains.
are under construction or redesign, and the winners of three design competitions were
announced. The latest green area to be added, the Rafic Hariri Sculptural Garden facing Solidere has initiated the Hadiqat As Samah (Garden of Forgiveness) on a 2.3 ha arche-
the Grand Serail, is designed by Vladimir Djurovic Landscape Architecture (VDLA). Inau- ological site at the heart of the city center, which is overlooked by several places of wor-
gurated in early 2011, the sloping garden with water features includes a sculpture of the ship. Representing Lebanons varied landscapes, from the mountains to the sea, the
late Prime Minister by Meguerditch Mazmanian (Russia). Gustafson-Porter design implies unity, as it brings together terraces of fruit and olive
trees, lush Mediterranean flora, rose trellises and a core of water elements. Solidere has
The Gebran Tueiny Memorial on Weygand Street, also designed by VDLA, includes completed all streets and passages around the garden. Implementation of the design is
engraved text from Tueinys articles and a monument. The initial design was revised to currently blocked due to security regulations by the parliamentary police.
safeguard future public transport alignments and easy access to Le Gray Hotel nearby.
Although security measures currently prevent construction near the Amir Assaf Mosque, The Rafic Hariri Memorial Plaza, adjacent to the Al Amin Mosque on Martyrs Square,
most of the garden was completed in April 2011. is in the final stages of design by HAR Etudes (France) and Oger Liban.
Bab Idriss Square, situated at the corner of the Weygand and Patriarch Hoyeck streets, used Debbas Square in Saifi Village is redesigned by Jean-Marc Bonfils. The new concept
to be home to the ancient arcaded street that led to the Roman Hippodrome. changes the existing landscaped garden into an urban piazza, and the project is currently
Designed by Olivier Vidal (France), the square incorporates the Promenade lHippodrome in the detailed design phase. The square, adorned by a set of contemporary art and water
by Xavier Corbero (Spain), which consists of 18 basalt and two cast iron sculptures that evoke pieces, is conceived as a multi-use space to stage events, including a weekly art and pro-
a group of people on their way to the races. The square is still under construction. duce market.
Harbor Square, located in the Foch-Allenby area, covers part of Beiruts ancient harbor, The Martyrs Square Axis design by the Greek Team, which has integrated a parking
and will be completed end 2011. The detailed design by Gustafson-Porter (US-UK) includes structure underneath, is incorporating new guidelines from an ongoing urban design con-
part of the reconstructed harbor wall, water features and extensive pergola shading. sultancy commissioned by Solidere.
The Old Shoreline Walk, also designed by Gustafson-Porter, is a sequence of intercon- Limited design competitions were held for the redesigning of the Roman Baths Garden,
nected public spaces along the citys original sea boulevard. The All Saints Square, Shore- Omar Daouk Square and Khan Antoun Bey Square in the northern part of the Beirut
line Gardens, Zeytouneh Square and Santiyeh Promenade and Garden, located in the Souks. Upcoming projects include the Basil Fuleihan Memorial, currently under design,
Hotel District, Serail corridor and Souks District, are the main components of the projects and a lighting upgrade of the Samir Kassir Square.
first phase.
In the Waterfront District, Chris Blandford Associates (UK) are finalizing the landscape design
In a later phase, starting with the planned Jean-Paul II Square, this linear landscaped cor- for the boardwalk, breakwater parking area around Beirut Marina and quay between the
ridor will run along the former seawall. With a view on Mount Sannine, the so-called marina and the Yacht Club of the Zaitunay Bay project.
Ottoman Wall Walk will be a most memorable feature of the Waterfront District.
Additionally, a limited international competition among six of the worlds leading land-
Zeytouneh Square is expected to be inaugurated in 2011. Concepts for All Saints Square, the scape architects was launched in December 2010 to design the 78,000 sq m waterfront
Shoreline Gardens and the Santiyeh Promenade and Garden were received in December city park. With the waterfront Corniche promenade, the park is the leading element in
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Marfaa / Conservation Area / Hadiqat As Samah (Garden of Forgiveness) Marfaa / Conservation Area / Roman Baths Garden
creating a significant public domain within the district. The waterfront city park will KHAN ANTOUN BEY SQUARE
become the largest public green area in the whole of Beirut. The six competitors are Land
(Italy), Martha Schwartz Partners (US/UK), Olin Studio (US), Sasaki (US), West 8 (Nether- Participants were Gruppo di Diseno Urbano (Spain), Ilex (UK-France), Martha Schwartz
lands) and Wirtz (Belgium). The winning design will be announced in the course of 2011. Partners (US-UK), PROAP (Portugal) and Olivier Vidal (France). The main challenge facing
the participants was to address the site in a context of its history, location and surround-
COMPE TITIONS ings, and to develop the area both as a destination and a link between the traditional city
center and the Waterfront District. The square is to be a major plaza, which requires a flex-
THE ROMAN BATHS GARDEN ible design to accommodate a range of public activities as well as the inclusion of a water
element to echo the harbor that was once located there.
Participants were Machado and Silvetti Associates (US), Pna & Pea (France), Ilex
(France-UK) and Gillespies (UK). The winning design by Gillespies considers the Roman The winning design by PROAP incorporates the idea of the former wood port, which con-
grid as a unique and sacred whole and offers the best solution for all round viewing of nected the Souks to the sea, by the dominant use of stone, water and wood. A section of
the archeological remains, as well as better gardens and improved seating for events. the original harbor wall will be restored to its original setting, and a section of the original
The design organizes the site into a series of cascading terraces and divides it into three city wall will be consolidated and retained.
main components: the south side, north side and central staircase. Interconnectivity is
regarded as a key element with a walkway that links the terraces. The square is divided into two main areas, a lower plaza and a higher circulation plaza.
The transition between the two levels takes place through a lush landform, welcoming
The south garden is a celebration of water. Reservoirs, cascades and pools highlight the the influx of pedestrians and creating a natural amphitheatre. The stone landform wrinkles
sound and quality of water. The lowest of the platforms is located just marginally above organically into rounded shapes that can be used for seating, while pine trees provide for
the bedrock of the former Roman reservoirs and is encased by two levels that act as a shade, texture and enclosure. A fog and water mist system with aromatic scents aims to
contemporary amphitheatre. The planting is minimal as space is at a premium, with large reduce and regulate the temperature. The concept highlights the contrasts between soft
cypress trees creating a visual frame and boundary. and hard, transparency and opacity, sun and shade. The result is a sensorial challenge
based on sight, hearing, smell and touch.
Accessible from three entry points, the north garden offers magical open terraces allowing
people to wander through. The planting selection draws upon Roman times by the use
of aromatic and scented plants with a dark green foliage. A pavilion and shaded structure
create a focal point in the centre of the site, providing space for a caf and small museum.
The remodeled staircase combined with the contemporary walkway serves as a connection
between the south and north gardens. The top of the staircase is widened, adding wings
to create more space for permanent seating. They can also be used as the foundations for
a temporary structure that can host up to 3,000 people for concerts and performances.
OMAR DAOUK SQUARE
Participants were Machado and Silvetti Associates (US), Pna & Pea (France), Ilex
(France-UK) and Gillespies (UK). The latters winning design replaces the existing north-
south road with a pedestrian passage, thereby enlarging the square. Another key element
was the terracing of the garden, making it an attractive crossing point as well as a place
to sit and rest. Three terraces are introduced to soften the sites incline while providing
natural opportunities for seating. The terraces will limit the erosion, which currently
affects the sloping site, allowing plants to thrive and create a microclimate.
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NEW TREES WERE PLANTED, WITH THEM CAME NEW BIRDS
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BEIRUT SOUKS
With its contemporary design and semi-open character, Beirut
Souks are an architectural marvel that redefined and revitalized
the traditional oriental bazaar.
SOLIDERES FLAGSHIP COMMERCIAL

The sensation of emptiness pervading Beirut can often be found
in my work in other cities, even though I personally cherish the
PROJECT IS THE URBAN NUCLEUS

illusion that my cities should never be really empty. Like in Beirut,
where I felt that everything was going on as if people had only left
OF BEIRUT CITY CENTER. IT SERVES
this place to come back in the near future. If some of them had left,
some others were going to arrive. The situation could seem almost
AS A MEETING POINT THAT MERGES
normal after all: the city had only fallen into a long wait.
THEnever
Emptiness CAPITALS DIFFERENT
means a real absence to me: it is rather a time of PARTS
INTO ONE ORGANIC HOLE.
silence allowing me to set up a dialogue with reality. This intimate
dialogue must be expressed with no romanticism.
I felt that everything

was going on as
if people had only
left this place to
come back
BEIRUT SOUKS
With its contemporary design and semi-open character, Beirut
Souks are an architectural marvel that redefined and revitalized
the traditional oriental bazaar.
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90
03A2-40

With its contemporary design and semi-open character, Beirut Souks are an architectural The Jewellery Souk, on the other hand, houses two floor pavilions that are linked by a
marvel that redefined and revitalized the traditional oriental bazaar. Situated at the citys network of charming passages and squares. Shops are tightly packed along shaded lanes
core, they serve as a meeting point that merges the capitals many different parts into one with glass shop fronts that are reminiscent of the old gold souk.
organic whole.
The tenant-mix developed for the Souks Core sees exclusive concept and standalone bou-
The projects name, design and identity are inspired by the legacy of the citys old souks. tiques next to flagship stores and a gourmet signature store, while the Jewellery Souk
The Master Plan prescribes that Beirut Souks maintain the alignment of the pre-war mainly offers stores selling jewelry, watches and leather goods. Cafs and restaurants are
souks, with the addition of open spaces both as spatial relief and as links with the neigh- interspersed all around the Souks.
boring areas, and integrate major archeological finds.
The integration of cultural heritage and contemporary design is evident as one approaches
Offering 163,010 sq m of floor space and 17,307 sq m of pedestrian areas, Beirut Souks the main Beirut Souks entrance at the Imam Ouzai Square. The new prayer hall topped
are the commercial flagship within Solideres real estate portfolio, representing a mile- by a small dome on the left mirrors the shape and scale of the ancient Mamluk Zawiyat
stone in turning Beirut city center into a global retail and leisure destination. Surrounded Ibn Iraq on the right.
by a string of up-market office and residential buildings, Beirut Souks maintain their pre-
war openness to pedestrian traffic. They are within walking distance of the citys historic Several archeological sites have been incorporated into the landscape. The sunken court-
core, main hotels and the Waterfront District. Furthermore, they conform to modern yard, between Souk Bustros and Souk Arwad, shows part of the citys medieval wall and
lifestyles, offering easy vehicular access from all directions into the city, with ample moat. Parts of an ancient Phoenico-Persian harbor-side settlement remain on Fakhry Bey
parking space. Street below Souk Ayyas, and Souk Al Franj is decorated with a copy of the Byzantine
mosaics found there.
Beirut Souks consist of two parts: the North Souks and the South Souks, which comprise
the Souks Core and Jewellery Souk. Following the soft opening of the South Souks in Contemporary art is an integral part of the Souks. In Souk Sayyour, The Visitor embodies,
October 2009, the year 2010 saw a sharp upsurge in retail outlets being opened and the according to artist Arne Quinze (Belgium), peoples pursuit for uniqueness. On Bab Idriss
launch of a series of fine restaurants. During the year, construction started on the North Square, the site of the ancient arcaded street that led to the Roman Hippodrome, sculp-
Souks entertainment complex, and the planned Department Store entered the detailed tures by Xavier Corbero (Spain), Promenade lHippodrome, evoke a group of citizens
design phase. on their way to the races. In the Jewellery Souks inner square lies Gloriette, a bench
sculpture by Pablo Reinoso (France-Argentina).
An underground parking facility currently accommodates some 2,500 cars, and a second
parking is planned under Khan Antoun Bey Square in the North Souks with a capacity
of around 400 spaces.
S OU T H S OU K S
Marfaa / Lot 1479
Block 48-10 In the south part of Beirut Souks, Rafael Moneo and Kevin Dash faced the challenge of
Retail / BUA 71,903 sq m
Landscape architect: reinventing the familiar character of a souk, while accommodating modern shopping and
Olivier Vidal (France)
retail needs. The solution is a modern 21st century bazaar, firmly based on the old souks
souks Core ancient street grid.
Designed by Rafael Moneo
(Spain) and Samir
Khairallah and Partners Drawing inspiration from the historicity of the site, the Souks Core consists of a chain of
Completed
interconnected buildings, vaulted alleys and open spaces offering over 150 retail outlets.
Jewellery souk Eight main and five subsectors, each with its own identity and character, carry the names
Designed by Kevin Dash
(UK) and Rafik El Khoury of the original souks, which were mostly named after the goods they specialized in, an
and Partners anchor retailer or known family-names in business. The labyrinth-like structure, which
Completed
is partly open and partly covered, is endowed with a natural aeration system.
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Marfaa / Souks Sector / Beirut Souks Marfaa / Souks Sector / Beirut Souks
NORT H S OU K S B RE MS
Marfaa / Lot 2
Block 44-10 The North Souks consist of two major parts: the Entertainment Complex and Department Solidere and Aswaq Management and Services, a subsidiary of the French firm Socit
Store. The Entertainment Complex is conceived as a mega entertainment destination in des Centres Commerciaux, a global leader in shopping mall management, established
entertainment Complex
an avant-garde structure, which comprises 14 cinemas above ground with generous Beirut Real Estate Management and Services (BREMS), which on behalf of Solidere will
Designed by
Valode et Pistre (France) lounge and concession areas, as well as an entertainment and retail zone, restaurants and implement all leasing activities for the Souks. It is also in charge of property, facility and
and Annabel Kassar
BUA 19,225 sq m
games arcade. rental management.
Under Construction
Department store Construction started in February 2010, with Geneco as the main contractor, and is due to OT H E R S E RVI CE S
Designed by be completed by mid-2012. The complexs interior was signed for by interior designer
Zaha Hadid Architects
(UK-Iraq) Dada & Associates in coordination with the responsible architects and Solidere. Beirut Souks tenants benefit from complete services (water, electricity, telecom, broad-
BUA 26,370 sq m band, security, etc). In addition, miscellaneous support as well as convenience and infor-
Under Design
The Department Store is still under design. Zaha Hadids conceptual design shows a mation facilities are provided throughout the Souks public areas .
spectacular wave-like structure featuring a landscaped square between the building and
the restored Majidiya Mosque.
Y E A R I N RE VI E W
Red carpet openings,
organic farmers market The South Souks in 2010 witnessed a surge in demand from both local and international
and family activities
retailers. Following the launch of a series of food and beverage outlets and numerous red
carpet openings of world famous boutiques, the Souks Core reached near maximum ten-
ancy rate, and the Jewellery Souk became more than 50 percent occupied by the end of
the year.
Solidere itself joined the South Souks tenants by opening several restaurants in partner-
ship with some of the worlds renowned chefs and restaurateurs. The Company also
organized a number of activities aimed at promoting the Souks as being more than a
shopping destination. They are also a cultural and social venue.
Fashion shows and concerts were held on adjacent Fakhry Bey and Trablous streets.
Located in Souk Arwam, The Venue hosted a number of exhibitions, and all around the
Souks children activities were organized on weekends and special occasions. The four-
day grand inauguration of Beirut Souks in September 2010 featured a series of spectacular
performances and events.
The farmers market Souk El Tayeb, previously located in Saifi, moved to a site on Trablous
Street in the north part of the Souks. Open on weekend mornings, it makes way in the
afternoon for the bicycle initiative Beirut by Bike. The Souks Ajami Square, bustling with
four caf-restaurants, has become a major gathering place for families with children.
Further hospitality projects are being developed and, along with the recently opened chil-
drens science museum Planet Discovery in Souk Ayyas, will help realize Solideres
objective to strengthen Beirut Souks role as a global retail and leisure destination.
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100
DWELLERS NARRATE THE CITY
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MARINAS
Two luxurious marinas, a string of quayside restaurants
and an elegant yacht club maintain Beiruts historic link
to the Mediterranean Sea.
SITUATED AT THE CROSSROADS OF

Emotionally, I had to fight against the sorrow that had seized me
on arriving in the city, whose beauty was as striking as its destruc-
THREE CONTINENTS, THE LIFESTYLE

tion. Never before had I been in such a situation. With an almost
shy approach to the city, I started observing some very simple
AND ECONOMY OF THE CITY IS

things... I realized that Beirut, at a distance, was not different
from other cities in the Mediterranean countries, such as Milan,
ROOTED IN A CENTURIES-OLD
or Palermo. If I did not look at details, or at the wounds it had
suffered, I had the impression of being exactly in front of a real
LEGACY OF COMMERCE AND TRADE.
Mediterranean city.
I had the impression

of being exactly
in front of a real
Mediterranean city
MARINAS
Two luxurious marinas, a string of quayside restaurants
and an elegant yacht club maintain Beiruts historic link
to the Mediterranean Sea.
SITUATED AT THE CROSSROADS OF

THREE CONTINENTS, THE LIFESTYLE
AND ECONOMY OF THE CITY IS
ROOTED IN A CENTURIES-OLD
LEGACY OF COMMERCE AND TRADE.
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114
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Marfaa / Martyrs Square Axis

As a Mediterranean city, Beirut has a long history as a maritime gateway, dating back to E ASTE RN MARINA
the Phoenicians. Situated at the crossroads of three continents, the lifestyle and economy
of the city are rooted in a centuries-old legacy of commerce and trade. Indeed, Ottoman A detailed design of the Eastern Marina is currently being produced by the international
and French Mandate urbanism in Beirut emerged in tandem with the construction and marine structures consultancy firm Cowi (Denmark). The preliminary design has been
expansion of the citys port, traditionally a key entry point to the hinterland and the entire submitted to the CDR and received approval on condition that it is tested in a 3D model
Middle East. With the port now relocated east of the city center, Solidere has maintained to meet wave and stability criteria.
Beiruts link to the sea with two luxurious marinas, a string of quayside restaurants and
an elegant yacht club. The marina will incorporate an urban beach resort, which includes a hotel, serviced con-
dominiums, low-rise residences and quayside retail, all with views of the traditional city
B E IRU T MARINA center, the sea and the mountains. Landscaping shall play an important role by providing
private areas for users and owners as well as public pedestrian and vehicular access to
Having entered its ninth season in April 2010, the Beirut Marina last year provided moor- the marina quay along and parallel to the Ottoman Wall Walk. The development will be
ings for 164 boats. The ports total berth capacity currently stands at 186 boats with a size serviced by an underground car park.
of 5 m to 65 m, with 75 percent of the mooring area reserved for boats over 25 m in length.
By the end of 2010, Solidere had signed medium and long-term lease contracts of up to
10 years for 54 boats and one-year lease contracts for 110 boats.
The civil works in the marina, part of a series of important marine works, were delivered
in 2002 and included, among other elements, a breakwater and a two-line defense struc-
ture to protect the port and waterfront. As per a 1997 agreement signed with the state,
Solidere has the right to operate and exploit the marina for a period of 50 years.
Having completed the construction of all necessary installations and equipment, under
supervision of the relevant public authorities, Solidere has issued rules and regulations
regarding the ports operation and administration. Completed works include pontoons,
utilities and shelters. The construction of a yacht club and a string of quayside restaurants
continued in 2010 with the latter set to be completed in the second half of 2011.
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S A LT E D S E A B R E E Z E
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Waterfront District / Sector D

URBAN EXPERIENCE
With elegant dining destinations, dynamic artistic venues and
the historical Heritage Trail, city center visitors and residents
enjoy the riches of the past and contemporary luxuries.
IT IS THE CULTURAL OFFERINGS

As the plane finds the landing strip, almost indistinguishable in
the swarming of reflections of the corporeal greyish mass of the city,
OF ART GALLERIES AND MUSEUMS,

my emotions become more and more intense. What will Beirut be
like, after twelve years? What is still there of its mutilated body?
THE HOSPITALITY OF WORLD-CLASS
What about the new urbanization, with its new buildings?
CAFS
...how AND
could you possibly RESTAURANTS
try to understand
approach, with no direct experience?
with no direct AND
THE NEW LEISURE DESTINATIONS
IN THE WATERFRONT DISTRICT THAT
How
MAKE could BEIRUTyou CITY CENTER SUCH A
possibly
DISTINCTIVE try DESTINATION.
to under-
stand with no direct
approach, with no
direct experience?
URBAN EXPERIENCE
With elegant dining destinations, dynamic artistic venues and
the historical Heritage Trail, city center visitors and residents
enjoy the riches of the past and contemporary luxuries.
IT IS THE CULTURAL OFFERINGS

OF ART GALLERIES AND MUSEUMS,
THE HOSPITALITY OF WORLD-CLASS
CAFS AND RESTAURANTS AND
THE NEW LEISURE DESTINATIONS
IN THE WATERFRONT DISTRICT THAT
MAKE BEIRUT CITY CENTER SUCH A
DISTINCTIVE DESTINATION.
03A2- 22
Marfaa / Conservation Area / Abdel Malak Street

It is the vibrant cultural and artistic offerings coupled with the finest dining and hospitality Over the years, the documentation and digitizing of archeological finds and the evaluation
experiences that make Beirut city center such a distinctive destination. The Beirut Souks, of scientific data, have provided a new synthesis of Beiruts history. Articles signed by
a national and regional shopping and meeting place, boast world-class cuisine by Lebanese and foreign scholars continue to feature in some of the worlds leading journals,
renowned restaurateurs such as Mourad Mazouz and Yannick Allno. Likewise, the Beirut and a growing number of young archeologists has completed dissertations that narrate part
Exhibition Center in the Waterfront District has become a pillar of the regional art scene, of the citys urban past. In 2010, archeological research proceeded on a number of sites.
and forthcoming developments such as the Beirut Fitness Center and The One, a dazzling
nightclub, will enhance the singular urban dynamism of the city center. Some of the latest discoveries have confirmed the exact location of the Roman Hippodrome
and theatre, as well as a large temple platform and cemetery situated outside the former
CU LTU RE city walls dating back to the Omayyad and Ottoman eras. Other excavations have confirmed
A strategy that enhances the long history of Omar Daouk Street, an important axis ever since Roman times.
the urban dynamism of Ever since its inception in the mid-1990s, Solidere has been the main instigator of the
the city center
restoration of a large number of heritage buildings and has taken a leading role in arche- Excavations in the Wadi Abou Jamil Sector yielded vestiges of the Roman Hippodrome,
ological excavations within Beirut city center. The Company also initiated the development where chariot races took place, as well as an amphitheatre where plays and gladiator
of such key cultural projects as the Heritage Trail and Beirut City History Museum. fights were staged. Archeologists found at least two major construction phases concerning
both structures. Both phases exposed fragments that suggest the theatres semicircular
Since 2005, these efforts have merged into a tangible cultural strategy formulated in coop- seating area was cut into the Serail Hill between Capuchin Church, the Grand Serail and
eration with a team of cultural consultants from the Gaia Heritage foundation. The scheme Bank Audis headquarters.
had focused primarily on the area around the Martyrs Square Axis and is being restudied to
encompass the entire Beirut city center, with funding being made available by Oman and In its first phase, the Hippodrome was 42 m wide, which was later enlarged to 88 m. Parts
Kuwait through the Ministry of Culture, for the House of Arts and Culture and the City His- of the ancient stadium have been classified as national heritage by the Ministry of Culture.
tory Museum, respectively. Additionally, Solidere opened in 2010 the Beirut Exhibition Center Solidere is preparing an international landscape design competition to create a hippo-
in the Waterfront District. drome park, which it will implement on behalf of the ministry.
Meanwhile, the Quartier des Arts in Saifi Village has reached critical mass and has become In Mina El Hosn, several large mosaics were found. Formerly part of a large first century
a main focal point for arts and handicrafts, as a core of antique shops, galleries, fashion villa, they were excavated, lifted and transferred to the National Museum.
and interior designers have found a home there.
In the vicinity of the Riad El Solh Square, more burials, spanning from the Omayyad to
Two site specific museums located on Nejmeh Square have been restored. The Crypto Portico Ottoman era, confirm that this site became a cemetery outside the gates of Bab Dirke and
Museum beneath the Deputies Office Building features part of the site of the Roman Forum. Bab Yaqoub after the city wall was completed. Near the ring road and the Armenian
An omphalos (round granite block representing the navel or exact center of the city from which Catholic Church, the remains of an enclosure wall and tower, built in the early years of
all distances were measured) sits against a backdrop of a series of blind arches that once lined the Roman colony of Berytus, were exposed. They are set to become part of the landscaped
the street, complete with its original checkered black and white tiling pattern. The museum is surroundings of the residential project currently being developed at the site.
not yet open to the public. The Crypt Museum, on the site of the former Byzantine church be-
neath St George Greek-Orthodox Cathedral, was completed and opened to the public in 2010. Solidere continues the integration of archeological sites within the city fabric. The conserva-
tion and consolidation of parts of the medieval moat and city wall, as well as remnants of
Solidere has initiated an extensive public art program, and discussions are ongoing for the Phoenico-Persian quarter were completed in Beirut Souks. Elements of the ancient har-
the establishment of a national theatre and several other museums. bor are to be incorporated in Khan Antoun Bey Square and Harbor Square. The landscaping
of Castle Square aims to integrate, among other elements, the foundations of the castles
ARCHEOLOGY southwestern tower. The main focus remains Hadiqat As Samah and the Heritage Trail.
Like most cities on the Levantine coast, Beirut boasts an ancient history. Extensive scientific
research and archeological excavations in the heart of the city have unearthed evidence of
a variety of civilizations spanning at least 5,000 years. Solidere financed archeological teams
working under the supervision of the Directorate General of Antiquities (DGA) to rescue
and preserve remains of the past.
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Marfaa / Conservation Area / Riad El Solh Square Marfaa / Conservation Area / Riad El Solh Square
HERITAGE TRAIL Souk Arwam is Coco and Cassia. Designed by Architect Anonymes, the restaurant has a
terrace overlooking the Souks medieval wall and moat and offers a mix of health food
The Heritage Trail will be launched by the end of 2011 and is one of the central compo- and French desserts. Under construction at Sayyour Square and by the same designer is
nents in Solideres cultural strategy for Beirut city center. Marked by bronze medallions The Grid, a coffee bar, which has the potential to become a worldwide franchise.
grouted into the sidewalk, the trail will link the city centers various archeological sites,
historic places and heritage buildings through a 2.5 km-long walking circuit with the aim Under construction and in collaboration with Yannick Allno, the famous 3-star Michelin
to bring back to life the story of Beirut from ancient times till today. chef of the Meurice Hotel in Paris, is STAY on Fakhry Bey Street, a caf trottoir on the ground
level and a contemporary brasserie on the upper level with a floating bar; and Sweet Tea, in
A series of large district panels and smaller site-specific signs explain Beiruts history in the Jewellery Souk, a salon de th serving and selling Allnos exclusive pastries.
three languages. The circuit will start from the Beirut Souks area, which has preserved
and incorporated part of a 2,500-year-old street grid and Ottoman access gates, as well Under construction on Saad Zaghloul Street, in partnership with the 2-star Michelin chef
as the restored Mamluk Zawiyat Ibn Iraq and Majidiya Mosque. Davide Bisetto, is a place carrying his name. Designed by Didier Gomez (France), the
restaurant offers the chefs own creations of light and healthy Italian cuisine. Finally, still
Past Amir Munzer Mosque, Roman Baths Garden and Grand Theatre Hotel, the trail leads under study in Beirut Souks is LAtelier de Jol Robuchon, the French 3-star Michelin
to the south end of Maarad Street, offering a fine view over the restored Roman Cardo chef. Designed by Pierre-Yves Rochon (France-US), LAtelier offers an open kitchen
Maximus, which is to be incorporated in the future Hadiqat As Samah. The trail continues behind a circular bar that allows clients to compose their own meal.
along, among other sites, the St George Greek-Orthodox and St Elie Greek-Catholic
cathedrals, the beautifully restored Al Omari Mosque, the 1925 Beirut Municipality build- L E ISU RE
ing and the 16th century Amir Assaf Mosque to reach Martyrs Square and the Canaanite Pedestrian spine with a
Tell, the future site of the Beirut City History Museum. The trail then traverses the Foch- Solidere has formulated a temporary use strategy to establish the Waterfront District as a variety of cultural and
recreational activities
Allenby area along Castle and Harbor squares to regain Beirut Souks at Trablous Street. destination and test various land use concepts pending the completion of its infrastructure
Future extensions to the Heritage Trail are already being planned. and the start of real estate construction.
HOSPITALITY The strategy focuses on a pedestrian spine linking the city center from Beirut Souks to
Revenue generating the waterfront Corniche promenade, along which a variety of cultural and recreational
activity that complements Now that Beirut has once again become a top destination for local and foreign visitors, Solid- activities will take place. These include bicycle and jogging trails, concert venues and the
development and
enhances property value ere intends to upgrade the hospitality sector in the city center. The Company has decided to future Beirut Fitness Club and The One nightclub.
engage in hospitality management to complement and support real estate development in
the city center and enhance property value, while being a revenue-generating activity in col- Adjacent to the spine, the Beirut Exhibition Center was inaugurated in June 2010. An area
laboration with renowned architects, interior designers, hotel operators and chefs. in the District had previously been leased to the Beirut International Exhibition and Leisure
Center until 2013 to create temporary exhibition halls, conference areas, a banquet pavilion
Among other projects, the Company is developing a mixed-use project and boutique hotel and seaside restaurant.
in the traditional city center as well as several destination projects in the Waterfront District.
It also created the Beirut Hospitality Company Holding in 2010 with the aim to establish THE ONE
restaurants in the city center in partnership with world famous chefs and restaurateurs.
Situated on a 3,200 sq m site, The One is a state-of-the-art nightclub. A joint venture
On the top level of the Jewellery Souk, the Company, in partnership with London and between Sky Management and Solidere, The One is designed by Sari El Khazen and will
Paris-based Mourad Mazouz, opened Momo at the Souks. Designed by Annabel Kassar, stand out as a giant graffiti canvas. Lebanese and international artists will be invited to
this mixed lounge bar/restaurant with a garden terrace offers a cosmopolitan cuisine with narrate Beiruts story on the buildings faade, which is set to become a work of art.
a Moroccan twist.
The interior will be constantly changing, as the result of new cutting-edge technology, which
Solidere is cooperating with French chefs Eric Sinnig and Paul Gardin on three restau- includes a combination of 3D mapping and 360 degree projections a first for Lebanon
rants. On Ajami Square it opened Caf M, an Italian mozarella bar concept. On the and the region. With a capacity of 1,000 people, The One aims to host local and international
intersection of Saad Zaghloul and Abdel Malak streets, it opened Relais Foch, a bistro of- events and introduce a whole new sensation of clubbing to the region. The venue, which
fering French cuisine. Both are designed by Dada and Associates. Under construction in will only be open during winter months, will be inaugurated by the end of 2012.
136
W I N T E R DAY 6A M
11A1-0214
Mina El Hosn / Hotel District / Prof. Wafic Sinno Avenue

138
11A1-0228
Mina El Hosn / Wadi Abou Jamil Sector / Omar Daouk Street

140
11A1-0232
Mina El Hosn / Wadi Abou Jamil Sector / Omar Daouk Street

142
11A1-0167
Waterfront District / Sector D

144
02
PROJECTS ZAITUNAY BAY / 146
OFFICE BUILDING / 148
SERVICED FURNISHED
APARTMENTS, SPA AND
WELLNESS CENTER / 150
178 SAIFI VILLAGE / 152
FUTURE PROJECTS / 154

PINWHEEL PROJECT
CONGRESS CENTER
BEIRUT CITY HISTORY MUSEUM
GRAND THEATRE HOTEL
BEIRUT FITNESS CENTER
PROPERTY INDEX / 160

H
02
03
A-403
FL: +22.30
CL: +21.70
G WS-14
A-419
03
F FL: +22.30
CL: +21.70
04
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A-402 RAIL
D-01
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D-01
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WS-13 WS-15
SETBACK LIMIT A-419 SHAFT ST05
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FL: +22.05
CL: +21.45 A-419
K
FL: +21.95
SITE LIMIT CL: +21.35
FL: 06
E2
CL: + 21.78
5cm THICK DRAINAGE
OUTLET CHANNEL
WS-12
A-418
RAIL
SHAFT
E1
07
04
R-01 A-404
TERRACE 01
FL: +21.63 SHAFT

D CL: +21.03
FL: +21.85 1/2

CL: +21.25
A241 2/2 08
T OF A242
FL: +21.75
CL: +21.15
D-01 LIMI T OF
A-411 WS-04
LIMI
A-414
08A
EL-01
D-01 R-04 A-301
FL: +21.65 WS-11 A-411 TERRACE 04
01 CL: +21.05 A-418
A-401
C SHAFT
R-02
TERRACE 02
05
FL: +21.63 A-405
CL: +21.03
WS-10 FL: +21.75
SHAFT
09A
A-418 FL: +21.75 CL: +21.15
FL: +22.15
CL: +21.15
CL: +22.10
B FL: +22.24
FL: +21.55
CL: +20.95 SHAFT
CL: +22.14
R-01
D-01
A-411
TERRACE 01 SHAFT
SHAFT 10A
UP FL: +21.48
SHAFT
- 2% CL: +20.88 FL: +21.847
CL: +21.747 R-00
SKYLIGHT
FL: +21.45 FL: +21.75

CL: +20.85 CL: +21.65
FL: +21.75
CL: +21.15
FL: +21.63
WS-09
%
11A
CL: +21.03
A-417
- 4.5
WS-08
A-417
SHAFT
UP
02 R-02 SHAFT
TERRACE 02 WS-16
A-419
FL: +21.42 FL: +21.804
D-01 CL: +20.82 CL: +21.704
A-411
D-01
A-411 12A
FL: +21.90
CL: +21.85
R-02
TERRACE 02
03
R-01
TERRACE 01
RAIL
WS-01 FL: +21.75
A-411 CL: +21.65
04 FL: +21.39
CL: +20.79
SHAFT
05
SHAFT 13
FL: +21.39
EL-03 CL: +20.79
A-303
UP
- 1%
06
FL: +21.15
CL: +20.55
R-01
TERRACE 01
WS-07 UP
A-417
- 8% WS-03
A-413
14
FL: +20.75
CL: +20.15
SHAFT
07 SHAFT
ST12
A-516
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FL: +21.15 TERRACE 02
1/2 CL: +20.55
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LIM IT SHAFT 15
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FL: +20.75
CL: +20.15
R-02 05
TERRACE 02 A-405
D-01
12 D-01
A-411
A-411
SHAFT
WS-06
A-416
SHAFT SHAFT
16
FL: +17.15
CL: +16.55
WS-02
R-02
TERRACE 02 A-412
13
R-01
FL: +16.98 TERRACE 01
ST08
A-508
FL: +17.15
CL: +16.55
FL: +17.15
CL: +16.55
WS-05
A-415
01 03
A-401 A-403
14
15 A B C 02
D E3 F G H
A-402
ZAITUNAY BAY
Mina El Hosn / Lot 1455 / 1456 / Block 2-01 and 2-02
Mixed-use / BUA 20,000 sq m
Designed by Steven Holl Architects (US) with Nabil Gholam Architects
Landscape concept and design by Vladimir Djurovic Landscape Architecture
Landscape detailing and supervision by CBA Group
Under Construction
Adjacent to Beirut Marina, the Zaitunay Bay project is a 50/50 joint venture between
Solidere and Stow Waterfront Development in the form of a company, Beirut Waterfront
Development s.a.l. (BWD). The development is conceived as an urban beach, as it extends
the existing seafront boulevard and promenade by a series of overlapping platforms,
MINA EL HOSN / CORNICHE ROAD
reminiscent of sea waves, to provide outdoor spaces and public areas for artwork.
The facilities under construction include an apartment and yacht club building, a series
of waterside restaurants, specialty stores and public facilities. The project is accessed from
the Corniche promenade to the north, the waterside city park to the east and a pedestrian
bridge over the boulevard to the south.
Situated on the northeast side of the site, the yacht club is the projects main building with
a total of 14,000 sq m of floor space. It consists of four stories and three basements,
accommodating commercial space at ground level, 53 serviced and furnished apartments
and a yacht club on upper levels. Nine apartments are to be retained and operated by BWD
with managerial support from a third-party operator. The other apartments will be sold.
The design-and-build tender for underground structural work and construction of the
basement floors was won by a Houri Profond joint venture, based on the design by
the Soltanche Bachy Group (France). The works were completed in March 2009. Houri
are currently building the superstructure with interior design entrusted to Dada Associ-
ates. The buildings inauguration is expected to take place in February 2012.
The quayside restaurant strip on the southern side of the development comprises 16
restaurants and five retail outlets totaling approximately 6,000 sq m of floor space.
Stretched along the Beirut Marina, the one-story construction remains below street level,
with its roof being a continuation of the Corniche.
DMR (US) with Geopier (Turkey) won the tender for enabling and ground stabilization
works, which were completed in April 2009. Construction works on the restaurants and
retail outlets started in October 2009 and are being executed by Socit Mouawad-Edd.
MINA EL HOSN / WATERFRONT DISTRICT The target delivery date is set for September 2011.
OFFICE BUILDING
Mina El Hosn / Lot 1493
Offices / BUA 24,000 sq m
Competition in 2010 between 3XN (Denmark),
Fumihiko Maki and Associates (Japan), Rogers Stirk
Harbour + Partners (UK) and Wilkinson Eyre (UK)
Fumihiko Maki and Associates selected with Fouad
Menem Consultants and Partners
Under Study
The competition brief called for a distinctive office building looking towards Beiruts future.
The winning scheme proposes a 20-story triple A office tower that meets the highest inter-
national standards in terms of space, structural efficiency, comfort and technical resolution,
corresponding to its unique location within the city center.
The concept incorporates a large podium, as a contemporary interpretation of the porous

urbanism that creates the unique character of a Middle Eastern souk with its sheltered
passageways. The podium introduces filtered natural light and a lower scale storefront in
a modern design vocabulary.
In response to the global trend for multi-use, loosely defined working environments, a series
of linked green spaces run throughout the tower. Referred to as vertical urbanism, they con-
nect the work spaces to the surrounding city and sea. The buildings design benefits from
a shifted core, which allows for greater office depth and flexibility. A single corridor offers
access to all offices, thus maximizing the total rental area. All offices benefit from views on
the mountains or sea.
The concept has been optimized for Beiruts mild winters and hot summers using a double-
skin faade. The outer skin is a mix of translucent and transparent glazing of a ceramic
frit to protect against wind and solar radiation, allowing diffused light to fall in. The inner
skin is fully glazed and includes slits, allowing for fresh air to reach the interior.
MINA EL HOSN / HOTEL DISTRICT / GEORGE SHEHADE STREET

SERVICED FURNISHED
APARTMENTS, SPA AND
WELLNESS CENTER
Mina El Hosn / Lot 1338 / Block 46-08
Competition in 2010 between Peter Marino Architects (US),
David Chipperfield Architects (UK) and SANAA (Japan)
Peter Marino Architects selected with Idepconsult
Under Study
Conceived as the fifth magnet within the regeneration of Beirut city center, this site is
intrinsically linked to Beirut Souks. Located on Patriarch Hoyek Street, the principal vehic-
ular approach to the Waterfront District, it is the last segment within the pedestrian network
that connects the Hotel District to the commercial city center. The project includes retail,
restaurants and cafs, high-end serviced furnished apartments and the future Beirut Bodyna
Spa and Wellness Center.
The winning scheme presented by Peter Marino achieves a successful massing response
to the local context by means of a well-planned arrangement and the introduction of a
central courtyard, which creates a public destination within the development. The resi-
dential wing is entered from the southwest corner, the calmest part of the site, and enjoys
easy access to the courtyard with its many public elements. A connection on the rooftop
offers access to the spa, roof garden and sun terrace with its spectacular views.
The retail component facing Beirut Souks is highly visible and easily accessible creating
a vibrant new commercial area. The stores, restaurants and cafs will benefit from the addi-
tional pedestrian traffic that is to cross the courtyard. The wellness center features top design,
equipment and professionals to cater for a demanding clientele.
MINA EL HOSN / SOUKS SECTOR / 75TH STREET

178 SAIFI VILLAGE
Saifi / Lot 178 / Block 125-06
Designed by Nabil Gholam Architects
Awaiting Permit
Following the success of Saifi Village, Solidere initiated 178 Saifi Village as its extension.
The project is a cluster of five residential buildings with neat modern faades set around
a landscaped courtyard, offering a wide range of apartments, including large lofts with
5.75 m-high ceilings, mini lofts with a combined living-working space, ground floor
maisonettes with private gardens, central hall apartments and a variety of penthouses
with generous terraces.
Occupying a 2,937 sq m site, the project offers 8,003 sq m of residential space and 1,850
sq m of office space, 530 sq m of cultural space, 179 sq m for stores and 176 sq m for
restaurants. The building that opens on the ring road offers serviced offices and a gallery
space that is designed for end users in the creative sector. On the ground level, a link-
gallery connects the office building to the cultural space situated above a streetfront caf.
The buildings difference in end use is reflected in the material used for its faade, which
differs from the one used in the four residential structures.
The design is geared towards a contemporary lifestyle as it offers a blend of services and
conveys a discrete sense of luxury. Space, light, calm and comfort characterize the town-
house like residential units that combine a great urban location in the heart of Beirut with
the pleasure of a quiet green haven. The creative industries building and gallery provide
a natural extension to the Quartier des Arts in Saifi Village.
In 2010, piling works were completed, while excavation works were delayed due to the
discovery of archeological remains that are now, with DGA approval, to be incorporated
into the landscaped garden.
SAIFI / GENERAL FOUAD CHEHAB AVENUE

154 PROJECTS Solidere Annual Report 2010
FUTURE PROJECTS
PINWHEE L PROJE CT CONGRE SS CE NTE R

Marfaa
Mixed-use Strategically located between the Ports First Basin and the historic Foch-Allenby district, Situated at the heart of the Waterfront District, Solideres planned congress center is an
BUA 160,000 sq m
Designed by Solideres Pinwheel Project is to be a distinctive development that is the gateway to the anchor project that aims to accommodate a variety of local and international events, in-
Renzo Piano Building
Workshop (Italy)
Waterfront District. The site lies at the crossroads of several main arteries: Port Street and cluding conferences, exhibitions, concerts and theatre performances. The center will be
with Fouad Menem Mir Majid Arslan Avenue to the south, Foch Street to the east, Patriarch Hoyek Street and surrounded by public spaces: a square to the north, a linear park to the south, which ex-
Consultants and Partners
Under Study the extension of Allenby Street to the west, and the Ottoman Wall Walk to the north. tends from the waterfront park to the planned Eastern Marina and a sequence of green
spaces leading from Khan Antoun Bey Square to the seafront Corniche.
The renowned Italian architect Renzo Piano perceives the project, in his own words, as a
new urban area located between the old city of Beirut, the mainland, and the reclaimed The design brief challenge, which will be subject to an international competition, is to
area, the new continent. It is a key development set to complete the urban puzzle with attract a creative, state-of-the-art, sustainable and market responsive solution. This
a subtle balancing game between four key concepts: unity and diversity, permeability and unique landmark project, which serves the government, business, cultural and tourism
privacy, transparency and opacity, construction and vegetation. sectors, has a targeted BUA of 22,000 sq m. The projects centerpiece is a multi-functional
auditorium with a capacity of 2,500 to 3,000 seats, adaptable to various layouts and seating
The concept proposal has evolved significantly since its early inception and received the configurations.
Board of Directors approval in December 2010. The project includes three towers with
podiums. The southern tower accommodates a department store, hotel and serviced The exterior part of the project allows for an additional 3,000 sq m of surface area to be
apartments, with an observatory and belvedere on the top level offering 360-degree views. used as a supplementary space for temporary structures to accommodate seasonal events.
The northern tower comprises condominiums, lofts and sky villas, while the western The project also includes income-generating activities that can function autonomously,
tower offers specialized offices. such as food and beverage outlets and tourist shops.
Several other buildings of podium height consist of both residential and office compo- B EIRU T CITY H ISTORY MU SE U M
nents. These elevated podiums connect the project to the surrounding buildings on the
mainland, thus creating a sense of continuity and urban unity. They include an active Solidere has proposed the construction of the Beirut City History Museum on an
ground floor level, several multi-use levels and rooftop suspended gardens. archeological site north of Martyrs Square, where excavations in the mid-1990s un-
earthed such significant finds as the Phoenician Tell, the Bronze Age city gate and remains
The active ground floor level is anticipated as permeable and accessible to the public. The from the Persian, Hellenistic, Byzantine, Medieval and Ottoman periods. Shortly after,
retail frontages of a variety of heights are adorned with light, transparent canopies. Trees are Solidere commissioned Michel Macary (France), known for his design of the Louvre ex-
essential as unifying elements that help unite the old land and the new continent through- t e n s i o n ,
out the Pinwheel Project. The presence of water, another unifying element, gives the im- to undertake an initial study of the Tell and explore the concept of a site specific museum.
pression of the sea penetrating into the city and provides for a cooling effect in summer.
The museum's design will be integrated with the Martyrs' Square underground parking,
The rooftop suspended gardens, accessed by panoramic elevators, include both native the Petit Serail and the landscaped garden at the Martyrs' Square and Tell site. Recently,
and Mediterranean plants, with a mix of deciduous and evergreens to maintain a green Solidere commissioned renowned Italian architect Renzo Piano to study Martyrs' Square's
cover during the seasonal changes. Also at this level, light constructions made of steel, urban and architectural design, including the Beirut City History Museum, in cooperation
glass and fabric are used for cafs and restaurants. In addition, light structural walkways with the Ministry of Culture.
connect the different plots together to create a continuous rooftop promenade.
Additionally, and to safeguard the site while providing vehicle and pedestrian access in
The particular function in the multi-use levels is represented through the use of different what is a heavy use environment, Solidere commissioned Dar Al-Handasah to study three
faade typologies. Glass, steel, concrete, stone, fabric and vegetation constitute the main road options and to carry out a detailed design of the most appropriate one. The chosen
materials used to interplay with each other. Above the podium, articulated and transpar- option incorporates a two-way road and bridge structure on the east side of the Tell with
ent towers are set to arise, creating a sense of a crystal and lace presence above the trees underpasses to ensure a pedestrian connection to the museum.
and gardens. The east-west orientation of the towers provides views over Beirut, the sea
and mountains.
GRAND THEATRE HOTEL

EAST ELEVATION / SYRIA STREET
Bachoura / Lot 891 / Block 85-04
Hotel / BUA 11,800 sq m
Designed by Rogers Stirk Harbour + Partners (UK) with Ziad Akl
and Partners / Interior design by Anouska Hempel Design (UK)
Awaiting Permit
Originally known as Le Grand Thtre des Mille et une Nuits (The Grand Theatre of One
Thousand and One Nights), this venue built in the late 1920s is of great historical impor-
tance to the city of Beirut. It consisted of a theatre and a small hotel or pension, with
small shops along the street front arcade.
The old Italianate theatre, which hosted a number of small shows, performances and
events in its glory years, and was later converted into a cinema, had fallen into disrepair
and was finally home to militants and squatters during the civil war.
WEST ELEVATION / ALEXI BOUTROS STREET
To honor the memory of the Grand Theatre, and after years of studies to determine the
best use for the building, Solidere proposes to restore the old structure in its original
design as a boutique hotel with the theatre as its centerpiece.
Plans for the Grand Theatre Hotel are now well underway and it promises to become a
spectacular destination, with the original charm and drama of the theatre preserved.
To date, the main faades have been restored, and strengthening works have been carried
out to the footings. To lend the project greater importance and provide additional needed
space, the adjacent building on lot 870 will be rebuilt as original and, together with an
empty site to the south, will become part of lot 891.
The design aims to unite varying aspects and scales of urban development through a com-
bination of faithful reconstruction and bold modern intervention that respect the existing
structures. Several massing options were investigated by the architects who decided on a
SOUTH ELEVATION / MERE GELLAS STREET series of cantilevered structures to support modern extensions that seemingly hover over
the existing building and accommodate suites and roof gardens. The gaps between the
modern interventions offer pleasant perspectives from within and allow natural light to
penetrate the rooms.
The concept minimizes the number of locations where the new structures penetrate the
existing building and ensures that they remain clear of the main historic spaces.
BEIRUT FITNESS CENTER
Marfaa / Block 146
Sports / Area 4,591 sq m
Designed by Bernard Khoury / DW5
Under Design
Located on 9,000 sq m of land behind the Beirut Exhibition Center, the Beirut Fitness
Center (BFC) is the second of the temporary projects along the pedestrian trail aimed at
heralding Solideres development of the reclaimed land area. Envisioned as an urban
country club, the BFC is a distinct refuge for anyone seeking to work out, enjoy sports
and rejuvenate body and soul.
Designed by Bernard Khoury, the structure seems to be turned into itself, and yet it is open
to the elements and full of natural light. The facility offers, among other things, tennis and
squash courts, a gym, spa, swimming pool and a 400 sq m climbing wall that is unique in
the Middle East. The venue also offers a 1,250 sq m landscaped garden.
Extensive use of glass walls and meandering passages around the tennis courts and gar-
den give the facility an air of permeability. The centers eye-catching entrance and climb-
ing wall are the only visible components above ground. The center features photovoltaic
panels and rainwater capturing systems to help safeguard the environment.
WATERFRONT DISTRICT
PROPERTY INDEX
Development or Developer Name / Type of Development
Architects / Lot Number
In 2010, Solidere witnessed the completion These and other signature developments,
of the South Souks, opening of the Water- catering to residential, business and
front District and launch of innovative tourism demands, will enhance the Solid-
projects designed by preeminent architects ere real estate portfolio and ensure an in-
such as Renzo Piano, Nabil Gholam, creased and sustainable rental income
Peter Marino and Fumihiko Maki. These stream. As Beirut continues to attract re-
achievements were complimented by sig- gional and international investors, Solidere
nificant progress on the North Souks de- builds on its legacy of developing the finest
partment store designed by Zaha Hadid city center in the Middle East.
and the luxurious Zaitunay Bay, set to
launch its quayside restaurants in fall 2011. Complementing Solideres own initiative
in undertaking high quality real estate proj-
ects, a large floor area has been the subject
of restoration and new construction by
third-party developers. The Company pro-
vides them with development briefs based
on sector plans and adapted to project
sites. Land use is prescribed by the devel-
oper on a market driven basis, with the
Companys approval.
BACHOURA MARFAA
INTRA BLDG BEIRUT GARDENS ELIE PIERRE MARIE GHANDOUR BLDG PRINCE TEXTILE COMPANY BLDG ASSEILY / BANK OF BEIRUT GREEK ORTHODOX WAKFS 1081 MARFAA IDAL BLDG BANQUE DE LHABITAT
RESTORED DEVELOPMENT NEW DEVELOPMENT SABBAGH BLDG RESTORED DEVELOPMENT RESTORED DEVELOPMENT RESTORED DEVELOPMENT RESTORED DEVELOPMENT RESTORED DEVELOPMENT RESTORED DEVELOPMENT RESTORED DEVELOPMENT
YEHIA ABBAS ARATA ISOZAKI / JAPAN WITH RESTORED DEVELOPMENT GEORGES ROUMIEH BARBAR KALLAB NABIL AZAR ANDR DIMITRI BEKHAAZI R AND K CONSULTANTS MOHAMAD IBRAHIM AMALE SASSINE
934 ERGA GROUP ELIE PIERRE SABBAGH 140 153 221 287 1081 1145 1216
1524 47
EL AWKAF EL ISLAMIYA CHATAWI BLDG KHATCHADOURIAN BLDG BEYDOUN AND OSSEIRAN BLDG
RESTORED DEVELOPMENT RESTORED DEVELOPMENT RESTORED DEVELOPMENT RESTORED DEVELOPMENT
GEORGES ROUMIEH LOUAY BILBOL ANTOINE TABET SAMAR MAKKI
RESIDENTIAL RESIDENTIAL
141 288 1146 1220
SOLIDERE REAL ESTATE
NEW DEVELOPMENT
NOT APPOINTED YOUSSEF CHATAOUI BLDG SOLIDERE CO-OWNED BANK OF BEIRUT CHIHA AND PHARAON BLDG
RESTORED DEVELOPMENT MARFAA 94 TAMARI BLDG RESTORED DEVELOPMENT RESTORED DEVELOPMENT RESTORED DEVELOPMENT
739
BILAL JAWAD NEW DEVELOPMENT RESTORED DEVELOPMENT SAID BITAR NABIL AZAR HENRI HELOU
1470 MACHADO AND SILVETTI / US R AND K CONSULTANTS 157 222 1084
WITH CHARLES HADIFEH 109
SOLIDERE REAL ESTATE BANQUE DU CRDIT NATIONAL 1538 SOLIDERE REAL ESTATE 168 MAARAD UFA BLDG BANCA DI ROMA EL AWKAF EL ISLAMIYA BITARIAN AND CHAMSEDDIN BLDG
NEW DEVELOPMENT RESIDENTIAL BLDG RADIUM RESTORED DEVELOPMENT RESTORED DEVELOPMENT RESTORED DEVELOPMENT RESTORED DEVELOPMENT RESTORED DEVELOPMENT RESTORED DEVELOPMENT
NOT APPOINTED NEW DEVELOPMENT BEIRUT VIEW REAL ESTATE NEW DEVELOPMENT ERGA GROUP ALI EZZEDDINE WISSAM JABR JOSEPH SAAB SAID JAZAIRI SAMIR RIAD ALI AHMAD
1518 ERGA GROUP NEW DEVELOPMENT R AND K CONSULTANTS 142 168 291 1086 1151 1283
108 NOT APPOINTED 114
MOSBAH RACHED BAKRI BLDG SOLIDERE REAL ESTATE 1544 MAKASSED ASSOCIATION EL JAFFAL AND SABRAWI BLDG
RESTORED DEVELOPMENT NEW DEVELOPMENT RESTORED DEVELOPMENT RESTORED DEVELOPMENT
IMAD BAKRI NOT APPOINTED BELAIR REAL ESTATE SABBAGHA AND FOTIADIS BLDG WISSAM JABR AIDA ABI NADER
1519 NEW DEVELOPMENT RESTORED DEVELOPMENT 448 1300
828
NOT APPOINTED JOSEPH INGEA
1546 224 SOLIDERE REAL ESTATE
RESTORED DEVELOPMENT
MIKA SEA SOCIT NATIONALE POUR RIZKALLAH BLDG MORTADA SAMI SIBAI BLDG VENISE CENTER ALI SAAD
SMIRAMIS BLDG NEW DEVELOPMENT LEBANON AND GULF BANK LE DVELOPPEMENT FONCIER RESTORED DEVELOPMENT RESTORED DEVELOPMENT RESTORED DEVELOPMENT 1301
NEW DEVELOPMENT NOT APPOINTED NEW DEVELOPMENT RESTORED DEVELOPMENT JOSEPH HAWA MEDHAT ANAN NABIL AZAR
ROBERT ADAM / UK WITH FOUAD 1548 HRANT ZAYZADJIAN MALEK KAAKI 170 1103 1153
HANNA AND FADLO DAGHER 118 145
BACHOURA COMPANY LEBANESE CANADIAN BANK 1458 SAUDI LEBANESE COMPANY COMMERCIAL BLDG KASSEM AND CHATAOUI BLDG
NEW DEVELOPMENT NEW DEVELOPMENT NEW DEVELOPMENT RESTORED DEVELOPMENT RESTORED DEVELOPMENT
CHRISTIAN DE PORTZAMPARC / AXEL SCHULTES / GERMANY NOT APPOINTED FOCH COMPANY FOR REAL ESTATE MOHAMAD KILANI MOHAMAD IBRAHIM
FRANCE WITH MZ ARCHITECTS WITH BATIMAT ARCHITECTS RESTORED DEVELOPMENT 773 1104
1548 NADIM KHATTAR
987 1524
225 EL ASSAD AND RAZZAK BLDG
OFFICES RESTORED DEVELOPMENT
MIXED-USE BEYDOUN AND JAWAD BLDG SOLIDERE REAL ESTATE MOHAMAD SAIDI
SOCIT BOURRI SOCIT 146 MARFAA RESTORED DEVELOPMENT RESTORED DEVELOPMENT 1316
FOCH RESIDENCE NEW DEVELOPMENT RESTORED DEVELOPMENT HACHEM KHATIB MAHMOUD SALAM
NEW DEVELOPMENT JEAN HARFOUCH GEORGES ROUMIEH 171 1154
BATIMAT ARCHITECTS ZAAROUR BLDG
119 146 RESTORED DEVELOPMENT
1466 BANK BEIRUT AL-RIYADH MARONITE WAKFS ERGA GROUP
ABDEL AZIZ BLDG RESTORED DEVELOPMENT RESTORED DEVELOPMENT 1327
RESTORED DEVELOPMENT TARAZI 226 ALI ALWANE AIDA ABI NADER
NICOLAS ZEIDAN RESTORED DEVELOPMENT 790 1123, 1124
JOSEPH INGEA EL AWKAF EL ISLAMIYA
1447 BANQUE DE SYRIE ET DU LIBAN
THE LANDMARK RESTORED DEVELOPMENT
RESTORED DEVELOPMENT 226 ARAB REINSURANCE COMPANY MICHEL BARMAKI
NEW DEVELOPMENT R AND K CONSULTANTS
BACHOURA COMPANY RESTORED DEVELOPMENT 1353
JEAN NOUVEL / FRANCE 1 KESREWANI AND SEHNAOUI AND ASSAAD BLDG
NEW DEVELOPMENT FOUAD MENEM
WITH KHATIB AND ALAMI FOCH 126 SOCIT BANCAIRE DU LIBAN DEMERJIAN BLDG RESTORED DEVELOPMENT
NOT APPOINTED 820
1520 BERYT LEBANON NEW DEVELOPMENT RESTORED DEVELOPMENT RESTORED DEVELOPMENT ABDO DACCACHE BEYDOUN AND OSSEIRAN BLDG
1477 RESTORED DEVELOPMENT
NEW DEVELOPMENT NABIL GHOLAM ARCHITECTS CHARLES BITAR MITRI SMAYRA 1166
NABIL GHOLAM ARCHITECTS WALID CHALITA
BACHOURA COMPANY 126 147 173
NEW DEVELOPMENT
HOTELS 1468 SOCIT FONCIRE 1135 MARFAA
1354
CHRISTIAN DE PORTZAMPARC / RESTORED DEVELOPMENT
FRANCE WITH MZ ARCHITECTS KARDOUS BLDG FARES FARRA
RESTORED DEVELOPMENT 1135
1523 BERGE CHICHMANIAN
L'ORIENT-LE JOUR BLDG
RESTORED DEVELOPMENT 228 SAHAB SAMADI BLDG
ROGERS STIRK HARBOUR + RESTORED DEVELOPMENT
PARTNER / UK FARRES FARRA BANQUE MISR LIBAN
12 EL HOSS BLDG SOLIDERE REAL ESTATE SOLIDERE REAL ESTATE 826 RESTORED DEVELOPMENT
MARFAA 1474 RESTORED DEVELOPMENT RESTORED DEVELOPMENT RESTORED DEVELOPMENT KHALED CHEHAB BANQUE DE SYRIE ET DU LIBAN
SOLIDERE GRAND THEATRE HOTEL NEW DEVELOPMENT AHMAD KHAWLI ERGA GROUP BINAA AND ERGA GROUP RESTORED DEVELOPMENT
RESTORED DEVELOPMENT 1167 R AND K CONSULTANTS
AXEL SCHULTES / GERMANY 127 148 174
ROGERS STIRK HARBOUR + WITH KAMAL HOMSI ARCHITECTS
PARTNERS / UK WITH ZIAD AKL CHAHINE BLDG
1360
PROPERTY PLUS
NEW DEVELOPMENT AND PARTNERS - INTERIOR BY 1474 NATOUR BLDG RESTORED DEVELOPMENT
ARQUITECTONICA / US WITH ANOUSKA HEMPEL DESIGN / UK RESTORED DEVELOPMENT BEYDOUN BLDG JEAN-CLAUDE ISSA
ERGA GROUP SOLIDERE PARK SIDE MOHAMMAD NATOUR RESTORED DEVELOPMENT 1136
891 MALEK KAAKI
1525 NEW DEVELOPMENT 198
NOT APPOINTED BEYDOUN BLDG 229 REAL ESTATE PROPERTIES
1475 RESTORED DEVELOPMENT RESTORED DEVELOPMENT
BACHOURA COMPANY
R AND K CONSULTANTS AREF SALEM ASSICURAZIONI GENERALI BLDG
NEW DEVELOPMENT
NOT APPOINTED 24 KRONFOL AND SEMMAKIEH BLDG SOLIDERE REAL ESTATE 836 RESTORED DEVELOPMENT
RESTORED DEVELOPMENT RESTORED DEVELOPMENT STPHO STPHAN ASSEILY BLDG
1526 MOUNIR ITANI ELIE NAKHLE RESTORED DEVELOPMENT
1170 EDWARD FAWAZ
128 149
AL MARKAZIA SUITES HOTEL KHOURY, KANAAN AND SURSOCK BLDG
1365
RESTORED DEVELOPMENT SOLIDERE REAL ESTATE EL BABA BLDG RESTORED DEVELOPMENT
ABED BABA RESTORED DEVELOPMENT GROUPE DU MOYEN-ORIENT RESTORED DEVELOPMENT JEAN SAFA
MIKA LAND ERGA GROUP RESTORED DEVELOPMENT AHMAD EIDO 1196
1448 ADNAN KHALIL
NEW DEVELOPMENT 200 1137
FOSTER + PARTNERS / UK WITH AAM AND AMIOUNI BLDG 230
MACHARI BLDG BANQUE MISR LIBAN /
R AND K CONSULTANTS RESTORED DEVELOPMENT
PROPERTY PLUS NEW DEVELOPMENT MASSAAD BLDG
1493 JOSEPH BITAR RESTORED DEVELOPMENT
NEW DEVELOPMENT NOT APPOINTED
ARQUITECTONICA / US WITH
25 SOLIDERE REAL ESTATE SOLIDERE REAL ESTATE NABIL AZAR
1517 RESTORED DEVELOPMENT RESTORED DEVELOPMENT MANSOUR BLDG
ERGA GROUP 948
ERGA GROUP ALI SAAD RESTORED DEVELOPMENT
1542 ADNAN EL KHALIL
CULTURAL 129 150 EL ABED BLDG 1374
BACHOURA COMPANY AND GOVERNMENTAL RESTORED DEVELOPMENT JOHNNY SALIM ESTEPHAN BLDG
NEW DEVELOPMENT SOLIDERE REAL ESTATE GEORGES TABET SOLIDERE REAL ESTATE RESTORED DEVELOPMENT
ARQUITECTONICA / US RESTORED DEVELOPMENT MAKASSED BLDG RESTORED DEVELOPMENT GRAZIELLA MECHREK ABI FARES
1068
WITH ATELIER DES FOUAD MENEM MAURICE BONFILS 1199
ARCHITECTES ASSOCIS FOCHVILLE 201 WISSAM JABR 1138
NEW DEVELOPMENT KHAWAM BLDG EL GHAFALEK BLDG
R AND K CONSULTANTS
GEORGES HADDAD AND ALAIN STEPHAN
1497 KARIM BAGDACHE
BANK MED MOUNZER AND SEMMAKIEH BLDG
1070
OFFICES 26 REAL ESTATE PROPERTIES
RESTORED DEVELOPMENT RESTORED DEVELOPMENT
THE HOUSE OF ART AND CULTURE FOUAD MENEM BARBAR KALLAB RESTORED DEVELOPMENT
NEW DEVELOPMENT SIMON NADER
131 151
ALBERTO CATALANO / ITALY EL MANSOUR REAL ESTATE
1375
CULTURAL JAAFAR AGHA BLDG HIBA AL MAARAD BLDG AND EL GHRAOUI BLDG
739 RESTORED DEVELOPMENT GREEK ORTHODOX WAKFS RESTORED DEVELOPMENT RESTORED DEVELOPMENT
JIHAD CHAAYA RESTORED DEVELOPMENT FOUAD MENEM CHARLES HOBEIKA
FOCH 94 202 ANDR DIMITRI BEKHAAZI 1142 1202
COMPAGNIE LIBANAISE
RELIGIOUS NEW DEVELOPMENT
SEHNAOUI AND HADDAD BLDG
286 DES ASSURANCES
LAZARIEH COMMERCIAL CENTER VINCENT VAN DUYSEN ARCHITECTS /
RESTORED DEVELOPMENT EL HARIRI BLDG RESTORED DEVELOPMENT
RESTORED DEVELOPMENT BELGIUM WITH NABIL GHOLAM
RICHARD SAMAHA RESTORED DEVELOPMENT BASSAM MAAMARI
NICOLAS HADDAD SAINT VINCENT DE ARCHITECTS HAKIMI BLDG FOCH REAL ESTATE
27 ANTOINE TABET 1080
933 PAUL CHURCH 1498 RESTORED DEVELOPMENT RESTORED DEVELOPMENT JALLAD BLDG
RESTORED DEVELOPMENT 203 RESTORED DEVELOPMENT
MOHAMAD CHAAR AND FADI FEGHALI NABIL TABBARA
NOT APPOINTED JOE SAGHBINI
136 152
1508 1376
KHALED MEHIO BLDG
NAAMAN BAGHDADI
138
MIXED-USE SOLIDERE REAL ESTATE

NEW DEVELOPMENT
NOT APPOINTED
NEMR DIAB BLDG 731, 746
NEW DEVELOPMENT
VICTOR LEGORRETA / MEXICO SOLIDERE REAL ESTATE
WITH FADLALLAH DAGHER NEW DEVELOPMENT
BANQUE LIBANAISE 1495 HOUSE OF PARLIAMENT ANNEX PATCHI STORES AL OMARI MOSQUE NOT APPOINTED SOLIDERE ABDEL KADER PALACE MEDIA FAN BEIRUT SQUARE BEIRUT TOWER MINA EL HOSN 1466 1053 MINA EL HOSN
POUR LE COMMERCE NEW DEVELOPMENT NEW DEVELOPMENT RESTORED DEVELOPMENT 745 RESTORED DEVELOPMENT NEW DEVELOPMENT NEW DEVELOPMENT NEW DEVELOPMENT NEW DEVELOPMENT RESTORED DEVELOPMENT
RESTORED DEVELOPMENT PHOENICIAN VILLAGE / 2 NABIL AZAR SAID JAZAIRI YOUSSEF HAIDAR ERGA GROUP JO GEITANI GIANCARLO DE CARLO AND ASSOCI- W.A.T.G / US WITH SAMIR FOUAD MENEM MICHEL HARMOUCH
BASSAM MAAMARI NEW DEVELOPMENT GOVERNMENTAL 172 418 1042 1347 ATES / ITALY WITH RAFIC EL KHOURY KHAIRALLAH AND PARTNERS 1466 1053
1378 NOT APPOINTED 1156, 1322, 1335 1379 1401
1501
PHOENICIAN VILLAGE / 1
NEW DEVELOPMENT
NOT APPOINTED
1502 PRIVATE RESIDENCE
EL THANI BLDG AMIR MUNZER MOSQUE PIERRE EL KHOURY ARCHITECTE ABI AAD BROTHERS BLDG THE DANA OF CCC NEW ZONE REAL ESTATE CEDAR HOUSE AND PINE HOUSE
SOCIT IMM. POUR LAGRICULTURE HOTELS HOUSE OF PARLIAMENT RESTORED DEVELOPMENT RESTORED DEVELOPMENT 771 RESTORED DEVELOPMENT NEW DEVELOPMENT HOURI, KEHDI AND STOW WADI NEW DEVELOPMENT NEW DEVELOPMENT
ET LA CONSTRUCTION RESTORED DEVELOPMENT MOUHAMAD SAIDI 457 KHALIL NADER KEVIN DASH / UK WITH TAYYOUN BLDG NEW DEVELOPMENT AHMAD EIDO YOUSSEF HAIDAR
RESTORED DEVELOPMENT NABIL AZAR 440 1238 AL SALAM ARCHITECTS NEW DEVELOPMENT PORPHYRIOS ASSOCIATES / UK 1477 1133
MOUFAWAD EL-KHOURY GOVERNMENTAL 1353 CHARLES HADIFEH WITH NABIH SINNO
1406 1158 AYMAN SANIOURA 1380 1407
797
NEW DEVELOPMENT
NOT APPOINTED
1387
HIBRI BLDG SAINT LOUIS CAPUCHIN CHURCH
RESTORED DEVELOPMENT MARONITE WAKFS RESTORED DEVELOPMENT SOLIDERE REAL ESTATE MIRA IMMOBILIRE EL TAGER BLDG
OMAR KANAFANI RESTORED DEVELOPMENT JEAN HARFOUCH RESTORED DEVELOPMENT MARINA TOWERS NEW DEVELOPMENT RESTORED DEVELOPMENT
BANQUE ARABE AFRICAINE 199 MINISTRY OF FINANCE AIDA ABI NADER 835 R AND K CONSULTANTS NEW DEVELOPMENT PLATINUM TOWER ERGA GROUP NABIL EL KHAZEN
NEW DEVELOPMENT RESTORED DEVELOPMENT 1315 1261 KOHN PEDERSEN FOX ASSOCIATES / NEW DEVELOPMENT 1478 1270
SAMIR E. KHAIRALLAH GOVERNMENTAL US WITH DAR AL HANDASAH RICARDO BOFFIL / SPAIN WITH
1443 1383 1354 NABIL GHOLAM ARCHITECTS
FOUAD MENEM TRUST CONSTRUCTION
799 NEW DEVELOPMENT 1421
BOLLES AND WILSON FREIE WADI HILLS
ARCHITEKTEN / GERMANY NEW DEVELOPMENT
WITH ARC GROUP AGENCE D'ARCHITECTURE
1296 ANTOINE BECHU / FRANCE
EL PATIO ABOU BAKR AL DABBAGHA MOSQUE WITH NABIH SINNNO
RESTORED DEVELOPMENT SOLIDERE BEIRUT SOUTH SOUKS RESTORED DEVELOPMENT 1388 CIBICO BLDG RADIM, DANA AND SIFICO S.A.L.
JOE CHEHWAN NEW DEVELOPMENT NEW DEVELOPMENT NEW DEVELOPMENT
1152
THE ATRIUM 1144 CENTRAL POST OFFICE SOUKS CORE: RAFAEL MONEO / SPAIN THE PARK VIEW JO GEITANI SAMIR KHAIRALLAH AND PARTNERS
NEW DEVELOPMENT RESTORED DEVELOPMENT WITH SAMIR KHAIRALLAH AND NEW DEVELOPMENT BAY TOWER 1488 1334
NABIL AZAR GOVERNMENTAL PARTNERS JEWELLERY SOUK: KEVIN PIERRE EL KHOURY ARCHITECTE NEW DEVELOPMENT
1455 DASH / UK WITH SAMIR KHAIRALLAH 1355 W.A.T.G / US WITH SAMIR
1413 AYMAN SANIOURA
AND PARTNERS LANDSCAPE: OLIVIER KHAIRALLAH AND PARTNERS
VIDAL / FRANCE 800 OFFICES
THE CAPITAL GARDEN 1422
1479 NEW DEVELOPMENT
RETAIL SOLIDERE CO-OWNED
ERGA GROUP WADI GARDENS SOLIDERE REAL ESTATE
SAINT ELIE CATHOLIC CATHEDRAL 1327 NEW DEVELOPMENT NEW DEVELOPMENT
NOT APPOINTED
ETOILE SUITES HOTEL RELIGIOUS RESTORED DEVELOPMENT DAR AL OMRAN / JORDAN WITH NOT APPOINTED
803 ATELIER DES ARCHITECTES 1423
1450 FATTAL - ASSUREX BLDG
WISSAM SAADE ASSOCIS AND HANI MURAD NEW DEVELOPMENT
PRIMTRE IMMOBILIER 1281 24 AVENUE DU PARC 1392 JIHAD HADDAD
SAINT ELIE CATHOLIC CATHEDRAL
NEW DEVELOPMENT NEW DEVELOPMENT 1336
EXTENSION
ELIE PIERRE SABBAGH WALID TABET MELROSE BLDG
1459 1356 NEW DEVELOPMENT
1451 SIMONE KOSREMELLI
SOLIDERE BEIRUT NORTH SOUKS
SOCIT BOURRI NEW DEVELOPMENT 1330 PARK AVENUE 1
NEW DEVELOPMENT VALODE ET PISTRE ARCHITECTES / NEW DEVELOPMENT
EL MAJIDIYA MOSQUE AL KARMAH BLDG
NOT APPOINTED FRANCE WITH ANNABEL KASSAR IMAD HAJJ ALI PHOENIX DEVELOPMENT
RESTORED DEVELOPMENT RESTORED DEVELOPMENT
1462 ENTERTAINMENT 1330 NEW DEVELOPMENT
15 R AND K CONSULTANTS
STARWAY 2 NOOR GARDENS PORPHYRIOS ASSOCIATES / UK
NEW DEVELOPMENT
808 NEW DEVELOPMENT WITH SAMIR KHAIRALLAH BERYTUS PARKS
NACHAAT OWAIDA PORPHYRIOS ASSOCIATES / UK WITH AND PARTNERS NEW DEVELOPMENT
FURNISHED APARTMENTS NOOR GARDENS MALEK MAHMASSANI ARCHITECTS 1440 PIERRE EL KHOURY ARCHITECTE
ZAWIYAT IBN IRAK AND NABIH SINNO
NEW DEVELOPMENT 1344
PORPHYRIOS ASSOCIATES / UK 1395, 1439 GHANDOUR AND RABBAT BLDG
YOUSSEF HAIDAR
WITH MALEK MAHMASSANI RESTORED DEVELOPMENT
1478 ARCHITECTS AND NABIH SINNO HABIB DEBS
FENICIA BANK LUNA ONE 1365 81
SOLIDERE BEIRUT NORTH SOUKS MOHAMMAD AL AMIN MOSQUE
NEW DEVELOPMENT NEW DEVELOPMENT
NEW DEVELOPMENT VILLA WADI
NEW DEVELOPMENT
ABDEL WAHED AL WAKEEL / UK /
EGYPT WITH ARC GROUP ZAHA HADID / UK / IRAQ WITH OGER LIBAN MINA EL HOSN NEW DEVELOPMENT
NABIL GHOLAM ARCHITECTS
AL DIYAR CONSULTANTS
1331
1470 SAMIR KHAIRALLAH AND PARTNERS 323 FERRUM DEVELOPMENT
LE GRAY HOTEL DEPARTMENT STORE 855 NEW DEVELOPMENT MEDGULF
NEW DEVELOPMENT 2 DAMAC TOWER PORPHYRIOS ASSOCIATES / UK NEW DEVELOPMENT
KEVIN DASH / UK WITH ATELIER PRIVATE RESIDENCE NEW DEVELOPMENT WITH NABIH SINNO NACHAAT OWAIDA
DES ARCHITECTES ASSOCIS NEW DEVELOPMENT VALODE ET PISTRE ARCHITECTES / 1442
SALAHEDDINE AND 1348
AND HANI MOURAD ABDEL WAHED AL WAKEEL / UK / FRANCE WITH ERGA GROUP
MOUGHABGHAB BLDG GARDEN VIEW STARCO CENTER
EGYPT WITH ARC GROUP INTERIOR BY VERSACE
1489 RESTORED DEVELOPMENT NEW DEVELOPMENT RESTORED DEVELOPMENT
PIERRE NEEMA 911 NABIL GHOLAM ARCHITECTS 1396 FAYSAL HAMDAN
SEA FRONT DIAMONDS 16 EDEN GARDENS 1368 134
NEW DEVELOPMENT SAINT GEORGE MARONITE CATHEDRAL
ANNAHAR BLDG NEW DEVELOPMENT
NOT APPOINTED RESTORED DEVELOPMENT
NEW DEVELOPMENT LAB ARCHITECURE AND ASSOCIATES / CARLYLE REAL ESTATE
PIERRE EL KHOURY ARCHITECTE
PIERRE EL KHOURY ARCHITECTE 1540 AUSTRALIA WITH BATIMAT NEW DEVELOPMENT
1473 327 ARCHITECTS ELIE MENAYAR
RESIDENTIAL AVENUE PLAZA
1333 140 MEDGULF
CULTURAL NEW DEVELOPMENT NEW DEVELOPMENT
AND GOVERNMENTAL SOLIDERE REAL ESTATE 45 PARK AVENUE
NABIL AZAR NACHAAT OWAIDA
DAOUK BLDG 3 BEIRUT 1444
RESTORED DEVELOPMENT NEW DEVELOPMENT 1349
RESTORED DEVELOPMENT NEW DEVELOPMENT
ETOILE REAL ESTATE JAMAL AL HABRI LACECO / MARWAN SALEH BEIRUT VILLAGE
ANTOINE CHAKKOUR FOSTER + PARTNERS / UK WITH SAMIR
RESTORED DEVELOPMENT 1337 NEW DEVELOPMENT
JACQUES LIGER-BELAIR
183 928 GIANCARLO DE CARLO KHAIRALLAH AND PARTNERS MIKA REAL ESTATE
137 AND ASSOCIATES / ITALY
JO GEITANI
SAINT GEORGE ORTHODOX WITH RAFIC EL KHOURY
ETOILE REALTY 1363
CATHEDRAL 1370
NEW DEVELOPMENT STARCO CENTER
ERGA GROUP RESTORED DEVELOPMENT
NABIL AZAR
1484 FAYSAL HAMDAN
MUNICIPALITY OF BEIRUT 340 AVENUE VENTURE 191
WALID TAKKIEDDINE LAB ARCHITECTURE AND
GOVERNMENTAL MANSOUR BLDG PARK PALACE
SOLIDERE REAL ESTATE ASSOCIATES / AUSTRALIA WITH
179 FEGAR ESTATE BLDG
BTUTP WITH FOUAD MENEM
VENUS REAL ESTATE ELIE PIERRE SABBAGH ARCHITECTS
SAMI MAROUN FOUAD MENEM NEW DEVELOPMENT
RESTORED DEVELOPMENT 1339 1450
GEORGES ROUMIEH
549 995 THE COURTYARD RAFAEL MONEO / SPAIN WITH SAMIR STRATUM
KHAIRALLAH AND PARTNERS NEW DEVELOPMENT
143 NEW DEVELOPMENT
SPORTS ET LOISIRS BLDG 1398 R AND K CONSULTANTS
SOLIDERE CO-OWNED MAHA NASRALLAH
BEIRUT HARBOR NEW DEVELOPMENT 1364
NOURIYAH ORTHODOX SHRINE RESTORED DEVELOPMENT 1371
NEW DEVELOPMENT ERGA GROUP COMMERCE ET FINANCE BLDG
RESTORED DEVELOPMENT KATIA BIAJINI
FOUAD MENEM 1341 RESTORED DEVELOPMENT
1504 348 996, 1232 FOUAD EL KHOURY
MUNICIPALITY OF BEIRUT - ANNEX GS BLDG 554

. SOLIDERE REAL ESTATE
RESTORED DEVELOPMENT NEW DEVELOPMENT THE CAPITAL PLAZA
NABIL AZAR PROPERTY 709 MINA SAID JAZAIRI NEW DEVELOPMENT
ERGA GROUP
GOVERNMENTAL NEW DEVELOPMENT 1342 MACHADO AND SILVETTI
LEBANESE CATERING ANTOINE SKAF 1015
243 RESTORED DEVELOPMENT BEIRUT TERRACES ASSOCIATES / US WITH
GEORGES ROUMIEH
709 PRIVATE RESIDENCE NEW DEVELOPMENT NABIL AZAR ELIE SAAB HAUTE COUTURE
HERZOG AND DE MEURON 1464 NEW DEVELOPMENT
144 NEW DEVELOPMENT
ARCHITEKTEN / SWITZERLAND CHAKIB RICHANI
AMIR ASSAF MOSQUE CHARLES HADIFEH
MERIT CORPORATION HEADQUARTER WITH KHATIB AND ALAMI 1381
RESTORED DEVELOPMENT 1375
NEW DEVELOPMENT 1399, 1494 ATTA BLDG
JEAN HARFOUCH
NABIL GHOLAM ARCHITECTS RESTORED DEVELOPMENT
1536 365 SIMONE KOSREMELLI
859
AL MASHREK INSURANCE DANA BLDG

OPEN MINA EL HOSN
NEW DEVELOPMENT RESTORED DEVELOPMENT
NABIL AZAR KHALED CHEHAB
1080 68
SPACES ALL SAINTS SQUARE
GUSTAFSON-PORTER / US / UK
SOLIDERE REAL ESTATE LES GRADINS BACHOURA OLD SHORELINE WALK /
CORNICHE ROAD
NEW DEVELOPMENT NEW DEVELOPMENT
AL MAWARED BANK HEADQUARTERS HILTON INTERNATIONAL ECOLE DES SOEURS DE BESANON SOLIDERE REAL ESTATE LAKIS BLDG SOLIDERE REAL ESTATE NOT APPOINTED DOLLY BREIDY DEBS SOLIDERE REAL ESTATE MOAWAD MUSEUM
NEW DEVELOPMENT NEW DEVELOPMENT RESTORED DEVELOPMENT RESTORED DEVELOPMENT RESTORED DEVELOPMENT NEW DEVELOPMENT NEW DEVELOPMENT RESTORED DEVELOPMENT BASIL FULEIHAN SQUARE
1103 73 AMIR AMIN SQUARE
ZAHA HADID / UK / IRAQ WITH ATEL CLAUDE MONTFORT TABET ATELIER D'ARCHITECTURE ALI SAAD KORTAS ENGINEERING ERGA GROUP FOUAD MENEM CULTURAL NOT APPOINTED
VLADIMIR DJUROVIC LANDSCAPE
RAED ABILLAMA ARCHITECTE / FRANCE SCHOOL SULEIMAN FRANGIEH
166 735 1062 LES GRADINS 1131 26 ARCHITECTURE
WITH BUTEC SCULPTURES BY SALWA RAWDA BOULEVARD
1383 990, 1024, 1028 CULTURAL RESTORED DEVELOPMENT
129 AND GOVERNMENTAL DOLLY BREIDY DEBS CHOUCAIR
CHEBAT BLDG SOLIDERE REAL ESTATE
AMIR AMIN STREET MINA EL HOSN SQUARE
ELECTRICIT DU LIBAN RESTORED DEVELOPMENT 74 NEW DEVELOPMENT
GUSTAFSON-PORTER / US / UK
NEW DEVELOPMENT SAID FADEL NOT APPOINTED
RIAD EL SOLH SQUARE WITH VLADIMIR DJUROVIC
HITACHI / JAPAN AND GENERAL 740 MINISTRY OF FOREIGN AFFAIRS 1132 MOHAMAD HALAWI LANDSCAPE ARCHITECTURE
ELECTRIC / US NEW DEVELOPMENT
ADNAN AL HAKIM STREET
UTILITIES ABDEL WAHED AL WAKEEL UK / AMIR BECHIR STREET
1340 EGYPT WITH ALI SAAD
GOVERNMENTAL OMAR DAOUK SQUARE
SOLIDERE REAL ESTATE SOLIDERE REAL ESTATE DIWANE AL MOUHASABAT UNDER REDESIGN BY GILLESPIES / UK
BANK AUDI RESTORED DEVELOPMENT NEW DEVELOPMENT 1076 RESTORED DEVELOPMENT MARFAA
OMAR DAOUK STREET
NEW DEVELOPMENT ROYAL HOTEL AND RESORTS RETAIL ALI SAAD ERGA GROUP FIRAS HAJJ
KEVIN DASH / UK WITH NEW DEVELOPMENT 169 1064 HARIRI PUBLIC LIBRARY GOVERNMENTAL
PRIVATE RESIDENCE AJAMI SQUARE SANTIYEH GARDEN AND PROMENADE
RAFIC EL KHOURY DAVID CHIPPERFIELD ARCHITECTS / NEW DEVELOPMENT 647
NEW DEVELOPMENT OLIVIER VIDAL / FRANCE GUSTAFSON-PORTER / US / UK
1384 UK WITH ZIAD AKL AND PARTNERS NOT APPOINTED
SOLIDERE REAL ESTATE FAROUK EL CHEIKH CITY HILLS BEIRUT SOUTH SOUKS OLD SHORELINE WALK /
834 CULTURAL
RESTORED DEVELOPMENT 77 NEW DEVELOPMENT AVENUE DES FRANCAIS
GREENLINE REAL ESTATE ERGA GROUP 1085 YOUSSEF HAIDAR
BAB IDRISS SQUARE
NEW DEVELOPMENT ROTANA HOTEL 741 1137 SHORELINE GARDENS
LES GRADINS OLIVIER VIDAL / FRANCE
BATIMAT ARCHITECTS NEW DEVELOPMENT GUSTAFSON-PORTER / US / UK
RESTORED DEVELOPMENT SCULPTURES PROMENADE
1393 AXEL SHULTES ARCHITEKTEN /
PRIVATE RESIDENCE
RETAIL ZIAD AKL AND PARTNERS SOLIDERE REAL ESTATE LHIPPODROME BY XAVIER OLD SHORELINE WALK /
GERMANY WITH KHATIB AND ALAMI ADNAN EL HAKIM STREET
RESTORED DEVELOPMENT 83, 908, 939 NEW DEVELOPMENT CORBERO / SPAIN
FURNISHED APARTMENTS ASSOCIATION JEUNESSE ANTRANIK NASSIF BLDG AL MADA
PIERRE EL KHOURY ARCHITECTE FOUAD MENEM BEIRUT SOUTH SOUKS
1369 RESTORED DEVELOPMENT RESTORED DEVELOPMENT NEW DEVELOPMENT SISTO BLDG UN HOUSE - ESCWA SQUARE 63
HENRY AZADIAN 742 RESTORED DEVELOPMENT 1144 THIBAUD URBANISME ET
ANTOINE SOUHAID NABIL GHOLAM ARCHITECTS NEW DEVELOPMENT BELVEDERE PARK
702 JOSEF INGEA PIERRE EL KHOURY ARCHITECTE PAYSAGE / FRANCE
SOLIDERE REAL ESTATE 174 1068 MACHADO AND SILVETTI
SAIFI KHAN 314 SOLIDERE REAL ESTATE GOVERNMENTAL WADI ABU JAMIL
NEW DEVELOPMENT ASSOCIATES / US
BERNARD EL KHOURY 1134 FOCH STREET
ELIAS ISSA NOT APPOINTED
FURNISHED APARTMENTS SQUARE 65
1386 749 1145 THE DEVELOPER
LUNA COMPANY CASTLE SQUARE
NEW DEVELOPMENT
DOGHMOSH REAL ESTATE
RELIGIOUS MACHADO AND SILVETTI
WADI ABU JAMIL STREET
A PRACTICE AND AL DIYAR ASSOCIATES / US
CONSULTANTS
RESTORED DEVELOPMENT OFFICES FOCH AND TRIESTE STREETS ST ELIE MARONITE CHURCH GARDEN
ZAHI CARDAHI
THIBAUD URBANISME ET PAYSAGE /
1394 122
ZAITUNAY BAY FRANCE WITH RAFIK KHOURY
SOLIDERE 178 SAIFI VILLAGE DISTRICT//S GEBRAN TUEINY MEMORIAL
NEW DEVELOPMENT GOURAUD REAL ESTATE AND PARTNERS
MIKA REAL ESTATE NEW DEVELOPMENT NEW DEVELOPMENT VLADIMIR DJUROVIC
STEVEN HOLL / US WITH RESTORED DEVELOPMENT SCULPTURE OF POPE JEAN-PAUL II
NEW DEVELOPMENT NABIL GHOLAM ARCHITECTS ALLIES AND MORRISON ARCHITECTS / LANDSCAPE ARCHITECTURE
NABIL GHOLAM ARCHITECTS UK WITH R AND K CONSULTANTS FOUAD MENEM FAKHREDDINE STREET
JO GEITANI 178 GEBRAN TUENI STREET
1455 SAIFI KHAN 581
1487 MONROE HOTEL 1075
RESTORED DEVELOPMENT HADIQAT AS SAMAH / WADI ABOU JAMIL GARDEN
NEW DEVELOPMENT
ELIAS ISSA SAINT NICHAN ARMENIAN GARDEN OF FORGIVENESS THIBAUD URBANISME ET PAYSAGE /
SAMIR KHAIRALLAH AND PARTNERS
RELIGIOUS FRANCE WITH RAFIK KHOURY
1400 752 RELIGIOUS SOLIDERE REAL ESTATE
ORTHODOX CHURCH AND ANNEX GUSTAFSON-PORTER / US / UK
RESTORED DEVELOPMENT AMIR BACHIR STREET AND PARTNER
SOLIDERE REAL ESTATE NEW DEVELOPMENT MEGUERDITCH YAPOUDJIAN WADI ABOU JAMIL STREET
901 SAIFI COMPANY
SOLIDERE REAL ESTATE RESTORED DEVELOPMENT FOUAD MENEM
ALL SAINTS CHURCH BELL TOWER NEW DEVELOPMENT 11, 978 HARBOR SQUARE
NEW DEVELOPMENT FOUAD MENEM 1 WATERFRONT CITY PARK
RESTORED DEVELOPMENT NOT APPOINTED GUSTAFSON-PORTER / US / UK
COMPETITION UNDER COMPETITION
AL SALAAM CONSULTING / UAE 901 670 FOCH AND ALLENBY STREETS
FURNISHED APARTMENTS MOKBEL AND OSSEIRAN BLDG
WITH FADI ASSAAD PROF. WAFIC SINNO AVENUE
SOLIDERE REAL ESTATE 1408 296 RESTORED DEVELOPMENT AL DALAL BLDG
HAROUTIAN ARKATIAN HOBEIKA BLDG NEW DEVELOPMENT IMAM OUZAI SQUARE
NEW DEVELOPMENT ZEYTOUNEH SQUARE
RESTORED DEVELOPMENT RESTORED DEVELOPMENT OLIVIER VIDAL / FRANCE
FUMIHIKO MAKI / JAPAN 190 ATELIER DES ARCHITECTES ASSOCIS GUSTAFSON-PORTER / US / UK
FOUAD MENEM BEIRUT SOUTH SOUKS
WITH FOUAD MENEM 903 1077 SAINT ELIE ARMENIAN OLD SHORELINE WALK /
CONSULTANTS AND PARTNERS 671 ADNAN EL HAKIM STREET
CATHOLIC CHURCH INTABLI FOUNTAIN SQUARE
1493 415 AL IKARIYAH SAIFI RESTORED DEVELOPMENT OLIVIER VIDAL / FRANCE
NATIONAL EVANGELICAL CHURCH
NEW DEVELOPMENT 148 SOLIDERE EMBASSY COMPLEX OF BEIRUT SCHOOL BEIRUT SOUTH SOUKS
NOT APPOINTED NEW DEVELOPMENT SAIFI
MIXED-USE 1078 IDEPCONSULT SAMI MORKOS JEWELLERY SOUK SQUARE
ROYAL HOTEL AND RESORTS 89 RELIGIOUS / SCHOOL
SAINT ELIE MARONITE CHURCH OLIVIER VIDAL / FRANCE DEBBAS SQUARE
NEW DEVELOPMENT
DAVID CHIPPERFIELD ARCHITECTS /
NASSIF AND SABELLA BLDG
1079 REAL ESTATE
NEW DEVELOPMENT
ZOKAK 115 SCULPTURE GLORIETTE BY PABLO UNDER REDESIGN BY
756 REINOSO / FRANCE / ARGENTINA JEAN-MARC BONFILS
UK WITH ZIAD AKL AND PARTNERS
1410
FADOUL CHOUEIRI
CHELALA BLDG
YOUSSEF HAIDAR EL BLATT SOLIDERE REAL ESTATE BEIRUT SOUTH SOUKS CHARLES DEBBAS STREET
GEORGES CHELALA 1079 RESTORED DEVELOPMENT
316 FOUAD MENEM KHAN ANTOUN BEY SAIFI SQUARE
954 PROAP / PORTUGAL
678, 680 ILIYA STEVENSON CONSULTANTS
OFFICES BEIRUT NORTH SOUKS MKHALLISIYE STREET
THE PALLADIUM NEW DEVELOPMENT SOCIT DE LA CONSTRUCTION MUNICIPALITY GARDEN
NEW DEVELOPMENT NOT APPOINTED SOLIDERE CO-OWNED ET DE L'AGRICULTURE
KEVIN DASH / UK WITH
1029, 1030, 1031
NATIONAL EVANGELICAL MOHAMAD HALAWI ZOKAK EL BLATT
RESTORED DEVELOPMENT RESTORED DEVELOPMENT CHURCH OF BEIRUT WEYGAND STREET
R AND K CONSULTANTS MAGHEN ABRAHAM SYNAGOGUE
ELIE HAJJAR FADDOUL CHOUEIRI RESTORED DEVELOPMENT
FOUR SEASONS HOTEL 164 108 BUILDERS DESIGN CONSULTANTS
PIERRE RIHANE NEJMEH SQUARE CASCADING GARDEN
NEW DEVELOPMENT SOLIDERE REAL ESTATE
831 1036 PARLIAMENT STREET MOHAMAD HALAWI
DAR AL HANDASAH RESTORED DEVELOPMENT
SOLIDERE CO-OWNED SOLIDERE BEIRUT TRADE CENTER CAPUCHIN STREET
1418 ERGA GROUP
RESTORED DEVELOPMENT NEW DEVELOPMENT ROMAN BATHS GARDEN
332 RESIDENTIAL ADNAN NAJIB AWADA NOT APPOINTED UNDER REDESIGN BY GILLESPIES / UK EVANGELICAL CHURCH GARDEN
SAIFI AKAR BLDG
931 651 CAPUCHIN STREET MOHAMAD HALAWI
EVANGELICAL CHURCH STREET
RESTORED DEVELOPMENT SOLIDERE REAL ESTATE SOLIDERE REAL ESTATE
LES GRADINS SAINT NICHAN ARMENIAN SAMIR KASSIR SQUARE
GEORGES AKAR NEW DEVELOPMENT RESTORED DEVELOPMENT
SOLIDERE REAL ESTATE RESTORED DEVELOPMENT ORTHODOX PROPERTY VLADIMIR DJUROVIC LANDSCAPE GENERAL FOUAD CHEHAB GARDEN
ERGA GROUP SOCIT FONCIRE UNIE DU RING MALEK KAAKI
NEW DEVELOPMENT 639 FAYAD CHARABATI RESTORED DEVELOPMENT ARCHITECTURE DIDIER DRUMMOND / FRANCE
PETER MARINO ARCHITECT
1051 RESTORED DEVELOPMENT 15 1138 STATUE BY LOUIS DEBR / FRANCE GENERAL FOUAD CHEHAB
JOSEPH BOU YOUNES 1019 GEBRAN TUENI STREET AVENUE
WITH IDEPCONSULT
ZAITUNAY BAY 175
STEVEN HOLL / US WITH CULTURAL SAYYOUR SQUARE GIBRAN KHALIL GIBRAN GARDEN
EL MEOUCHI BLDG AND GOVERNMENTAL OLIVIER VIDAL / FRANCE MOHAMAD HALAWI
RESTORED DEVELOPMENT SCULPTURE THE VISITOR BY SCULPTURE BY SALWA RAWDA
HOTELS 1456 ANTOINE TABET ARNE QUINZE / BELGIUM CHOUCAIR AND BUST BY RUDY RAHME
BEIRUT SOUTH SOUKS CHEIKH TOUFIC KHALED STREET
315
NAHAS BLDG
CULTURAL RESTORED DEVELOPMENT SOLIDERE REAL ESTATE AL SALEH BLDG OMAR ONSI GARDEN
AND GOVERNMENTAL RESIDENTIAL ALAIN JOSEPH NEW DEVELOPMENT RESTORED DEVELOPMENT SOLIDERE REAL ESTATE SEMAAN KFOURY
ERGA GROUP PIERRE EL KHOURY ARCHITECTE RESTORED DEVELOPMENT SCULPTURE BY NABIL HELOU
665 FOUAD MENEM
1053 22 CAPUCHIN STREET
POST OFFICE 1021
COUNCIL FOR DEVELOPMENT RAFIC HARIRI SCULPTURAL GARDEN
GOVERNMENTAL SOLIDERE REAL ESTATE AND RECONSTRUCTION VLADIMIR DJUROVIC LANDSCAPE
GRAND HYATT HOTEL 773 RESTORED DEVELOPMENT RESTORED DEVELOPMENT ARCHITECTURE
NEW DEVELOPMENT BEIRUT CONSULTING CLINICS
FOUAD MENEM GOVERNMENTAL SCULPTURE BY MEGUERDITCH
MICHAEL GRAVES / US NEW DEVELOPMENT
1024 2 MAZMANIAN
WITH DAR AL HANDASAH ERGA GROUP
EVANGELICAL CHURCH STREET
111 1049
SAIFI II / DUBAI ISLAMIC BANKI PRIVATE RESIDENCE
NEW DEVELOPMENT RESTORED DEVELOPMENT SELWAN BLDG MANSOUR BLDG
NABIL GHOLAM ARCHITECTS GABRIEL ABBOUD NEW DEVELOPMENT RESTORED DEVELOPMENT
146 NABIL AZAR ADNAN EL KHALIL
667
1056 24
AHLIAH SCHOOL
DAHDAH BLDG
RESTORED DEVELOPMENT PRIMTRE - RUE DE FRANCE
IMAD AOUN THE PAVILIONS
HABIB DEBS NEW DEVELOPMENT THE GRAND SERAIL
SCHOOL NEW DEVELOPMENT
RAMADA DOWNTOWN HOTEL 162 BANKERS' ASSOCIATION ABDEL WAHED AL WAKEEL / UK / RESTORED DEVELOPMENT
794 EGYPT WITH ELIE PIERRE SABBAGH R AND K CONSULTANTS WISSAM JABR
NATCON PIERRE BASILE 59 1128 GOVERNMENTAL
BITAR BLDG
121 RESTORED DEVELOPMENT 1052 3
HABIB DEBS PRIVATE RESIDENCE
163 RESTORED DEVELOPMENT SAIFI SQUARE
FOUAD MENEM NEW DEVELOPMENT
NEW DEVELOPMENT
669 NOT APPOINTED
1059 1074
168
03
CORPORATE
& FINANCIAL
CONSOLIDATED FINANCIAL
HIGHLIGHTS / 170
REPORT SALES AND RENTAL
STRATEGY / 172
SALES RESULTS
LEASING RESULTS
PROPERTY MARKETING
SALES PROCEDURE
PROPERTY MANAGEMENT
SOLIDERE MANAGEMENT SERVICES
CORPORATE FINANCES / 174

CORPORATE FUNDING
TREASURY
EXCHANGE LISTINGS AND TICKER SYMBOLS
ANALYSIS OF SHARE PRICES
DIVIDEND DISTRIBUTION
INVESTOR RELATIONS
BOARD OF DIRECTORS AND

GENERAL MANAGEMENT / 176
ORGANIZATIONAL CHART / 177
AUDITORS REPORT
& FINANCIAL STATEMENTS / 180
170
CORPORATE & FINANCIAL REPORT Solidere Annual Report 2010
CONSOLIDATED
FINANCIAL
HIGHLIGHTS
10 09
S U M M A RY O F O P E R AT I O N S I N U S $ M I L L I O N
Gross land sales 337.2 305.1

Gross rental income 41.2 27.3
General and administrative expenses 42.7 24.3
Net income 195.5 189.2
Sales backlog 77.5 428.5
S T O C K DA T A P E R S H A R E I N U S $
Earnings 1.2847 1.2348

Shareholders equity 12.07 11.91
Stock price range
A shares 24.28 - 18.00 27.91 - 14.51
B shares 24.17 - 17.89 27.66 14.38
GDRs 24.25 - 17.67 27.85 - 14.00
F I N A N C I A L DA T A I N U S $ M I L L I O N
Cash and securities 169.6 177.6

Accounts and notes receivable 486.8 346.5
Properties held for development and sale 1,084.2 1,124.6
Investment properties 443.0 366.1
Retained earnings 267.2 266.5

Legal reserves 131.9 112.3
Treasury stock (224.5) (230.7)
Total shareholders equity 1,838.2 1,809.9
F I NA N C I A L R AT I O S I N %
Gross profit margin - land sales 76.68 73.57

Return on liquid assets (interest income) 4.57 4.60
Debt to equity 0.45 0.11
172
SALES AND RENTAL

STRATEGY
Up to end 2010, all 136 Saifi Village The property transfer is registered be- issues and paying real estate and
apartments, totaling 30,326 sq m of fore the Real Estate Registrar upon municipal taxes. As a result, Solidere
floor space, had been marketed: 40 signing the final deed, following fulfill- is deriving rising revenues from prop-
(7,768 sq m) were leased and 96 ment of technical and legal conditions, erty management services. Interactive
(22,558 sq m) were sold, 61 (13,279 together with the mortgage contract in tools are being developed to serve
sq m) after exercising an option to buy. case of financing. Concomitant with clients in the near future.
In addition, agreements had been the property transfer registration, the
signed up to years end for all 40 buyer and/or developer provides Solid- S OL I DE RE MA NAG E ME NT
restored houses or flats in Saifi, total- ere with a first-degree mortgage on S E RVICE S
ing 9,145 sq m in floor space, including the sold property as a guarantee
4,461 sq m that were leased and 4,684 against any outstanding payments. Solidere provides, through its sub-
sq m sold, 4,024 sq m as a result of ex- A bank guarantee also provides secu- sidiary Solidere Management Services
ercising an option to buy. Lease agree- rity for proper and timely execution of (SMS), development services to third-
ments had also been signed for a all construction works. party developers. The Company initi-
As a land bank with a considerable expanded its support to investors to in- L EA S I NG RE S U LTS nursery and for 39 shops with a total ated and executed the design of the
property portfolio, Solidere markets a clude project design and development. floor space of 3,952 sq m in the PROPERT Y predominantly residential clusters in
wide range of land and built-up space Solideres portfolio of income generat- Quartier des Arts. MA NAGE MENT Wadi Abou Jamil and Mina El Hosn.
for residential, commercial, retail, hos- In addition to providing development ing properties includes the UN House Lebanese and international architects
pitality and other uses. In the early briefs based on sector plans and adap- and lot 1 Zokak El Blatt, each leased to In Zokak El Blatt, 90 apartments with Solidere provides complete full-time contributed developement design con-
years, sales mainly concerned un-built ted to individual project sites, the Com- a single institutional tenant, and a com- a total of 21,871 sq m in floor space property management, operation and cepts that reflected a response to the
lots and existing buildings. They were pany commissioned Lebanese and pound dedicated to embassy use. The had been marketed, including 19,017 maintenance services for all its com- local context, culture and climate.
sold as is for renovation or develop- international architects to prepare Company also leases space in its build- sq m that were leased and 2,854 sq m mercial and residential properties, as Overwhelming market demand led to
ment. However, the delivery of Solidere concept designs for a number of lots. ings, in car parks and mooring spaces sold, 979 sq m as a result of exercising well as third-party properties, through the sale of nearly all properties within
real estate projects led to a growing This practice has obvious benefits for in Beirut Marina. At end 2010, the value an option to buy. In Mina El Hosn, its Property Administration Division. such cluster concepts.
volume of sales and leasing operations prospective buyers, to whom Solidere of leased properties was US$ 478.1 agreements regarding 6,698 sq m of The Company continues to administer
that involved finished products. at times even sells land accompanied million (US$ 443 million after depreci- residential space had been signed, in- contracts related to the property recu- SMS not only acts as a consultant on
by an architectural design and com- ation: US$ 29.9 million in buildings and cluding 3,638 sq m that were leased peration process and manages around construction management issues, but
Since 2005, the Company has increas- plete development program. US$ 5.2 million in other assets). and 3,060 sq m sold, 1,971 sq m as a 750,000 sq m of built-up area, includ- it also provides a broad scope of
ingly been holding on to its portfolio of result of exercising an option to buy. ing the Embassy Complex and UN services associated with real estate
finished products, opting for lease S A L E S RE S U LT S Gross rental income from leased space, House, parking lots such as the Foch development: program definition, mar-
rather than sales in order to generate including parking spaces and marina Up to the end of 2010, the Company car park, as well as outdoor lighting, keting, design control, client represen-
a reliable annual income flow. It will In any given year, the sales recognized berths, was US$ 41.2 million in 2010, had also signed five lease agreements billboards on private domain and cel- tation, financial management, sales
continue to do so in the foreseeable in the income statement consist of against US$ 18.6 million, US$ 20.8 mil- totaling 35,078 sq m of floor space in lular coverage. and post-construction operation and
future as part of its revenue diversifi- closed deals negotiated in that year lion and US$ 20.7 million in 2004 to office buildings, including the UN maintenance. Among the projects ma-
cation strategy and will continue to and in preceding ones. On the other 2006; US$ 20.8 million, US$ 20.8 million House, lot 1 Zokak El Blatt and the Solidere maintains a high level of con- naged by SMS, two in particular set an
develop key real estate projects that hand, the deals negotiated up to that and US$ 27.3 million in 2007 to 2009. Embassy Complex. With regards to the trol on the implementation of safety urban and architectural benchmark in
play a vital role in helping to create a year and not closed during the year restored office buildings in Maarad- rules and regulations as well as the Wadi Abou Jamil.
vibrant city center. make up the sales backlog at year end. Residential leases entailed new and Nejmeh and Foch-Allenby, 16 lease approval of signage and shopfront de-
Aggregate sales of US$ 2.56 billion, restored flats in Saifi, Zokak El Blatt agreements for 9,842 sq m of commer- signs. The Company extends its know- The first, Noor Gardens, designed by
In addition, the Company works and were recognized from inception to end and Wadi Abou Jamil. cial and 17 lease agreements for 3,335 how and services to third-party owners, Porphyrios Associates (UK) with Malek
supports third-party developers while 2010 (1,868,088 sq m of floor space) of sq m of retail space had been signed. entering into agreements for the market- Mahmassani Architectural Practice, is
monitoring the demand for and supply which US$ 337.2 million (132,241 sq m) PROPE RTY MA RK E T ING ing, management and maintenance of a residential complex comprising three
of real estate in the city center. So far, in 2010. S A L E S PROCE DU RE their properties, either directly or via clusters made up of luxurious apart-
a total surface area of some 2.5 million Solidere has been highly successful in its subsidiary Solidere Management ments and penthouses. The second,
sq m has been subjected to third-party At end 2010, the backlog of sales not marketing its residential, commercial A sales agreement, which includes Services (SMS). Beirut Square, is designed by Gian-
development, of which an area of recognized during the year amounted and institutional spaces, both new and pre-development and construction carlo De Carlo and Associates (Italy)
1,039,411 sq m has been completed, to US$ 77.5 million (31,000 sq m BUA). restored. As alternatives to a simple standards, timetables and payment The portfolio of clients currently in- with Rafik El Khoury & Partners and
229,747 sq m are in a final stage of Down payments received on signed lease, schemes such as lease with the conditions, is signed upfront. Sales are cludes The Platinum Tower, Park View consists of four buildings arranged
development, and 72,818 sq m are deals by end 2010 amounted to US$ option to buy and outright sale were of- expressed in terms of floor or built-up and Tamari Group buildings, Berytus around an interior space that is divided
under construction or restoration. 23.6 million on sales, and US$ 22.4 fered for residential space until 2002 area (net development rights). Solidere Parks, Saifi Village, Saifi Two, Foch into one common and several private
million on leases and rentals. Down and 2004 respectively. Buyers could in 2010 pursued its policy of offering Residence and Assicurazione Generali gardens. Other developments man-
Thanks to the reconstruction effort, payments are treated as deferred rev- also benefit from payment facilities. buyers the possibility to either pay in in addition to a number of Solidere co- aged by SMS include Garden View,
much has changed in Beirut in recent enues, to be recognized as part of cash or defer part of the sale price pay- owned buildings. The Company offers Eden Gardens, New Zone Real Estate
years. A steady stream of new owners revenues only upon sales and rentals From 2005 onward, however, property ment. Financing up to 75 percent of the the following services: technical main- and Property 709 Mina.
and tenants has moved into the city realization. sales or options to buy were discontin- land sales value by Solidere from its tenance, cleaning, safety, security,
center, and hundreds of establish- ued, with no outstanding options to buy own equity continued, following the maintenance of landscaped areas,
ments have opened their doors. As after the end of 2007. Ever since, only standard formula on the basis of ma- marketing, lease management, budg-
part of its strategy to stimulate quality lease contracts continue to generate turities carrying interest at LIBOR plus eting, assets inventories, insurance,
real estate development, Solidere has income flows. a margin of 2.5 percent with a floor. collecting rents, tackling co-ownership
174
CORPORATE
FINANCES
CORPORATE F U NDING E XCHANG E LISTING S DIVIDE ND

AND TICKER SY MBOLS DISTRIB UTION
In 2010, the Company pursued the prac-
tice of resorting to flexible short-term Beirut Stock Exchange The annual general shareholders meet-
credit arrangements, mainly temporary Solidere A shares: SOLA.BY ing held on August 1, 2011 confirmed
A S H A R E S - D A I LY T R A D E S 2 0 1 0
overdrafts at competitive interest rates. Solidere B shares: SOLB.BY the Board of Directors recommendation
London Stock Exchange to distribute 2010 cash dividends of US$
One new short-term bank facility was GDRs: SOLAq.L 0.40 for each share of Class A or B in SHARE PRICE US$ VOLUME
signed during 2010. Similar facilities, addition to stock dividends of one Class
signed in previous years were renewed. ANALY SIS OF SHARE A share for every thirty shares of either 207,487 3,330,509
27 200,000
PRICE S Class A or B to all shareholders regis-
TRE ASU RY tered on August 19, 2011. Dividends are
Solidere shares started the year 2010 subject to a 5% withholding tax.
24 150,000
The consolidated balance sheet at year on a steady note, trading within a tight
end shows positions of US$ 169.6 mil- band around the US$ 23 level. Near INVE STOR RE LATIONS
lion for cash and cash balances and July, trading activity on the Beirut
21 100,000
US$ 472.5 million for bank overdrafts Stock Exchange was affected nega- As part of its ongoing efforts to achieve
and short-term facilities. tively by a political crisis in the country wider and more diversified communica-
that pulled Solidere shares back to tion with the investment community,
18 50,000
The Company maintained its policy around the US$ 18 level. This level Solidere met with 148 institutional in-
of investing its liquid funds in assets proved to be a strong support for the vestors over 132 meetings in various
presenting minimum risk and with top- shares as the Companys strong fun- local, regional and international investor
15 0
ranking banking and financial institu- damentals were able to outweigh the conferences, with the aim to inform and 01 Jan 02 Apr 02 Jul 01 Oct 31 Dec
tions in the domestic and international political repercussions in the country. provide updates on the Companys oper-
markets. For efficient cash manage- ational and financial developments. At-
SHARE PRICE - IN US$
ment, Solidere also arranged with local Share A closed the year at US$ 18.53, tending investors were principally from VOLUME OF SHARES TRADED
banks certain revolving current overdraft representing a 22.72% decrease over the US, the UK and the MENA region.
facilities, utilized and refunded accord- the previous years closing price, while
ing to cash needs and availability. share B closed at US$ 18.63, a 21.65% Solidere was also present at the Middle
decrease over 2009 closing level. Sim- East Investor Relations Society Second B S H A R E S - D A I LY T R A D E S 2 0 1 0
During 2010, Solidere made 410 cash ilarly, the GDRs, which are traded on Annual Conference and at the Union of
placements totaling US$ 1,200 million. the London Stock Exchange, closed the the Arab Stock Exchanges Conference
SHARE PRICE US$ VOLUME
This figure includes placements made year down at US$ 19.13, a 21.91% de- in Beirut, where management partici-
in 2010, which matured in the same crease compared to the previous year. pated in a panel on the topic of gover-
1,038,071
year or will mature in the following year. nance and shareholder protection. 27 200,000
Both classes of shares fluctuated be-
The Company pursued a strategy of tween a high of US$ 24.28 and a low of Solidere Investor Relations organized
short-term cash placements in 2010, US$ 17.89. Trading was active, with an Investors Day in June 2010, which 24 150,000
with a weighted average holding period a total of around 15 million shares included meetings with management
of about 49.04 days. Around 406 basis changing hands, for a cumulative value and a site visit of Beirut city center,
points were secured on average over of about US$ 336 million. This repre- adding a look and feel experience to 21 100,000
the median 2010 three-month LIBOR sents around 9% of the Company cap- investors perception of the Companys
rate. Interest income earned during ital changing hands. The average daily operational business model.
the year on the aggregate cash place- volume was about 58,000 shares, 18 50,000
ments was equivalent to an annualized worth around US$ 1.2 million. The In line with its commitment to market
interest rate of about 4.4%. average price for the year consequently participants, Solidere welcomed repre-
was about US$ 20.96, a 6% decrease sentatives from a number of invest- 15 0
over the previous year. ment funds, research houses and 01 Jan 02 Apr 02 Jul 01 Oct 31 Dec
other financial institutions throughout
the year. SHARE PRICE - IN US$
VOLUME OF SHARES TRADED
HSBC, Citi, BlomInvest and Bank Audi,

published and/or initiated equity cover-
age on the Company.
176
CORPORATE & FINANCIAL REPORT Solidere Annual Report 2010 CORPORATE & FINANCIAL REPORT Solidere Annual Report 2010
BOARD OF DIRECTORS ORGANIZATIONAL

AND GENERAL CHART
CHAIRMAN AND GENERAL

MANAGEMENT
NASSER CHAMMAA
MANAGER
S HAREHOLDERS
BOARD OF
D IRECTORS
GENERAL
MANAGEMENT
GENERAL MANAGER
C HAIRMAN AND GENERAL MANAGER
VICE CHAIRMAN
VICE CHAIRMAN
MOUNIR DOUAIDY
MAHER BEYDOUN
FADI BOUSTANY
STRATEGY
AND GENERAL MANAGE R
PLANNING INVESTOR RELATIONS
CORPORATE SYSTEMS
CHIEF
FINANCIAL
O FFICER
MEMBER OF THE BOARD
MEMBER OF THE BOARD
MEMBER OF THE BOARD
ASSISTANT GENERAL MANAGERS

RAPHAEL SABBAGHA
SARKIS DEMERJIAN
FOUAD EL KHAZEN
O PERATIONS BUSINESS TENDERING, C ORPORATE

O PERATIONS CONTRACTING, AFFAIRS
AND PROCUREMENT,
RELATIONS AND SPECIAL
WITH PUBLIC CORPORATE
AUTHORITIES ASSIGNMENTS
MEMBER OF THE BOARD
MEMBER OF THE BOARD

MEMBER OF THE BOARD
CORPORATE INFORMATION FINANCIAL TREASURY AND CORPORATE LEGAL ADMINISTRATION COMMERCIAL URBAN URBAN QUALITY CORPORATE PUBLIC INFRASTRUCTURE OPERATIONS REAL ESTATE PROPERTY TENDERING
MANAGEMENT TECHNOLOGY ACCOUNTING FINANCIAL FINANCE SALES, LEASING DEVELOPMENT MANAGEMENT CONTROL REPORTING RELATIONS AND AND SITE MAINTENANCE DEVELOPMENT ADMINISTRATION CONTRACTING
ACTIVITIES CONTROL AND RETAIL AND COMMUNICA- LOGISTICS AND TECHNICAL AND
MANAGEMENT PUBLICATIONS TION SERVICES PROCUREMENT
MOSBAH KANAFANI
Risk Network General Treasury Financial Legal Human Land Sales Urban Town Design Research Promotion and Infrastructure Real Estate Restoration Contract Tendering for
Management Administration Accounting and Cash Analysis and Counsel Resources Planning Planning Control Reporting Advertising Execution and Operations and Administration Infrastructure
BASILE YARED
Management Modeling Real Estate and Editorial Maintenance Maintenance New Activities
SAMI NAHAS
Business Enterprise Taxation Contract General Leasing Urban Regulatory Execution Media Relations Developments Recuperation
Development Resource Budget Control Business Structuring Services Design Control Control Creative Landscape Technical Tendering for
Planning Financial Planning and Beirut Souks Artwork and Events and Execution and Support Third-Party Public Construction
Waterfront Statements Stock Management Architecture Design Technical Production Activities Maintenance Services Developments Services Projects
District Corporate Management Corporate Retail Review Control
Development Application Audit Funding International Management Landscaping Third-Party Website International Car Parking Beirut Property Procurement
Development Relations Financial Projects and Public Site Development Projects Facilities Marina Management of Services
Broadband Reporting Financial Support Space Design Management Communication Services and Supplies
Network Enterprise Markets International Site CCTV
Systems Project International Geographic Projects Logistics Surveillance Relations with Special
MEMBER OF THE BOARD
MEMBER OF THE BOARD
Management Operations Information Reporting and Support Network Public Corporate

International System Publications Authorities Assignments
Projects Corporate
Support Document Property
Management Fiscal
Management
JOSEPH ASSEILY
MAHER DAOUK
179 180
INDEPENDENT
AUDITORS REPORT
To the shareholders
The Lebanese Company for the Development
and Reconstruction of Beirut Central District s.a.l.
Beirut - Lebanon
We have audited the accompanying consolidated financial statements of The Lebanese

Company for the Development and Reconstruction of Beirut Central District s.a.l. (the
Company) and its Subsidiaries (the Group), which comprise the consolidated state-
ment of financial position as at December 31, 2010, and the consolidated statement
of income, statement of comprehensive income, statement of changes in equity and
statement of cash flows for the year then ended, and a summary of significant
accounting policies and other explanatory information.
M A NAG E M E N T S R E S P O N S I B I L I T Y F O R T H E F I NA N C I A L S TAT E M E N T S
Management is responsible for the preparation and fair presentation of these financial
statements in accordance with International Financial Reporting Standards and for
such internal control as management determines is necessary to enable the prepa-
ration and fair presentation of financial statements that are free from material mis-
statement, whether due to fraud or error.
AUDITORS RESPONSIBILITY
Our responsibility is to express an opinion on these financial statements based on our

audit. We conducted our audit in accordance with International Standards on Auditing.
Those standards require that we comply with ethical requirements and plan and per-
form the audit to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts
and disclosures in the financial statements. The procedures selected depend on the
auditors judgment, including the assessment of the risks of material misstatement
of the financial statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the entitys prepara-
tion and fair presentation of the financial statements in order to design audit proce-
dures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the entitys internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness
of accounting estimates made by management, as well as evaluating the overall pres-
entation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.
OPINION
In our opinion, the consolidated financial statements present fairly, in all material
respects, the financial position of The Lebanese Company for the Development and
Reconstruction of Beirut Central District s.a.l. and its Subsidiaries (the Group) as
of December 31, 2010, and of its consolidated financial performance and its cash
flows for the year then ended in accordance with International Financial Reporting
Standards.
Beirut, Lebanon
May 12, 2011 Deloitte & Touche Ernst & Young
180
CONSOLIDATED STATEMENT CONSOLIDATED STATEMENT

OF FINANCIAL POSITION OF INCOME
The accompanying notes form an integral part of these consolidated financial statements The accompanying notes form an integral part of these consolidated financial statements
DECEMBER 31, 2010 2009 YEAR ENDED DECEMBER 31, 2010 2009
NOTES US$ US$ NOTES US$ US$
ASSETS
Revenues from land sales 337,229,705 305,081,555
Cash and banks balances 7 169,564,738 177,622,687 Revenues from rented properties 41,249,180 27,254,090
Prepayments and other debit balances 8 43,688,820 36,585,843 Revenues from rendered services 23 3,955,044 3,975,801
Accounts and notes receivables, net 9 486,804,253 346,474,210 Provision for previously recognized sales 15 (e) - (7,007,910)
Inventory of land and projects in progress 10 1,084,206,651 1,124,616,66 Cost of land sales (78,665,227) (80,646,511)
Investment properties, net 11 442,977,615 366,099,244 Charges on rented properties 24 (26,980,226) (9,522,142)
Investment in an associate 12 313,904,171 311,384,302 Cost of rendered services 25 (3,967,908) (4,670,872)
Fixed assets, net 13 59,281,393 36,200,879 Loss on sale of investment properties - (376,453)
Net revenues from operations 272,820,568 234,087,558
Total Assets 2,600,427,641 2,398,983,831 Share result from an associate 2,670,655 7,861,360
General and administrative expenses 26 (42,714,820) (26,178,411)
Depreciation of fixed assets 13 (3,934,143) (5,057,481)
Provision against land and real estate
development cost 10 - (2,562,760)
LIABILITIES Provision for impairment on collectively
Bank overdrafts and short term facilities 14 472,487,000 253,659,010 assessed accounts receivable 9 - (9,000,000)
Accounts payable and other liabilities 15 148,939,521 112,554,605 Other expenses 29 (2,797,460) (4,737,547)
Dividends payable 16 86,327,877 70,541,046 Other income 27 204,175 352,120
Deferred revenue and other credit balances 17 46,210,145 150,280,315 Taxes, fees and stamps / write back (4,455,159) 1,539,737
Loans from banks and financial institutions 18 8,248,520 1,987,023 Interest income 28 21,603,900 37,044,009
Total Liabilities 762,213,063 589,021,999 Interest expense from banks (12,607,974) (11,382,997)
Profit before tax 230,789,742 221,965,588
Income tax expense 15 (35,288,373) (32,754,575)
Profit for the year 195,501,369 189,211,013

SHAREHOLDERS' EQUITY
Issued capital at par value US$10 per share: 19 Basic/diluted earnings per share 30 1.2847 1.2348
100,000,000 clase (A) shares 1,000,000,000 1,000,000,000
65,000,000 clase (B) shares 650,000,000 650,000,000
1,650,000,000 1,650,000,000 Attributable to:
Legal reserve 20 131,952,540 112,304,146 Equity owners of the parent 195,588,029 189,211,013
Retained earnings 267,233,047 266,525,826 Non-controlling interest (86,660) -
Cumulative foreign currency translation reserve (150,786) 81,009
Surplus on treasury shares activity 13,770,056 11,723,032 Profit for the year 195,501,369 189,211,013
Less: Treasury shares 21 (224,507,599) (230,672,181)
Total equity attributable to the owners of the parent 1,838,297,258 1,809,961,832
Non-controlling interest 22 (82,680) -

Total Equity 1,838,214,578 1,809,961,832
Total equity attributable to the owners of the parent
Total Liabilities and Shareholders' Equity 2,600,427,641 2,398,983,831

182
Attributable to:
Profit for the year
YEAR ENDED DECEMBER 31,
Non-controlling interest
Equity owners of the parent
Total comprehensive income
Other comprehensive income:
CORPORATE & FINANCIAL REPORT
Foreign currency translation reserve
Other comprehensive loss for the year

Redemption of available-for-sale securities
CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME
The accompanying notes form an integral part of these consolidated financial statements
195,269,574
195,356,234
195,269,574
-
195,501,369
US$
2010
(86,660)
(231,795)
(231,795)
189,106,892
-
189,106,892
189,106,892
81,009
189,211,013
US$
2009
(104,121)
(185,130)
CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
The accompanying notes form an integral part of these consolidated financial statements
TOTAL EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT
CUMULATIVE CUMULATIVE
FOREIGN CHANGES IN
CURRENCY FAIR VALUE OF SURPLUS ON NON
SHARE LEGAL RETAINED TRANSLATION AVAILABLE-FOR- TREASURY TREASURY CONTROLLING
CAPITAL RESERVE EARNINGS RESERVE SALE SECURITIES SHARES ACTIVITY SHARES TOTAL INTEREST TOTAL
US$ US$ US$ US$ US$ US$ US$ US$ US$ US$
Balance at
December 31, 2008 1,650,000,000 94,067,105 272,280,032 - 185,130 11,653,751 (168,521,399) 1,859,664,619 - 1,859,664,619
Allocation to legal reserve

from 2009 profit - 18,237,041 (18,237,041) - - - - - - -
Total comprehensive income - - 189,211,013 81,009 (185,130) - - 189,106,892 - 189,106,892
Surplus on treasury
shares activity - - - - - 69,281 - 69,281 - 69,281
Treasury shares trade - - - - - - (62,355,782) (62,355,782) - (62,355,782)
Other - - (248,221) - - - 205,000 (43,221) - (43,221)
Dividends - Note 16 - - (176,479,957) - - - - (176,479,957) - (176,479,957)
Balance at
December 31, 2009 1,650,000,000 112,304,146 266,525,826 81,009 - 11,723,032 (230,672,181) 1,809,961,832 - 1,809,961,832
Allocation to legal reserve

from 2010 profit - 19,648,394 (19,648,394) - - - - - - -
Total comprehensive income - - 195,588,029 (231,795) - - - 195,356,234 (86,660) 195,269,574
Surplus on treasury shares activity - - - - - 2,047,024 - 2,047,024 - 2,047,024

Treasury shares trade - - - - - - 6,164,582 6,164,582 - 6,164,582
Other - - (3,980) - - - - (3,980) 3,980 -
Dividends - Note 16 - - (175,228,434) - - - - (175,228,434) - (175,228,434)
Balance at
December 31, 2010 1,650,000,000 131,952,540 267,233,047 (150,786) - 13,770,056 (224,507,599) 1,838,297,258 (82,680) 1,838,214,578
184
CONSOLIDATED STATEMENT OF NOTES TO THE CONSOLIDATED

CASH FLOWS FINANCIAL STATEMENTS
The accompanying notes form an integral part of these consolidated financial statements Year ended December 31, 2010
DECEMBER 31, 2010 2009

NOTES US$ US$
CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the year before income tax 230,789,742 221,965,588

Adjustments to reconcile income to net cash
(used in)/ provided by operating activities:
Depreciation 31 11,356,377 9,537,724
Loss on sale of investment properties 11 - 376,453
Gain on sale of securities - (316,500)
Loss on sale of fixed assets 48,728 324,169 An extraordinary general assembly (Amended) effective July 1, 2009, in-
1
FO R M AT I O N A N D
Provision for impairment on collectively OBJECTIVE OF dated November 13, 2006 resolved to cluding consequential amendments
assessed accounts receivable 9 - 9,000,000 T H E C O M PA N Y amend the objective of the Company to to IFRS 2, IFRS 5 IFRS 7, IAS 7, IAS
Provision for previously recognized sales 15 (e) - 7,007,910 include providing services and consul- 21, IAS 28, IAS 31 and IAS 39
Provision for contingencies and other charges 15(d) 2,947,202 861,008 tancy in real estate development for > IAS 39 Financial Instruments:
Deferred tax assets expensed 15(c) (1,099,665) - The Lebanese Company for the Devel- projects outside the BCD area and all Recognition and Measurement
Share result from an associate 12 (2,670,655) (7,861,360) opment and Reconstruction of Beirut over the world. Eligible Hedged Items effective July
Interest income 28 (21,603,900) (37,044,009) Central District s.a.l. (SOLIDERE) (the 1, 2009
Interest expense 31 12,607,974 11,382,602 Company) was established as a During 2007, the Company granted > IFRIC 17 Distributions of Non-cash
Changes in working capital: Lebanese joint stock company on May Solidere International Limited (an as- Assets to Owners effective July 1,
Prepayments and other debit balances 8(a) 4,717,022 5,833,972 5, 1994 based on Law No. 117/91, and sociate) the right to use the Solidere 2009
Accounts and notes receivable (140,789,872) (59,628,768) was registered on May 10, 1994 under brand in the execution of real estate > Improvements to IFRSs (May 2008)
Inventory of land and projects in progress 31 (41,092,919) 146,392 Commercial Registration No. 67000. projects outside the Beirut Central > Improvements to IFRSs (April 2009)
Accounts payable and other liabilities 39,212,538 21,730,268 The articles of incorporation of the District area of Lebanon.
Deferred revenues and other credit balances 17 (104,070,170) (106,243,412) Company were approved by Decree No. The adoption of the standards did not
Interest received 10,889,446 29,420,339 2537 dated July 22, 1992. The Companys shares are listed on have a material impact on the finan-
Income tax paid (41,296,526) (46,496,652) the Beirut stock exchange and Global cial statements of the Group.
Net cash (used in)/ provided by operating activities (40,054,678) 59,995,724 The objective of the Company, is to ac- Depository Receipts (GDR) are listed on
the London stock exchange (Interna- I M P R OV E M E N T S T O I F R S S
quire real estate properties, to finance
and ensure the execution of all infra- tional Trading List). In May 2008 and April 2009, the IASB
CASH FLOWS FROM INVESTING ACTIVITIES:
structure works in the Beirut Central issued omnibus of amendments to its
Short term deposit 41,564,283 (42,648,774) District (BCD) area, to prepare and re- standards, primarily with a view to re-
Pledged term deposits with banks 19 5,022,870
2
construct the BCD area, to reconstruct ADOPTION OF NEW moving inconsistencies and clarifying
Receivable from recuperated properties 459,831 556,469 or restore the existing buildings, to AND REVISED INTER-
wording. There are separate transi-
Acquisition of fixed assets 13&31 (26,438,171) (4,382,968) N AT I O N A L F I N A N C I A L
erect buildings and sell, lease or REPORTING tional provisions for each standard.
Acquisition of investment properties 11&31 (3,422,885) (5,319,247) exploit such buildings and lots and to S TA N D A R D S ( I F R S S )
Proceeds from sale of fixed assets - 11,658 develop the landfill on the seaside. The adoption of the following amend-
Proceeds from sale of investment properties 11 - 967,320 ments resulted in changes to account-
Proceeds from sale of securities - 6,000,000 The duration of the Company is 25 ing policies but did not have any impact
N E W A N D A M E N D E D S TA N -
Proceeds from sale of treasury shares 9,667,180 - years, beginning from the date of es- DA R D S A N D I N T E R P R E TAT I O N S on the financial position or perform-
Investment in an associate 12 (81,008) (6,997,000) tablishment. An extraordinary general ance of the Company.
The accounting policies adopted are
Net cash provided by/(used in) investing activities 21,749,249 (46,789,672) assembly dated June 29, 1998 consistent with those of the previous fi-
resolved to amend the duration of the nancial year, except for the following
I S S U E D I N M AY 2 0 0 8
Company to be 75 years beginning new and amended IFRS and IFRIC in- IFRS 5 Non-current Assets Held for
CASH FLOWS FROM FINANCING ACTIVITIES:
from the date of establishment. terpretations effective as of January 1, Sale and Discontinued Operations:
Bank loans (settlement) - (2,347,054) During 2005, the Council of Ministers clarifies that when a subsidiary is clas-
2010:
Bank loans (additions) 6,261,497 1,987,023 approved the extension of the duration sified as held for sale, all its assets and
Dividends paid 16 (159,441,603) (168,971,694) of the Company for 10 years. liabilities are classified as held for sale,
> IFRS 2 Share-based Payment: Com-
Treasury shares (1,228,127) (62,286,501) even when the entity remains a non-
pany Cash-settled Share-based Pay-
Interest paid (12,607,974) (9,956,237) The Company, based on law No.117/91 controlling interest after the sale
ment Transactions effective January
Net cash used in financing activities (167,016,207) (241,574,463) mentioned above, was exempt from in- transaction. The amendment is applied
1, 2010
come tax for a period of ten years be- > IFRS 3 Business Combinations (Re- prospectively and has no impact on the
Net change in cash and cash equivalents (185,321,636) (228,368,411) ginning on the date of formation. As financial position nor financial per-
vised) and IAS 27 Consolidated and
Cash and cash equivalents -- Beginning of the year (118,742,097) 109,626,314 such beginning May 10, 2004, the formance of the Group.
Separate Financial Statements
Company became subject to income tax.
Cash and cash equivalents -- End of the year 31 (304,063,733) (118,742,097)
186
ISSUED IN APRIL 2009 Other amendments resulting from Im- The consolidated financial statements are translated at the rates of exchange (a) The instrument includes no con- Impairment loss on such investments
> IFRS 5 Non-current Assets Held for provements to IFRSs to the following are prepared under the historical cost prevailing at the end of the year. The tractual obligation to deliver cash or is recognized in the consolidated state-
Sale and Discontinued Operations: standards did not have any impact on convention as modified for the meas- resulting exchange gain or loss which another financial asset to another en- ment of income.
clarifies that the disclosures required the accounting policies, financial posi- urement at fair value of available-for- is not material is reflected in the con- tity; or to exchange financial assets or
in respect of non-current assets and tion or performance of the Group: sale financial assets and derivatives, solidated statement of income. financial liabilities with another entity Loans and Receivables
disposal groups classified as held for Issued in April 2009 as applicable. under conditions that are potentially Loans and receivables are non-deriva-
> IFRS 2 Share-based Payment C . I M PA I R M E N T A N D U N C O L - unfavorable to the issuer. tive financial assets with fixed or deter-
sale or discontinued operations are LECTIBILITY OF FINANCIAL
only those set out in IFRS 5. The dis- > IAS 1 Presentation of Financial State- The consolidated financial statements ASSETS minable payments that are not quoted
closure requirements of other IFRSs ments incorporate the financial statements of (b) If the instrument will or may be in an active market. After initial meas-
An assessment is made at each con-
only apply if specifically required for > IAS 17 Leases The Lebanese Company for the Devel- settled from the Groups own equity in- urement, loans and receivables are
solidated statement of financial posi-
such non-current assets or discon- > IAS 34 Interim Financial Reporting opment and Reconstruction of Beirut struments; it is a non-derivative that carried at amortized cost using the ef-
tion date to determine whether there is
tinued operations. > IAS 38 Intangible Assets Central District s.a.l. and its controlled includes no contractual obligation for fective interest method less any al-
objective evidence that a financial asset
> IFRS 8 Operating Segments: clarifies > IAS 39 Financial Instruments: Recog- subsidiaries drawn up to December 31 the Group to deliver a variable number lowance for impairment. Gains and
or group of financial assets may be
that segment assets and liabilities nition and Measurement of each year. Control is achieved where of its own equity instruments; or a losses are recognized in profit and or
impaired. If such evidence exists, the
need only be reported when those > IFRIC 9 Reassessment of Embedded the Group has the power to govern the derivative that will be settled only by loss when the loans and receivables
estimated recoverable amount of that
assets and liabilities are included in Derivatives financial and operating policies of an the Group exchanging a fixed amount are derecognized or impaired as well
asset and any impairment loss are
measures that are used by the chief > IFRIC 16 Hedge of a Net Investment entity so as to obtain benefits from its of cash or another financial asset for a as through the amortization process.
determined based on the present value
operating decision maker. in a Foreign Operation activities. fixed number of its own equity instru-
of expected future cash flows. Impair-
> IAS 7 Statement of Cash Flows: ments. Available-for-Sale Securities
ment losses are recognized in the con-
States that only expenditure that re- Where necessary, adjustments are Available-for-sale securities are those
solidated statement of income.
3
SUMMARY OF SIGNIF- made to the financial statements of Financial assets within the scope of non-derivative financial assets that are
sults in recognising an asset can be ICANT ACCOUNTING
classified as a cash flow from invest- subsidiaries to bring their accounting IAS 39 are classified as financial assets designated as available-for-sale or are
POLICIES D. ACCOUNTS AND NOTES
ing activities. policies in line with those used by other R E C E I VA B L E at fair value through profit or loss, not classified in any other category. After
> IAS 36 Impairment of Assets: The members of the Group. Accounts and notes receivable which loans and receivables, held-to- initial recognition available-for-sale
amendment clarifies that the largest The consolidated financial statements are originated by the Group are stated maturity investments or available-for- financial assets are measured at fair
unit permitted for allocating good- have been prepared in accordance with All intra-Group balances, transactions, at amortized cost less any amount sale financial assets, as appropriate. value with gains or losses being recog-
will, acquired in a business combina- International Financial Reporting Stan- income and expenses and profits and written off and provisions for impair- When financial assets are recognized nized net of deferred tax in other
tion, is the operating segment as dards. losses resulting from intra-Group ment. An assessment is made at each initially, they are measured at fair comprehensive income (OCI) and
defined in IFRS 8 before aggregation transactions are eliminated in full. consolidated statement of financial po- value, plus, in the case of investments accumulated as a separate component
for reporting purposes. The consolidated financial statements sition date to determine whether there not at fair value through profit or loss, under equity until the investment is
are presented in U.S. Dollars. Group entities comprise the following: is objective evidence that accounts or directly attributable transaction costs. derecognized or until the investment is
notes receivable may be impaired. If determined to be impaired at which time
such evidence exists, the estimated re- The Group determines the classifica- the cumulative gain or loss previously
OWNERSHIP DATE OF tion of its financial assets on initial accumulated in equity is included in the
COMPANY SHARE ESTABLISHMENT coverable amount of that asset is de-
termined and any impairment loss, recognition and, where allowed and consolidated statement of income.
based on the net present value of fu- appropriate, re-evaluates this desig-
Beirut Water Front Development s.a.l. (Joint Venture) nation at each financial year end. Fair Value
ture anticipated cash flows discounted
(Proportionate consolidation) 50 April 2004 The fair value of investments that are
at original effective interest rates, is in-
Beirut Real Estate Management and Services s.a.l. cluded in the consolidated statement All regular way purchases and sales of actively traded in organized financial
of income. financial assets are recognised on the markets is determined by reference to
(Joint Venture), (Proportionate consolidation) 45 September 2005
trade date, which is the date that the quoted market bid prices at the close
Solidere Management Services s.a.l. 100 June 2006
The carrying amount of the asset is ad- Group commits to purchase the asset. of business on the consolidated state-
Solidere Management Services (Offshore) s.a.l. 100 March 2007 Regular way purchases or sales are ment of financial position date. For
justed through the use of an allowance
Solidere International Holdings s.a.l. 100 May 2007 account. purchases or sales of financial assets investments where there is no active
BHC Holding s.a.l. 100 March 2010 that require delivery of assets within the market, fair value is determined using
E. FINANCIAL INSTRUMENTS period generally established by regula- valuation techniques. Such techniques
tion or convention in the marketplace. include using recent arms length
Financial assets and financial liabilities
Non-controlling interests in the net as- non controlling interest having a deficit liabilities are reflected in the statement market transactions, reference to the
are recognized in the Groups consoli-
sets (excluding goodwill) of consoli- balances. of financial position without distinction Held-to-Maturity Securities current market value of another in-
dated statement of financial position
dated subsidiaries are identified between current and long-term classi- Held-to-maturity securities, which strument, which is substantially the
when the Group becomes a party to the
separately from the groups equity The significant accounting policies fications. have fixed or determinable payments same, discounted cash flow analysis
contractual provisions of the instru-
therein. Non-controlling interest con- adopted are set here below: and which are intended to be held to and other pricing models.
ment.
sists of the amount of those interests B. FOREIGN CURRENCIES maturity, are subsequently measured
at the date of the original business A . BA S I S O F P R E S E N TAT I O N
The functional and presentation cur- at amortized cost, less provision for Derecognition
When a financial instrument gives rise
combination and the minoritys share In view of the long term nature and rency is the U.S. Dollar, in accordance impairment in value. This cost is com- Financial assets
to a contractual obligation on the part
of changes in equity since the date of particulars of the Group's operations, with the applicable law, which reflects puted as the amount initially recog- A financial asset (or where applicable,
of the Group to deliver cash or another
the combination. Subsequent to acqui- the consolidated financial statements the economic substance of the under- nized minus principal repayments, a part of a financial asset or part of a
financial asset or to exchange another
sition, the carrying amount of non con- are presented on the basis that the op- lying events and circumstances of the plus or minus the cumulative amorti- group of similar financial assets) is
financial instrument under conditions
trolling interest is the amount of those erations have realization and liquida- Group. Transactions denominated in zation using the effective interest derecognized where:
that are potentially unfavorable, it is
interests at initial recognition plus the tion periods spread over the duration other currencies are translated into method of any difference between the > The rights to receive cash flows from
classified as a financial liability. The in-
non controlling interests share of sub- of the Group and which are subject to U.S. Dollar at the exchange rates pre- initially recognized amount and the the asset have expired, or
strument is an equity instrument if,
sequent changes. Total comprehensive market conditions and other factors vailing at the dates of the transactions. maturity amount. Amortized cost is > The Group has transferred its rights
and only if, both conditions (a) and (b)
income is attributable to non control- commonly associated with develop- Monetary assets and liabilities stated calculated by taking into account any to receive cash flows from the asset,
below are met:
ling interest even if this result in the ment projects; as such, the assets and in currencies other than the U.S. Dollar discount or premium on acquisition. or has assumed an obligation to pay
188
the received cash flow in full without recognized amounts and the Group Transfers are made from investment associate, less any impairment in the no impairment loss been recognized Interest income is recognized as interest
material delay to a third party under intends to either settle on a net basis, properties when, and only when, there value of the individual investment. for the asset in prior years. A reversal accrues using the effective interest
a pass through arrangement, and or to realize the asset and the liability is a change in use, evidenced by com- of an impairment loss is recognized method, by reference to the principal out-
> Either (a) the Group has transferred simultaneously. mencement of owner occupation or J. FIXED ASSETS immediately in statement of income, standing and the applicable interest rate.
substantially all the risks and rewards commencement of development with a Fixed assets are stated at cost net of unless the relevant asset is carried at
of the asset, or (b) the Group has F. INVENTORY OF LAND AND view to sell. a revalued amount, in which case the Revenue from rendering of services is
PROJECTS IN PROGRESS accumulated depreciation and any im-
neither transferred nor retained sub- pairment in value. Depreciation is reversal of the impairment loss is recognized when the outcome of the
stantially all the risks and rewards of Inventory of land and projects in H. INTEREST IN JOINT
computed using the straight-line treated as a revaluation increase. transaction can be estimated reliably,
VENTURES
the asset, but has transferred control progress are stated at the lower of cost method over the estimated useful lives by reference to the stage of completion
of the asset. and estimated net realizable value. The Group has interests in joint ven- of the assets based on the following The impairment loss is recognized in of the transaction at the consolidated
Costs include appraisal values of real tures. A joint venture is a contractual annual rates: the consolidated statement of income. statement of financial position date.
When the Group has transferred its estate plots constituting the contribu- arrangement whereby two or more
rights to receive cash flows from an tions in kind to capital (A shares), in parties undertake an economic activity Buildings 2%
L. TREASURY SHARES N. COST OF SALES
asset and has neither transferred nor addition to capitalized costs. Capital- that is subject to joint control. The Marina 2% Own equity instruments which are Cost of properties sold is determined
retained substantially all the risks and ized costs comprise the following: Group recognizes its share in joint Furniture and fixtures 9% reacquired (treasury shares) are de- on the basis of the built up area (BUA)
rewards of the asset nor transferred ventures by using the proportionate Freehold improvements 9% ducted from equity. No gain or loss is - permitted right to build in square
control of the asset, the asset is dere- Project direct costs and overheads re- consolidation method. Plant 10% recognized in profit or loss on the pur- meters - on the sold plots based on the
cognized to the extent of the Groups lated to the properties development, Machines and equipment 15%-20% chase, sale, issue or cancellation of the terms of the sales agreements. The
continuing involvement in the asset. construction and project management Investments in joint ventures are ac- Group's own equity instruments. cost of one square meter of BUA is
Continuing involvement that takes the as a whole, as well as acquisition, zon- counted for in the standalone financial Expenditure incurred to replace a com- arrived at by dividing, total estimated
form of a guarantee over the trans- ing, and eviction costs. statements using historical cost net of ponent of an item of fixed assets that is Gains on sale of treasury shares are cost of the land development project
ferred asset is measured at the lower any impairment loss. Impairment loss is accounted for separately is capitalized recorded under a reserve account in over total available BUA after deduc-
of the original carrying amount of the Indirect costs, such as overheads, recognized in the statement of income. and the carrying amount of the compo- equity. Losses in excess of previously tion of the BUA relating to recuperated
asset and the maximum amount of which were partially allocated to inven- nent that is replaced is written off. Other recognized gains are charged to re- properties and those relating to the
consideration that the Group could be tory of land and projects in progress. The Group consolidates its share in as- subsequent expenditure is capitalized tained earnings. religious and public administrations.
required to repay. sets, liabilities, revenues and expenses only when it increases future economic
G. INVESTMENT PROPERTIES with related captions in the consoli- benefits of the related item of fixed M. REVENUE RECOGNITION O. CASH AND CASH
dated financial statements. E Q U I VA L E N T S
When continuing involvement takes the Investment properties which represent assets. All other expenditure is recog- Revenue on land and real estate sales
form of a written and/or purchased properties held to earn rent and/or for nized in the consolidated statement of transactions is recognized on the basis For the purpose of the statement of
option (including a cash settled option capital appreciation are measured ini- Financial statements of joint ventures income as the expense is incurred. cash flows, cash and cash equivalents
of the full accrual method as and when
or similar provision) on the transferred tially at cost and subsequent to initial are prepared for the same fiscal year, consists of cash in hand, bank bal-
the following conditions are met:
asset, the extent of the Group's contin- recognition are stated at their cost less using the same accounting policies. K . I M PA I R M E N T O F T A N G I B L E ances, and short-term deposits with an
ASSETS
uing involvement is the amount of the accumulated depreciation and any im- > A sale is consummated and con- original maturity of three months or
transferred asset that the Group may pairment in value. When the Group contributes or sells At each consolidated statement of finan- less, net of outstanding bank overdrafts
tracts are signed.
repurchase, except that in the case of a assets to the joint venture, any portion cial position date, the carrying amounts and short-term facilities with an origi-
> The buyers initial (in principle over
written put option (including a cash set- Depreciation is computed using the of gain or loss from the transaction is of tangible assets (investment proper- nal maturity of three months or less.
25% of sales price) and continuing
tled option or similar provision) on an straight-line method over the esti- recognized based on the substance of ties and fixed assets) are reviewed to investments are adequate to demon-
asset measured at fair value, the extent mated useful lives of the properties, the transaction. When the Group sells determine whether there is any indica- P. B O R R O W I N G C O S T S
strate a commitment to pay for the
of the Group's continuing involvement excluding the cost of land, based on assets to the joint venture, the Group tion that these assets have suffered an Borrowing costs directly attributable to
property.
is limited to the lower of the fair value the following annual rates: does not recognize its share of the impairment loss. If any such indication the acquisition, construction or pro-
> The Groups receivable is not subject
of the transferred asset and the option profits from the transaction until the exists, the recoverable amount of the duction of qualifying assets, which are
to future subordination.
exercise price. Buildings 2% joint venture resells the assets to an asset is estimated in order to determine assets that necessarily take a substan-
> The Group has transferred to the
Furniture, fixtures, equipment independent party. the extent of the impairment loss, if any. tial period of time to be ready for their
buyer the usual risks and rewards of
Financial liabilities and other assets 4%-15% ownership in a transaction that is in intended use, are added to the cost of
A financial liability is derecognized when The joint venture is proportionately Recoverable amount is defined as the those assets, until such time that the
substance a sale and the Group does
the obligation under the liability is dis- The carrying amount includes the cost consolidated until the date on which higher of: assets are substantially ready for their
not have a substantial continuing
charged or cancelled or expires. Where of replacing part of an existing invest- the Group ceases to have joint control > Fair value that reflects market con- intended use.
involvement with the property.
an existing financial liability is replaced ment property at the time that cost is over the joint venture. ditions at the balance sheet date less
by another from the same lender on incurred if the recognition criteria are cost to sell, if any. If any of the above conditions is not All other borrowing costs are reflected
I. INVESTMENTS IN
substantially different terms, or the met. Other subsequent expenditure is ASSOCIATES > Value in use assessed as the present met, the initial payments received from in the consolidated statement of income
terms of an existing liability are substan- capitalized only when it increases value of estimated future cash flows buyers are recorded under deferred in the period in which they are incurred.
future economic benefits of the related The Groups investments in associates expected to arise from the continuing
tially modified, such an exchange or revenues and other credit balances.
item of investment properties. All other are accounted for under the equity use of the asset and from its disposal Q. BANK BORROWINGS
modification is treated as a derecognition Amounts are released to revenue as
expenditure is recognized in the con- method of accounting. These are enti- at the end of its useful life, only for
of the original liability and the recognition and when the above conditions are ful- Interest-bearing bank loans and over-
solidated statement of income as the ties over which the Group exercises applicable assets with cash genera-
of a new liability and the difference in the filled. drafts are initially measured at the fair
expense is incurred. significant influence and which are nei- tion units, as applicable.
respective carrying amount is recognized value of the consideration received, less
ther subsidiaries nor joint ventures.
in statement of income. Financial assets (including treasury directly attributable costs and are sub-
Transfers are made to investment Where an impairment loss subse- shares) received in return for the sale sequently measured at amortized cost,
properties when, and only when, there Under the equity method of account- quently reverses, the carrying amount
Offsetting of land and real estate are valued at using the effective interest rate method.
is a change in use, evidenced by the ing, the interest in the associate is car- of the asset is increased to the revised
Financial assets and financial liabilities fair market value. Any difference between the proceeds
end of owner occupation, commence- ried in the consolidated statement of estimate of its recoverable amount, but
are only offset and the net amount is (net of transaction costs) and the settle-
ment of an operating lease to another financial position at cost as adjusted so that the increased carrying amount
reported in the consolidated statement Rental income from operating leases ment or redemption of borrowings is
party or completion of construction or for post acquisition changes in the does not exceed the carrying amount
of financial position when there is a is recognized on a straight-line basis recognized in profit or loss over the
development. Groups share of the net assets of the that would have been determined had
legally enforceable right to set-off the over the term of the relevant lease. term of the borrowings through the
190
amortization process, using the effec- Deferred income tax assets and liabil- The amount recognized as a provision is which are past due, are assessed collec- I M PA I R M E N T O F A V A I L A B L E increased to US$ B12,819,900 without
F O R - S A L E E Q U I T Y I N V E S T-
tive interest rate method. ities are measured at the tax rates that the best estimate of the consideration tively and a provision is set up according MENTS changing the Groups share. The main
are expected to apply to the period required to settle the present obligation to the length of time past due, based on activity of the joint venture is to develop,
R. TRADE AND OTHER when the asset is realized or the liabil- at the consolidated statement of finan- historical recovery rates. The Group determines that available- operate, manage, exploit and sell real
PA Y A B L E S for-sale equity investments are impaired
ity is settled, based on laws that have cial position date, taking into account estate properties in the Marina area in
Trade and other payables are initially been enacted at the consolidated the risks and uncertainties surrounding At the statement of financial position when there has been a significant or Beirut Central District.
measured at fair value. Due to their statement of financial position date. the obligation. Where a provision is date, accounts and notes receivable prolonged decline in the fair value below
short-term nature, the carrying measured using the cash flows esti- amounted to US$ 109,644,463 and US$ its cost. This determination requires As per the terms of the agreement, on
amount of trade and other payables Deferred income tax assets are recog- mated to settle the present obligation, 424,524,580 respectively, and the provi- judgment. In making this judgment the December 31, 2005, the Group sold
approximates their fair values as of the nized for all deductible temporary dif- its carrying amount is the present value sion for doubtful debts amounted to Group evaluates among other factors, properties with an aggregate cost of
date of the statement of financial posi- ferences and carry-forward of unused of these cash flows. US$ 451,320 and provision for impair- the normal volatility in share price. In US$ 10,100,000 from properties held
tion. Average maturity dates of trade tax assets and unused tax losses to the ment on collectively assessed accounts addition, the Group considers impair- for development and sale, to the joint
payables range between 30-90 days. extent that it is probable that taxable U. E M P L OY E E S ' E N D - O F - S E R - receivable amounted to US$ 9,000,000 ment to be appropriate when there is venture for a total consideration of
VICE BENEFITS evidence of deterioration in the financial
Short duration payables with no stated profit will be available against which the as of the date of the statement of finan- US$ 31,600,000. The other venturer
interest rate are measured at original deductible temporary differences and The Group provides end-of-service ben- cial position. Any difference between health of the investee, industry and sec- contributed in cash an amount of US$
invoice amount unless the effect of the carry-forward of unused tax assets efits to its employees. The entitlement the amounts actually collected in future tor performance, changes in technology, 31,600,000 to the joint venture.
imputing interest is significant. and unused tax losses can be utilized. to these benefits is based upon the periods and the amounts expected will and operational and financing cash
employees' final salary and length of be recognized in the consolidated flows. (b) The Group entered into a joint ven-
S. TA X AT I O N service, subject to the completion of a
The carrying amount of deferred in- statement of income. ture agreement on December 23, 2005,
Current Tax come tax assets is reviewed at each minimum service period. The expected with Aswaq Management and Services
5
costs of these benefits are accrued over INTEREST IN
Income tax is determined and provided consolidated statement of financial USEFUL LIVES OF FIXED L.L.C. to establish Beirut Real Estate
ASSETS AND INVESTMENT JOINT VENTURES
for in accordance with the Lebanese tax position date and reduced to the extent the period of employment. PROPERTIES Management and Services s.a.l., with a
laws. Income tax expense is calculated that it is no longer probable that suffi- 45% stake in the joint ventures capital
The Groups management determines
based on the taxable profit for the year. cient taxable profit will be available to amounting to US$ 19,900. The main
the estimated useful lives of its fixed
Taxable profit differs from net profit as
reported in the consolidated statement
of income because it excludes items of
income or expense that are taxable or
allow all or part of the deferred income
tax asset to be utilized.
Taxes payable on unrealized revenues

4 CRITICAL ACCOUNT-
ING JUDGMENTS AND
U S E O F E S T I M AT E S
assets for calculating depreciation. The
estimate is determined after consider-
ing the expected usage of the assets or
physical wear and tear. Management
The Group has interest in joint ventures
as follows:
(a) The Group entered into a joint

activity of the joint venture is to manage
and market Beirut Souks which is
owned by the Lebanese Company for
the Development and Reconstruction of
deductible in future years and it further are deferred until the revenue is realized. In the application of the accounting venture agreement on February 11, Beirut Central District s.a.l.
reviews the residual value and useful
excludes items that are never taxable policies described in Note 3 above, 2004, with Stow Waterfront s.a.l. (Hold-
lives annually and future depreciation
or deductible. The Groups liability for Current tax and deferred tax relating to management is required to make judging) to establish Beirut Waterfront De- The Groups share of the assets, liabili-
charge would be adjusted where the
current tax is calculated using tax rates items that are credited or charged ments, estimates and assumptions velopment s.a.l. with a 50% stake in the ties, income and expenses of the jointly
management believes the useful lives
enacted at the consolidated statement directly to other comprehensive in- about the carrying amounts of assets joint ventures total capital amounting controlled entities at December 31, 2010
differ from previous estimates.
of financial position date. Provision for come are recognized directly in other and liabilities that are not readily to US$ B19,900. During the year 2006, and 2009, included in the consolidated
income tax is reflected in the consoli- comprehensive income. apparent from other sources. The es- the capital of the joint venture was financial statements, are as follows:
dated statement of financial position timates and associated assumptions
net of taxes previously settled in the Value added tax (VAT) are based on historical experience and
form of withholding tax. Revenues, expenses and assets are rec- other factors that are considered to be
ognized net of the amount of VAT except: relevant. Actual results may differ from DECEMBER 31, 2010 2009
Tax on the holding subsidiary is provided US$ US$
> Where the VAT incurred on a pur- these estimates.
for in accordance with Article 6 of Leg- chase of assets or services is not ASSETS
islative Decree number 45 dated June recoverable from the taxation author- The estimates and underlying assump-
24, 1983 (as adjusted in decree number ity, in which case the VAT is recog- Cash and bank balances 2,155,460 4,734,357
tions are reviewed on an ongoing basis.
89 dated September 7, 1991). The tax is nized as part of the cost of acquisition Prepayments and other debit balances 2,647,528 1,761,462
Revisions to accounting estimates are
capped at US$ 3,317 (LBP 5 million). of the asset or as part of the expense Inventory of land and projects in progress 28,842,511 18,893,699
recognized in the period in which the
item as applicable; and Fixed assets, net 86,955 107,569
estimate is revised if the revision affects
Tax on the offshore subsidiary is pro- > Receivables and payables that are 33,732,454 25,497,087
only that period, or in the period of the
vided for in accordance by Legislative stated with the amount of VAT included. revision and future periods if the revision
Decree number 46 dated June 24, 1983 affects both current and future periods. LIABILITIES
amended by Decree number 85 dated The net amount of VAT recoverable
September 7, 1991. The tax is set at a from, or payable to the taxation author- The most significant estimate made by Accounts payable and other liabilities 3,258,052 9,413,277
flat rate of US$ 663 (LBP 1 million). ity is included as part of receivables or the Group is the determination of the 3,258,052 9,413,277
payables in the consolidated statement aggregate cost of the Beirut Central
Rental income is subject to the built of financial position. District Project.
INCOME AND EXPENSES
property tax in accordance with the
Lebanese tax law. T. P R OV I S I O N S I M PA I R M E N T O F A C C O U N T S Revenues from consulting services 259,179 537,302
A N D N O T E S R E C E I VA B L E
Provisions are recognized when the General and administrative expenses (634,217) (531,334)
Deferred tax Group has a present obligation (legal or An estimate of the collectible amount of Depreciation (24,627) (26,423)
Deferred income tax is provided, using constructive) as a result of a past event, accounts and notes receivable is made Other income 2,150 3,100
the liability method, on all temporary it is probable that an outflow of re- when collection of the full amount is no Interest income 143,539 196,525
differences at the consolidated state- sources embodying economic benefits longer probable. For individually signifi- Interest expense (8,845) (16,510)
ment of financial position date between will be required to settle the obligation cant amounts, this estimation is per- (Loss)/profit for the year before income tax (262,821) 162,660
the tax bases of assets and liabilities and a reliable estimate can be made of formed on an individual basis. Amounts Income tax (49,002) (47,099)
and their carrying amounts. the amount of the obligation. which are not individually significant, but (Loss)/profit for the year (311,823) 115,561
192
> Real estate sales business units separately for the pur- The Groups revenues, profits, total assets and total liabilities are segregated by geographical area as follows:
6
O P E R AT I N G
SEGMENT > Real estate rental pose of making decisions about
LEBANON MIDDLE EAST TOTAL
> Hospitality resource allocation and performance
US$ US$ US$
assessment. Segment performance is
For management purposes, the Group No operating segments have been ag- evaluated based on operating profit 2010
is organized into business units accord- gregated to form the above reportable and loss and is measured consistently
Revenues 382,433,929 - 382,433,929
ing to their services and has three operating segments. Management with operating profit or loss in the con-
Profit for the year 192,830,714 2,670,655 195,501,369
reportable segments as follows: monitors the operating results of its solidated financial statements.
Total assets 2,286,523,470 313,904,171 2,600,427,641
Total liabilities 762,213,063 - 762,213,063
REAL ESTATE REAL ESTATE
SALES RENTAL HOSPITALITY TOTAL
US$ US$ US$ US$
2009
2010
Revenues 329,303,536 - 329,303,536
Total assets 2,117,736,329 469,454,447 13,236,865 2,600,427,641 Profit for the year 189,211,013 - 189,211,013
Total liabilities 618,985,591 137,602,103 5,625,369 762,213,063 Total assets 2,398,983,831 311,384,302 2,710,368,133
Total liabilities 589,021,999 - 589,021,999
2009
Total assets 2,017,776,079 381,207,752 - 2,398,983,831

Total liabilities 495,424,139 93,597,860 - 589,021,999
7
CASH AND
BANK BALANCES
REAL ESTATE REAL ESTATE

SALES RENTAL HOSPITALITY TOTAL
US$ US$ US$ US$ DECEMBER 31, 2010 2009
US$ US$
2010
Cash on hand 124,451 119,731
Revenues 341,184,749 41,249,180 - 382,433,929
Current accounts 14,407,283 11,978,956
Cost of revenues (82,633,135) (26,980,226) - (109,613,361)
Short term deposits 154,976,023 165,467,000
Net revenues from operations 258,551,614 14,268,954 - 272,820,568
169,507,757 177,565,687
Share results from associates 2,670,655 - - 2,670,655
Pledged term deposits 56,981 57,000
General and administrative expenses (40,566,192) - (2,148,628) (42,714,820)
169,564,738 177,622,687
Depreciation of fixed assets (3,914,722) - (19,421) (3,934,143)
Other taxes (4,368,112) - (87,047) (4,455,159)
Other expenses, net (2,385,024) - (412,436) (2,797,460) Short term deposits mature between in January and April 2010). The average imately 4.57% (4.59% for the year
Other income 204,175 - - 204,175 January and March 2011 (December yield on the term deposits for the year ended December 31, 2009).
Interest income 21,328,852 - 275,048 21,603,900 31, 2009: Short term deposits mature ended December 31, 2010 was approx-
Interest expense (12,607,974) - - (12,607,974)
Profit/(loss) before tax 218,913,272 14,268,954 (2,392,484) 230,789,742
8
P R E PAY M E N T S A N D
Income tax expense (35,288,373) - - (35,288,373)
OTHER DEBIT BALANCES
Profit/(loss) for the year 183,624,899 14,268,954 (2,392,484) 195,501,369
2009 DECEMBER 31, 2010 2009

US$ US$
Revenues 302,049,446 27,254,090 - 329,303,536
Cost of revenues (85,693,836) (9,522,142) - (95,215,978)
Advance payments to contractors 16,481,850 12,921,003
Net revenues from operations 216,355,610 17,731,948 - 234,087,558
Advances to employees 4,458,976 2,826,155
Share results from associates 7,861,360 - - 7,861,360
Accrued interest income (a) 10,714,454 7,646,393
General and administrative expenses (24,338,674) - - (24,338,674)
Prepaid expenses 2,913,907 2,609,408
Depreciation of fixed assets (5,057,481) - - (5,057,481)
Deferred tax assets (b) 1,612,500 2,712,165
Provision against land and real
Due from related parties (c) 946,484 1,710,214
estate development cost (2,562,760) - - (2,562,760)
Other debit balances 6,560,649 6,160,505
Provision for impairment on collectively
43,688,820 36,585,843
assessed accounts receivable (9,000,000) - - (9,000,000)
Other taxes (300,000) - - (300,000)
Other expenses, net (4,737,547) - - (4,737,547)
(a) Accrued interest income consists of the following:
Other income 352,120 - - 352,120
Interest income 37,044,009 - - 37,044,009 DECEMBER 31, 2010 2009
Interest expense (11,382,997) - - (11,382,997) US$ US$
Profit before tax 204,233,640 17,731,948 - 221,965,588

Income tax expense (32,754,575) - - (32,754,575) Interest on bank deposits 1,070,533 1,054,049
Profit for the year 171,479,065 17,731,948 - 189,211,013 Interest on notes and accounts receivables 9,643,921 6,592,344
10,714,454 7,646,393
194
(b) Deferred tax assets consists of the following:
10
INVENTORY OF LAND
AND PROJECTS IN PROGRESS
DECEMBER 31, 2010 2009
US$ US$
Deferred tax assets on unrealized profits from DECEMBER 31, 2010 2009
sales to a joint venture Note 5 (a) 1,612,500 1,612,500 US$ US$
Deferred tax assets on cost of land sold Note 15 (c) - 1,099,665
1,612,500 2,712,165 Land and land development works, net (a) 975,933,846 1,007,443,319
Real estate development projects, net (b) 108,272,805 117,173,347
(c) Due from related parties consists of the following: 1,084,206,651 1,124,616,666
DECEMBER 31, 2010 2009

US$ US$
(a) Land and land development works include the following cost items:
Solidere International Limited 489,440 1,703,464 DECEMBER 31, 2010 2009

City Makers s.a.r.l 450,294 - US$ US$
Brems International s.a.l. (Offshore) 6,750 6,750
946,484 1,710,214 Acquired properties (a.1) 967,608,697 966,114,168
Pre-acquisition costs (a.2) 9,412,802 9,412,802
The above balances are interest free. Infrastructure costs (a.3) 723,490,635 680,263,874
Eviction costs (a.4) 260,242,988 259,842,988
Capitalized costs (a.5) 62,056,340 60,439,543
Cumulative costs 2,022,811,462 1,976,073,375
9
ACCOUNTS AND
NOTES RECEIVABLE, NET Less: Cost of land sold, net (907,668,761) (830,063,056)
Less: Cost of land transferred to real estate
development projects (132,855,734) (132,213,879)
Less: Cost of infrastructure transferred to
DECEMBER 31, 2010 2009 real estate development projects (6,353,121) (6,353,121)
US$ US$
975,933,846 1,007,443,319
Notes receivable 424,524,580 356,525,877

Accounts receivable 109,644,463 3,210,555
Receivables from tenants 26,476,832 15,108,508
Less: Unearned interest (64,390,302) (18,919,410) a.1 Acquired properties consist mainly dance with Law No. 117/91). Acquired properties appraised at US$ 133 mil-
Less: Provision for problematic receivables (451,320) (451,320) of the aggregate initial appraised value properties include the value of pur- lion were not claimed for recuperation.
Less: Provision for impairment on collectively attributed to the plots included in the chased and exchanged properties as
assessed accounts receivable (9,000,000) (9,000,000) BCD area of US$ 1,170,001,290 net of well. a.2 Pre-acquisition costs include tech-
486,804,253 346,474,210 the recuperated properties. The aggre- nical and master plan studies incurred
gate appraised value is determined in Law No. 117/91 stated the require- during the set up period of the Group.
accordance with Decree No. 2236 ments for property recuperation and
(dated February 19, 1992 based on the exemption. In this respect properties a.3 Infrastructure costs consists of the
decision of the Higher Appraisal Com- appraised at US$ 255 million were following:
The Groups credit risk exposure is 2010 (as of December 31, 2009, 56 Notes receivable, which resulted mittee, which was established in accor- recuperated by original owners and
spread over 52 counter-parties; 5 cus- counter-parties; 6 customers constitute mainly from sales carry the following
tomers constitute 82% of the total 80% of the total exposure and 50 cus- maturities:
exposure and 47 customers constitute tomers constitute the remaining 20%).
DECEMBER 31, 2010 2009
the remaining 18% as of December 31,
US$ US$
DECEMBER 31, 2010 2009 Sea front defense 277,938,625 276,083,472

US$ US$
Work executed in the traditional BCD area 153,799,472 149,856,118
Land reclamation and treatment 91,741,772 83,525,629
Doubtful balances 617,272 470,605 Electricity power station 41,920,403 41,874,265
Overdue 42,244,341 21,095,564 Borrowing costs 44,014,493 41,087,847
2010 - 117,983,925 Other costs 114,075,870 87,836,543
2011 101,819,251 66,342,915 723,490,635 680,263,874
2012 88,072,871 53,128,953
2013 72,695,470 45,961,936
2014 51,665,375 51,541,979
2015 and above 67,410,000 - a.4 Eviction costs represent the costs of December 31, 2010 (US$ 22.2 million as a.5 Capitalized costs represent alloca-
424,524,580 356,525,877 relocating previous settlers out of the of December 31, 2009) representing a tion of direct overheads. Costs capital-
BCD area which were mainly paid 10% charge on recuperated properties ized during the year ended December
through the Central Fund for the Dis- appraised values collected from original 31, 2010 amounted to US$ 7.6 million
The average yield on accounts and notes receivable is mainly dependent on the Libor rate. placed (a public authority). This caption owners other than religious and gov- (US$ 5.5 million for the year ended De-
is stated net of US$ 22.2 million as of ernmental recuperated properties. cember 31, 2009).
196
(b) Real estate development projects include the following: Investment properties include rented allocated to the Beirut Souks project. Depreciation for investment properties
and available for rent properties. These During the year ended December 31, in the amount of US$ 7,422,234 for the
DECEMBER 31, 2010 2009
represent Beirut Souks, a property 2010, the Group transferred US$ year 2010 (US$ 4,480,244 for the year
US$ US$
leased out to the Ministry of Foreign 1,663,372 from fixed assets to invest- 2009) is recorded under Charges on
Affairs and Emigrants, for use by an in- ment properties. rented properties caption in the state-
Construction and rehabilitation of buildings 560,683,259 488,722,722
ternational agency, residential com- ment of income (Note 24).
Cost of land 133,244,015 132,602,160
plexes, an embassy complex, and other During the year ended December 31,
Cumulative costs 693,927,274 621,324,882
restored buildings. 2009, the Group sold property having The fair value of the investment prop-
Less: Cost transferred to investment properties, net (511,831,196) (432,616,848)
an aggregate net book value of US$ erties is estimated by management at
Cost transferred to fixed assets (29,659,018) (27,370,432)
During the year ended December 31, 1,343,733 for total proceeds of US$ approximately US$ 1.26 billion based
Cost of real estate sold (44,164,255) (44,164,255)
2010, the Group transferred US$ 967,320 which resulted in a loss of on current market prices (US$ 1.27 bil-
108,272,805 117,173,347
79,214,348 from real estate develop- US$ 376,453 recorded under Loss on lion as of December 31, 2009). There
ment projects to investment properties sale of investment properties in the has been no valuation of these proper-
(US$ 149,816,937 for the year ended De- statement of income . ties by an independent valuer.
During 2010, the Group transferred an During 2009, a provision for impairment cost in the consolidated state- cember 31, 2009) representing the cost
amount of US$ 79,214,348 (US$ ment in the amount of US$ 2,562,760 ment of income for the year ended
149,816,937 during 2009) to investment was setup against dormant real estate December 31, 2009.
12
properties representing the cost of development projects. The above pro- INVESTMENT IN
land, building and other assets of the vision was recorded under Provision A N A S S O C I AT E
Beirut Souks project. against land and real estate develop-
Details of the Groups associate are as follows:
11
INVESTMENT
PROPERTIES, NET 2010 2009
COUNTRY OF OWNERSHIP GROUPS SHARE GROUPS SHARE
INCORPORATION INTEREST COST OF EQUITY COST OF EQUITY
% US$ US$ US$ US$
DISPOSALS
BALANCE AS AT DECEMBER 31, 2009 ADDITIONS TRANSFERS AND SALES 2010
US$ US$ US$ US$ US$ Solidere International
Limited UAE 38.98 237,209,580 313,904,171 237,209,580 311,384,302
COST
Land 92,450,011 - - - 92,450,011

Buildings 269,353,253 706,590 80,877,720 - 350,937,563 Summarized financial information in respect of the Groups associate is set out below:
Other assets 31,960,404 2,716,295 - - 34,676,699
DECEMBER 31, 2010 2009
393,763,668 3,422,885 80,877,720 - 478,064,273 US$ US$
ACCUMULATED
DEPRECIATION Total assets 868,047,357 940,720,809
Total liabilities (4,859,808) (30,538,215)
Buildings 24,086,572 5,755,586 - - 29,842,158
Non-controlling interest (57,836,682) (111,296,688)
Other assets 3,577,852 1,666,648 - - 5,244,500
Net assets 805,350,867 798,885,906
27,664,424 7,422,234 - - 35,086,658
Groups share of net assets 313,904,170 311,384,302
Net Book Value 366,099,244 442,977,615

Initial price of investment 237,209,580 237,209,580
Groups share of results 2,670,655 7,861,360
Groups share of comprehensive income 231,795 81,009
Carrying amount of the investment 313,904,171 311,384,302
DISPOSALS
US$ US$ US$ US$ US$
During the first half of the year 2007, As a result of the private placement On June 7, 2007, the Group further
COST Solidere established Solidere Interna- SIs share capital and share premium subscribed into the capital of Solidere
Land 56,414,271 - 36,311,470 (275,730) 92,450,011 tional Holdings s.a.l. (SIH) which in amounted to US$ 700,050,000 out of International Limited for an amount of
Buildings 179,657,312 5,092,792 85,740,467 (1,137,318) 269,353,253 turn established Solidere International which SIH settled US$ 216 million against US$ 3,000,060 representing a 0.4286%
Other assets 3,968,949 226,455 27,765,000 - 31,960,404 Limited (SI) in the Dubai International an ownership percentage of 37.19%. equity stake.
240,040,532 5,319,247 149,816,937 (1,413,048) 393,763,668 Financial Center (DIFC) with an initial
capital of US$ 50,000. The main activity The private placement memorandum During 2008, the Group increased its di-
ACCUMULATED of SI is to promote, invest in, develop, and other signed agreements between rect ownership in Solidere International
DEPRECIATION
market and manage, as well as provide Solidere and SI stipulate that Solidere Limited to 38.18% by acquiring 66,849
Buildings 20,323,257 3,832,590 - (69,275) 24,086,572 consulting services with respect to real and Solidere Management Services shares for an amount of US$ 10,784,850.
Other assets 2,930,198 647,654 - - 3,577,852 estate projects outside the Beirut Cen- s.a.l. will transfer to SI all the projects
23,253,455 4,480,244 - (69,275) 27,664,424 tral District area of Lebanon. that they had outside the Lebanese During 2009, the Group increased its
territories. In addition, Solidere will direct ownership in Solidere Interna-
Net Book Value 216,787,077 366,099,244 During the same year, SIH raised grant SI the right to use the Solidere tional Limited to 38.98% by acquiring
additional funds for SI through a pri- brand name through a license agree- 86,900 shares for an amount of US$
vate placement. ment and a none compete right. 6,997,000.
198
During the year ended December 31, During the year ended December 31, charge to the consolidated statement of
13
FIXED ASSETS,
NET 2010, the Group transferred US$ 2009, the Group transferred computer income. The depreciation for the year
2,288,586 from real estate develop- equipment and installations (Broad ended December 31, 2009 was split be-
ment projects to fixed assets. Band Network) amounting to US$ tween an allocation to inventory of land
593,175 from real estate development and projects in progress, prepayments
Fixed assets are composed of the following: During the year ended December 31, projects to fixed assets. and other debit balances and a charge
2010, the Group transferred US$ to the consolidated income statement in
DISPOSALS 1,663,372 from fixed assets to invest- The depreciation for the year ended the amount of US$ 376,553, US$
US$ US$ US$ US$ US$ ment properties. December 31, 2010 was allocated as a 310,011 and US$ 5,057,481, respectively.
COST
Land 5,080,192 - 641,855 - 5,722,047
14
BANK OVERDRAFTS
Buildings 13,180,361 5,889,767 1,646,731 (136,810) 20,580,049 AND SHORT TERM
Marina 7,866,624 - - - 7,866,624 FA C I L I T I E S
Furniture and fixture 3,430,712 2,094,067 - - 5,524,779
Freehold improvements 4,536,819 9,811,949 (1,663,372) - 12,685,396
Machines and equipment 31,995,531 1,973,576 - - 33,969,107 Bank overdrafts and short term facilities consist of the following:
Prefabricated office 40,425 - - - 40,425
DECEMBER 31, 2010 2009
Advances on fixed assets - 4,180,894 - - 4,180,894
US$ US$
Work in progress - 2,487,918 - - 2,487,918
66,130,664 26,438,171 625,214 (136,810) 93,057,239
Bank overdrafts 86,144,258 10,330,996
ACCUMULATED Short term facilities 386,342,742 243,328,014
DEPRECIATION 472,487,000 253,659,010
Buildings 2,590,442 413,397 - (88,082) 2,915,757
Marina 704,456 - - - 704,456
Furniture 2,635,007 190,603 - - 2,825,610
Freehold improvements 3,150,621 181,166 - - 3,331,787 On September 27, 2010, the Group On June 21, 2010, the Group renewed mum debt to equity ratio and banks
Machines and equipment 20,837,804 3,140,895 - - 23,978,699 renewed two credit facility agreements, its US$ 40 million credit facility with a loans, overdraft, and facilities to equity
Prefabricated office 11,455 8,082 - - 19,537 amounting to US$ 75 million and US$ local bank (2009: US$ 40 million). The ratio of 2:1 and 4:1 respectively. The
29,929,785 3,934,143 - (88,082) 33,775,846 35 million respectively, signed in 2007 facility is subject to an interest rate of covenants of both facilities, stipulate
with a local bank. These facilities are three-month Libor plus 1.5% but not that the Group maintain a minimum of
Net Book Value 36,200,879 59,281,393 subject to a fixed interest rate of 5% p.a less than 4.25% paid quarterly ( 2009: US$ 75 million in notes and accounts
paid monthly (2009: fixed interest rate three-month Libor plus 1.5% but not receivables, maintain a minimum of
of 5% p.a.). The covenants of the agree- less than 4.125%). The covenants of the 750,000 squared meters of built prop-
ments stipulate that the Company agreement stipulate that the Group erties and US$ 1 billion in net tangible
maintain a maximum debt to equity maintain a maximum debt to equity assets free from any liens. The facili-
DISPOSALS ratio of 1:4 and a minimum equity bal- ratio and banks loans, overdraft, and ties mature on March 10, 2011 and
BALANCE AS AT DECEMBER 31, 2008 ADDITIONS TRANSFERS AND SALES 2009 ance of US$ 1 billion. The maturity of facilities to equity ratio of 2:1 and 4:1 August 4, 2011 respectively.
US$ US$ US$ US$ US$
these loans was extended to February respectively.
COST 3, 2011. On July 31, 2009, the Group signed a
On August 9, 2010, the Group renewed, US$ 50 million credit facility with a
Land 5,080,192 - - - 5,080,192
On September 23, 2010, the Group with the same bank, its US$ 60 million local bank subject to an interest rate of
Buildings 12,477,519 1,021,144 - (318,302) 13,180,361
signed a US$ 100 million short term one year credit facility. The facility is three-month Libor plus 1.75% with a
Marina 7,866,624 - - - 7,866,624
facility with a local bank. This facility is subject to an interest rate of three- minimum of 5% p.a paid monthly. As of
Furniture and fixtures 2,686,073 744,639 - - 3,430,712
subject to a fixed interest rate of month Libor plus 1.5% but not less December 31, 2009, the Company uti-
Freehold improvements 3,923,972 612,847 - - 4,536,819
4.125% p.a. paid quarterly. This facility than 4.5% p.a paid quarterly. The lized US$ 19.9 million of this facility.
Machines and equipment 29,415,543 2,004,338 593,175 (17,525) 31,995,531
matures in October 2011. covenants of the agreement stipulate This facility matured on July 31, 2010
Prefabricated office 40,425 - - - 40,425
that the Company maintain a maxi- but was renewed for another year.
61,490,348 4,382,968 593,175 (335,827) 66,130,664
ACCUMULATED
DEPRECIATION
Buildings 2,219,346 371,096 - - 2,590,442

Marina 665,123 39,333 - - 704,456
Furniture and fixtures 2,389,096 245,911 - - 2,635,007
Freehold improvements 2,770,591 380,030 - - 3,150,621
Machines and equipment 16,138,214 4,699,590 - - 20,837,804
Prefabricated office 3,370 8,085 - - 11,455
24,185,740 5,744,045 - - 29,929,785
Net Book Value 37,304,608 36,200,879

200
The tax returns for the years 2007 until is subject to the results of this review.
15
VA L U E A D D E D TA X ( VAT )
AC C O U N T S PAYA B L E
AND OTHER LIABILITIES 2010 are still subject to examination The VAT declarations for the years 2005 (d) The movement of provision for
and final tax assessment by the tax until 2010 are still subject to examina- end-of-service indemnity and other
authorities. Any additional tax liability tion and final tax assessment by the tax charges is as follows:
Accounts payable and other liabilities consist of the following: is subject to the results of this review. authorities. Any additional tax liability
DECEMBER 31, 2010 2009

US$ US$ 2010 2009
US$ US$
Accounts payable (a) 69,945,629 42,745,701

Accrued charges and other credit balances (b) 18,071,578 14,894,177 Balance at the beginning of the year 8,752,141 8,039,259
Taxes payable (c) 41,282,024 37,587,883 Additions 2,947,202 861,008
Provision for end-of-service indemnity and other charges (d) 11,394,853 8,752,141 Settlements (304,490) (148,126)
Provision for previously recognized sales (e) 7,007,910 7,007,910 Balance at the end of the year 11,394,853 8,752,141
Due to related parties (f) 216,970 140,428
Accrued interest payable 1,020,557 1,426,365
148,939,521 112,554,605 (e) During the year ended December previously recognized sale where cer- (f) Due to related parties consists of the
31, 2009, the Group booked a provision tain legal and regulatory conditions following:
(a) Accounts payable as of December lion due to the Lebanese Government (b) Accrued charges and other credit of US$ 7,007,910 to account for the might lead to the cancellation of this
31, 2010 and 2009 include balances in in consideration of the exchange of as- balances consists of the following: effect of an expected loss relating to a sale agreement.
the aggregate amount of US$ 13.8 mil- sets agreement explained in Note 33(f).
DECEMBER 31, 2010 2009
US$ US$
DECEMBER 31, 2010 2009
US$ US$
Beirut Real Estate Management and Services s.a.l. 216,527 132,089
Deposits from tenants 3,150,258 3,249,032 Mounib Hammoud - 8,057
Accrued municipality expenses 5,585,045 3,326,425 Selim El Zyr 443 282
Other 9,336,275 8,318,720 216,970 140,428
18,071,578 14,894,177
The above balances are interest free.
(c)Taxes payable consist of the following:
DECEMBER 31, 2010 2009
16
US$ US$
DIVIDENDS
PAYA B L E
Accrued income tax 33,851,555 32,514,984
Other accrued taxes 7,204 3,887 SETTLED UP TO DEC 31, DEC 31,
VAT payable 48,139 27,816 GENERAL ASSEMBLY DIVIDEND DECEMBER 31, 2010 2009
DATE PER SHARE DECLARED 2010 PAYABLE PAYABLE
Taxes withheld 2,466,611 1,798,770 US$ US$ US$ US$ US$
Property tax payable 4,908,515 3,242,426
41,282,024 37,587,883 June 29, 1996 0.20 30,918,413 29,348,911 1,569,502 1,661,367
I N C O M E TA X
June 30, 1997 0.25 40,367,172 37,520,038 2,847,134 2,956,795
June 29, 1998 0.25 39,351,753 35,927,419 3,424,334 3,550,440
The applicable tax rate in Lebanon is 15% according to the Lebanese tax laws. June 23, 2003 Stock dividend - 246,950 19,315 20,547
June 12, 2006 0.6 94,831,106 89,481,489 5,349,617 5,980,411
The accrued income tax for the years 2010 and 2009 was estimated as follows: June 22, 2007 1.00 155,093,702 143,865,958 11,227,744 12,552,397
2010 2009 July 15, 2008 1.00 155,090,832 135,784,191 19,306,641 20,948,917
US$ US$ July 13, 2009 1.15 176,479,957 159,119,744 17,360,213 22,870,172
July 19, 2010 1.15 175,228,434 150,005,057 25,223,377 -
Profit before tax 230,789,742 221,965,588 86,327,877 70,541,046
Less: Losses/(income) of subsidiaries 933,580 (7,048,843)
Add: Non-deductible provisions and charges 9,868,205 22,168,563
Less: Non-taxable revenues (13,993,487) (17,469,828) The General Assembly held on July 19, the basis of US$ 1.15 per share. the basis of US$ 1 per share. Accord-
Taxable income 227,598,040 219,615,480 2010 decided to distribute dividends Accordingly the Company recorded div- ingly, the Company recorded dividends
Applicable tax rate 15% 15% on the basis of US$ 1.15 per share. idends payable in the amount of US$ payable in the amount of US$ 147.3
Accrued income tax 34,139,706 32,942,322 Accordingly the Company recorded div- 167.6 million net of distribution tax in million net of distribution tax in the
Add: Income tax provision subsidiaries 49,002 68,620 idends payable in the amount of US$ the amount of US$ 8.8 million. An amount of US$ 7.75 million. An amount
Total accrued income tax 34,188,708 33,010,942 166 million net of distribution tax in the amount of approximately US$ 159 mil- of approximately US$ 136 million was
Less: Tax on interest previously settled (337,153) (495,958) amount of US$ 8.8 million. An amount lion was settled up to December 31, settled up to December 31, 2010 (US$
Accrued income tax payable 33,851,555 32,514,984 of approximately US$ 150 million was 2010 (US$ 154 million up to December 134 million up to December 31, 2009).
settled up to December 31, 2010. 31, 2009).
Total accrued income tax 34,188,708 33,010,942 The General Assembly held on June
Less: Deferred tax assets - (256,367) The General Assembly held on July 13, The General Assembly held on July 15, 22, 2007 decided to distribute dividends
Add: Deferred tax assets expensed Note 8(b) 1,099,665 - 2009 decided to distribute dividends on 2008 decided to distribute dividends on on the basis of US$ 1 per share.
Income tax expense 35,288,373 32,754,575
202
Accordingly, the Company recorded An amount of approximately US$ 144 The outstanding balance of unpaid div- According to its articles of incorpora- istence of free reserves, provided that As of December 31, 2010 and 2009, this
dividends payable in the amount of million was settled up to December 31, idends relates mostly to unclaimed tion, the Group may purchase up to it shall resell these shares within a caption includes 3,685,000 shares that
US$ 147.3 million net of distribution 2010 (US$ 142 million up to December dividends and dividends pertaining to 10% of its share capital without the ex- period not exceeding eighteen months. were acquired from sale of properties.
tax in the amount of US$ 7.75 million. 31, 2009). undelivered class (A) shares.
22 NON-CONTROLLING
17 DEFERRED REVENUE INTEREST

AND OTHER CREDIT
BALANCES
Non-controlling interest consists of the following:

DECEMBER 31, 2010 2009
US$ US$
YEAR ENDED DECEMBER 31, 2010 2009
US$ US$
Cash down payments and commitments on sale contracts 24,767,197 129,216,688
Deferred rental revenue and related deposits 21,442,948 21,063,627 Issued capital 3,980 -
46,210,145 150,280,315 Loss for the year (86,660) -
(82,680) -
Cash down payments and commit- through 19 equal quarterly install- Class B, amounting to 65,000,000
23 REVENUES FROM
ments on sale contracts include bal- ments of US$ 500,000 each and one shares represented capital subscrip-
RENDERED
ances aggregating to approximately last installment of US$ 450,249 begin- tion in cash and are all issued and fully
SERVICES
US$ 23.6 million that relate to 2 sale ning on December 31, 2011 and ending paid at the establishment of the Group.
contracts with an aggregate potential September 30, 2016.
gross sales value of US$ 77.5 million Class A and Class B shares have YEAR ENDED DECEMBER 31, 2010 2009
as of December 31, 2010 (US$ 127 mil- During 2009, a joint venture entity of the same rights and obligations. US$ US$
lion relating to 6 sale contracts with an the Group signed another loan agree-
aggregate potential gross sales value ment with the same local bank in the As of December 31, 2010, the Company Services rendered to related parties (Note 32) 923,361 1,668,464
of US$ 428.5 million as of December amount of US$ 30,000,000. Total with- had 10,796,073 A shares listed on the Services rendered to clients 848,825 836,636
31, 2009). drawals as of December 31, 2010 London Stock Exchange in the form of Broadband Network revenues 2,182,858 1,470,701
amounted to US$ 7,613,141. The term Global Depository Receipts (GDR) 3,955,044 3,975,801
Deferred rental revenue and related of the loan is four years with two years, (10,810,278 A shares as of December
deposits represent down payments on grace period. The loan bears an inter- 31, 2009).
24
lease and rental agreements and est rate equivalent to cost of funds CHARGES
reservation deposits for the rental of + 2%, not to exceed 3.9% annually. ON RENTED
20
real estate properties. Interest is computed on a quarterly LEGAL PROPERTIES
basis starting the date of the first with- RESERVE
drawal. Interest for the year 2010 in the
18 LOANS FROM amount of US$ 42.45 thousand (Nil for US$ US$
BANKS AND the year 2009) was capitalized under
FINANCIAL In conformity with the Company's arti-
INSTITUTIONS inventory of land and project in Depreciation expense (Note 11) 7,422,234 4,480,244
cles of incorporation and the Lebanese
progress ( (Note 11) The entire loan will Property taxes 5,100,343 2,281,075
Code of Commerce, 10% of the annual
be repaid through semi-annual pay- Electricity 2,221,973 60,770
net income is required to be trans-
During 2009, a joint venture entity of the ments starting on December 31, 2011 Manpower 1,418,954 410,181
ferred to legal reserve until this
Group signed a subsidized loan agree- and ending June 30, 2013. Advertising 5,934,902 165,544
reserve equals one third of capital. This
ment with a local bank in the amount of Maintenance and other related expenses, net 4,881,820 2,124,328
reserve is not available for dividend
US$ 9,950,249. Total withdrawals as of 26,980,226 9,522,142
distribution.
19
December 31, 2010 amounted to US$ C A P I TA L
8,883,899 (US$ 3,974,046 as of Decem-
ber 31, 2009) of which 50% was
25 COST OF
21 TREASURY
reflected in the consolidated financial SHARES SERVICES
statements (50% proportionate consol- RENDERED
idation). The term of the loan is seven Capital consists of 165,000,000 shares
years with 2 years, grace period, and of US$ 10 par value, authorized and
bears an interest of 3 months Libor + fully paid and divided in accordance This caption includes 12,719,273 shares YEAR ENDED DECEMBER 31, 2010 2009
with Law 117/91 into the following: US$ US$
2.5% before the subsidy, not exceeding class (A) and (B) as of December 31,
6.5%. Interest is computed on a quar- 2010 out of which 396,344 shares repre-
Class A, amounting to 100,000,000 Cost of services rendered to related parties 944,744 2,014,242
terly basis starting the date of first sent Global Depository Receipts (GDR)
shares represented contribution in kind Cost of services rendered to clients 539,691 941,862
withdrawal. Interest for the year 2010 (13,074,512 shares out of which 500,072
of properties in the BCD, based on the Broad band network cost of services rendered 2,483,473 1,714,768
in the amount of US$ 21 thousand (US$ shares represent Global Depository
resolutions of the High Appraisal Com- 3,967,908 4,670,872
11 thousand for the year 2009) was Receipts (GDR) as of December 31,
capitalized under inventory of land and mittee. All Class A shares were deemed 2009). The treasury shares outstanding
projects in progress (Note 11). The to have been issued and outstanding as of December 31, 2010 and 2009 were
repayment of the entire loan will be since the establishment of the Group. stated at the weighted average cost.
204
During 2010, the Group settled an The weighted average number of
30
BASIC/DILUTED
26
GENERAL AND
A D M I N I S T R AT I V E amount of US$ 1.79 million represent- EARNINGS PER shares to compute basic and diluted
EXPENSES ing amicable settlements for cancella- SHARE earnings per share is 152,182,097
tion of a rent contract. shares for the year 2010 (153,227,172
shares for the year 2009).
YEAR ENDED DECEMBER 31, 2010 2009 In addition, during 2010, the Group set- The computation of earnings per share
US$ US$
tled an amount of US$ 60 thousand is based on net income for the period
(US$ 3.9 million during 2009) repre- and the weighted average number of
Salaries, benefits and related charges 25,668,493 17,711,736
senting amicable settlements as a outstanding class (A) and (B) shares
Board of directors remuneration 284,917 222,000
goodwill gesture for the withdrawal of during each period net of treasury
Professional services 2,657,697 1,645,339
claims concerning offers regarding the shares held by the Group.
Promotion and advertising 6,210,439 1,739,649
Beirut Souks.
Telephone and communications 583,599 587,142
Insurance 445,255 441,711
Occupancy 668,971 604,662
Utilities 464,203 459,525
31
NOTES TO THE
Office and other supplies 273,537 92,860 CASH FLOW
Maintenance 846,914 535,490 S TAT E M E N T
Fuel and transport 393,394 209,126
Travel and accommodation 2,039,713 757,334
Other expenses 1,942,313 1,171,837 (a) Depreciation was applied as follows:
Establishment expenses 235,375 -
42,714,820 26,178,411 YEAR ENDED DECEMBER 31, 2010 2009
US$ US$
Depreciation of fixed assets - Note 13 3,934,143 5,744,045

The Group reallocated salaries, bene- trative expenses amounting to US$ 7.6 year ended December 31, 2010 (US$
Depreciation of investment properties - Note 11 7,422,234 4,480,244
fits and related charges and adminis- million to construction cost during the 5.5 million during the year ended
Less:
December 31, 2009).
Depreciation allocated to inventory of land
and projects in progress and other debit
balances Note 11 - (686,565)
27 OTHER
INCOME Depreciation charge for the year 11,356,377 9,537,724
(b) Interest expense consists of the following:

US$ US$
US$ US$
Gain on sale of investment securities - 316,500
Other 204,175 35,620 Interest charged as period cost 9,681,328 11,362,006
204,175 352,120 Interest expense allocated to inventory of land
and projects in progress Note 11 2,926,646 20,596
Total interest expense 12,607,974 11,382,602
28 INTEREST
INCOME
(c) Non-cash transactions in operating (d) During the year ended December (f) During the year ended December
and investing activities include trans- 31, 2010, the Group transferred US$ 31, 2009, the Group transferred US$
YEAR ENDED DECEMBER 31, 2010 2009 fers from inventory of land and projects 1,663,372 from fixed assets to invest- 593,175 from real estate development
US$ US$
in progress to investment properties in ment properties. projects to fixed assets.
the amount of US$ 79,214,347 for the
Interest income from notes and accounts receivable 15,024,611 27,381,607
year ended December 31, 2010 (US$ (e) During the year ended December (g) Cash and cash equivalents com-
Interest income from banks 6,579,289 9,662,402
149,816,937 for the year ended Decem- 31, 2010, the Group transferred US$ prise of the following:
21,603,900 37,044,009
ber 31, 2009). 2,288,586 from real estate develop-
ment projects to fixed assets.
29 OTHER
EXPENSES US$ US$
Cash 124,451 119,731

YEAR ENDED DECEMBER 31, 2010 2009 Current accounts 14,407,283 11,978,956
US$ US$ Short term deposits 153,891,533 122,818,226
Bank overdrafts (472,487,000) (253,659,010)
Amicable settlements 1,849,913 3,953,792 (304,063,733) (118,742,097)
Loss on sales of fixed assets 48,728 324,169
Other 898,819 459,586
2,797,460 4,737,547
206
2009), in addition to an amount of US$ the BCD area and other tender docu- cerned authorities nor recorded as (i) The Group has commitments and The Group manages its capital struc-
32
R E L AT E D
PA R T Y 58,909 (US$ 35,000 for the year 2009) ments. No provision was set up against receivables in the accompanying finan- contingencies in the form of letters of ture and makes adjustments to it in
TRANSACTIONS representing payments on its behalf. this claim since, on the basis of the cial statements. guarantee and letters of credits in the light of changes in economic condi-
advice received from the Groups legal amount of US$ 7,480,621 and US$ tions. No changes were made in the
During 2010, the Group rendered serv- advisor, the directors are of the opinion (h) For the purpose of enhancing and 803,656 respectively as at December objectives, policies or processes during
These represent transactions with ices to City Makers s.a.r.l., a subsidiary, that this claim is not based on sound improving land value in Zokak Al Blat 31, 2010 (US$ 2,689,067 and US$ the years ended December 31, 2010
related parties, i.e. significant share- for an aggregate amount of US$ legal grounds. area and to settle the recuperation of a 476,862, respectively as at December and 2009.
holders, directors and senior manage- 455,400. lot in that area, the Group signed in 31, 2009).
ment of the Group, and companies of The Group has submitted to the CDR 2002 an agreement with the Armenian The capital structure of the company
which they are principal owners and Total benefits paid to executives and claims aggregating US$ 13.6 million Orthodox prelacy to demolish the consists of debt and equity. Debt con-
34
entities controlled, jointly controlled or members of the Board of Directors representing mainly change orders to building on the recuperated lot and to C A P I TA L sists of total liabilities less cash and
significantly influenced by such parties. (including salary, bonus and others), infrastructure works in the traditional transfer corresponding building rights MANAGEMENT bank balances. Equity comprises capi-
Pricing policies and terms of these included within General and adminis- BCD which were incurred by the Group to another adjacent lot with minimum tal, reserves, retained earnings, cumu-
transactions are approved by the trative expenses, for the year ended on behalf of the Government. These building rights of 4,900m against ced- lative foreign currency transactions,
Groups management. December 31, 2010 amounted to US$ claims were neither approved nor con- ing of owners shares from both lots. cumulative change in fair value and sur-
The primary objective of the Groups
4,287,222 (US$ 4,161,268 for the year firmed by the concerned party nor Additionally, a built up area of 5,335m plus on treasury shares activity less
capital management is to ensure that
Cash and bank balances include US$ ended December 31, 2009). recorded as receivables in the accom- (US$ 2,700,000) remains as a contin- treasury shares.
it maintains a strong credit rating and
53,640,840 as of December 31, 2010 panying financial statements. gent loss to the Group in case the
healthy capital ratios in order to sup-
(US$ 53,920,710 as of December 31, Income arising and expenses incurred prelacy decides to build this area The Group monitors capital on the basis
port its business and maximize share-
2009) representing current bank from the Groups transactions with (e) The Group is a defendant in various within the next 10 years following this of the debt-to-capital ratio (gearing
holder value.
accounts with a local bank who is a other related parties, other than those legal proceedings and has litigations agreement. ratio). The gearing ratio as at December
significant but minority shareholder of disclosed in the financial statements, pending before the courts and faces 31, 2010 and 2009 was as follows:
the Group. do not form a significant portion of the several claims raised by contractors.
Groups operations. On the basis of advice received from
Bank overdraft and short term facilities the external legal counsel and the US$ US$
include US$ 146,802,712 as of Decem- Groups technical department, the
ber 31, 2010 (US$ 114,285,501 as of directors are of the opinion that any
33
COMMITMENTS & Total consolidated liabilities 762,213,061 589,021,999
December 31, 2009) representing short CONTINGENCIES negative outcome thereof, if any, would Less: Cash and bank balances (169,564,738) (177,622,687)
term facilities with a local bank who is not have a material adverse effect on Total debt 592,648,323 411,399,312
a significant but minority shareholder the financial condition of the Group.
of the Group. Total equity 1,838,297,258 1,809,961,832
(a) An agreement between the Com- (f) On June 7, 1997, the Group signed Gearing ratio 32% 23%
Certain directors are members of the pany and the Council for Development an exchange agreement with the
boards of directors of banks with and Reconstruction (CDR) was Lebanese Government. By virtue of
whom the Group has various banking promulgated through Decree No. 5665 this agreement, the Group acquired
the Groups operations. The Group has
35
(A) INTEREST RATE RISK
activities. dated September 21, 1994, duly additional built up area of approxi- RISK
approved by the Council of Ministers. mately 58,000m and 556,340 Class A MANAGEMENT various assets such as accounts and The Groups exposure to the risk of
General and administrative expenses By virtue of this agreement, the Com- shares in exchange for approximately notes receivable and cash and bank bal- changes in market interest rates re-
include legal fees in the amount of US$ pany was granted 291,800m of the 15,000m and the payment of US$ 38.7 ances, which arise directly from its op- lates primarily to the Groups long-term
120,000 for the year ended December reclaimed land surface (totaling million to restore governmental build- The Groups principal financial liabilities, erations. The main risks arising from debt obligations with floating interest
31, 2010 related to one of the firms 608,000 sqm) against the execution by ings. US$ 25 million has already been other than derivatives, comprise bank the Groups financial instruments are rates. The following table demonstrates
legal counselors who is also a member the Company of the sea landfill and paid and accounted for and the balance loans and overdrafts, deferred revenues interest rate risk, liquidity risk, foreign the sensitivity to a reasonably possible
in the Companys board of directors infrastructure works. of US$ 13.8 million continues to be and other credit balances, dividends currency risk and credit risk. The Board change in interest rates, with all other
(US$ 120,000 for the year ended included under accounts payable. payable and accounts payable and other of Directors reviews and approves poli- conditions held constant, of the Groups
December 31, 2009). (b) The total projected cost for comple- According to the terms of the agree- liabilities. The main purpose of these fi- cies for managing each of these risks profit before tax.
tion of the BCD project has been ment, the Group undertook to build a nancial liabilities is to raise finance for which are summarized below:
The Group incurred various expenses estimated by management to be ap- governmental building and to conclude
on behalf of its related parties whose proximately US$ 2 billion. This amount ten finance leases over seven years for INCREASE/DECREASE EFFECT ON PROFIT
total net balances due amounted to is used as a base for the determination certain buildings belonging to the IN BASIS POINTS BEFORE TAX
US$
US$ 729,514 as of December 31, 2010 of cost of sales. Lebanese Government. In 1999, the
(US$ 1,569,786 as of December 31, government canceled the exchange
2009). (c) Commitments for contracted works and finance lease agreement. The im- 2010
not executed as of December 31, 2010 plementation and the effect of cancel- US Dollars +20 589,920
Aswaq Management and Services LLC amounted to approximately US$ 160 lation is not yet determined and has US Dollars -15 442,440
provided consultancy services to Beirut million (US$ 93.9 million as of Decem- not been reflected in the accompanying
Real Estate Management and Services ber 31, 2009). financial statements. 2009
s.a.l. (BREMS) for the amount of US$ US Dollars +20 776,913
24,188 for the year ended December (d) A lawsuit was raised in 1999 against (g) In prior periods, the Group submit- US Dollars -15 582,385
31, 2009. the Group by the CDR claiming reim- ted to the Ministry of Culture and
bursement of an amount of LL 5.4 bil- Higher Education claims totaling US$
During 2010, the Group charged Solid- lion (US$ 3.6 million) plus interest. This 17.7 millions representing compensa- (B) FOREIGN CURRENCY RISK due to changes in foreign exchange ity of its financial assets and liabilities
ere International Limited, an associate, balance represents payments previ- tion for delays that resulted from exca-
Currency risk is the risk that the value rates. The Group is not materially ex- are denominated in U.S.Dollar or in
administrative expenses amounting to ously made by the CDR in connection vation works. These claims were not
of a financial instrument will fluctuate posed to currency risk since the major- currencies pegged to the U.S.Dollar.
US$ 467,961 (US$ 1,668,464 for the year with the appraisal of the properties in yet approved nor confirmed by the con-
208
(C) CREDIT RISK The Group trades mostly with recog- (D) LIQUIDITY RISK
The Groups credit risk is primarily nized, credit worthy third parties and Liquidity risk is the risk that an institu-
attributable to its liquid funds receiv- monitors receivable balances and col- tion will be unable to meet its net fund-
ables, other debit balances and invest- lection on an ongoing basis. ing requirements. Liquidity risk can be
ments in securities. The amounts
caused by market disruptions or credit
presented in the balance sheet are The Groups credit risk exposure is downgrades, which may cause certain
stated at net realizable value, esti- spread over 52 counter-parties; 5 cus- sources of funding to dry up immedi-
mated by the Groups management tomers constitute 82% of the total ex- ately.
based on prior experience and the cur- posure and 47 customers constitute
rent economic conditions. the remaining 18%. The maximum ex- The Groups objective is to maintain a
posure is the carrying amount as dis- balance between continuity of funding
The Groups liquid funds are placed closed in Note 9. and flexibility through the use of bank
with prime banks. Investments in se-
overdrafts and bank loans.
curities are not covered by collaterals. The Groups revenues, profits, total as-
Other debit balances consist mainly of sets and total liabilities segregated by The table below summarizes the matu-
amounts due from related parties. geographical area is disclosed under rity profile of the Groups financial liabil-
Note 6. ities as of December 31, based on
contractual undiscounted liabilities:
LESS THAN 3-12 1 TO 5

NO MATURITY 3 MONTHS MONTHS YEARS TOTAL
US$ US$ US$ US$ US$
December 31, 2010

Bank overdrafts and short
term facilities - - 472,487,000 - 472,487,000
Accounts payable and
other liabilities 8,173,926 63,849,342 37,207,303 29,213,705 138,444,276
Dividends payable 86,327,877 - - - 86,327,877
Deferred revenues and
other credit balances 46,210,145 - - - 46,210,145
Loans from banks and
financial institutions - - - 8,248,520 8,248,520
Non-financial liabilities 10,495,245 - - - 10,495,245
151,207,193 63,849,342 509,694,303 37,462,225 762,213,063
December 31, 2009

Bank overdrafts and short
term facilities - - 253,659,010 - 253,659,010
Accounts payable and
other liabilities 8,171,926 33,684,825 37,903,619 24,941,702 104,702,072
Dividends payable 70,541,046 - - - 70,541,046
Deferred revenues and
other credit balances - - 21,063,627 129,216,688 150,280,315
Loans from banks and financial
institutions - - - 1,987,023 1,987,023
Non-financial liabilities 7,852,533 - - - 7,852,533
86,565,505 33,684,825 312,626,256 156,145,413 589,021,999
Market value has been used to deter-
37 APPROVAL OF
36
FA I R VA L U E
OF FINANCIAL mine the fair value of listed available- FINANCIAL
INSTRUMENTS for-sale assets. The fair values of S TAT E M E N T S
loans, notes and other financial assets,
and borrowings and other financial
The fair values of financial instruments liabilities have been calculated by dis- The Board of Directors approved the
are not materially different from their counting the expected future cash flows financial statements for the year ended
carrying values. at prevailing market interest rates. December 31, 2010, on April 12, 2011.
CITY IN
LAYERS
COLOPHON
DESIGN, EDITING AND PRODUCTION

Solidere Multidisciplinary Design Team
ARCHIVES AND DOCUMENTATION

Solidere Corporate Reporting and Publications Team
PREPRESS
Leogravure s.a.l.
PRINTING
Anis Commercial Printing Press s.a.l.
Texts by Gabriele Basilico are excerpted from:

Gabriele Basilico (2003). Beyrouth 1991 (2003), Baldini Castoldi Dalai editore.
Originally from: Gabriele Basilico and Gabriel Bauret (1994). Beyrouth / Gabriele Basilico,
La Chambre Claire.
Copyright 2011 Solidere
All rights reserved. No part of this publication can be reproduced or transmitted in any form or
by any means, whether by photocopying, recording or facsimile machine or otherwise howsoever
without prior written permission from Solidere.
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Solidere Annual Report 2010

WHENEVER I CAN, I GO BACK MANY TIMES TO THOSE

GABRIELE BASILICO , 1991

Sixteen years of destruction, hostilities and His photography evokes a contemplative

Through his lens, the bullet-ridden holes,

Basilico returned to Beirut in 2003 and 2011,

THE MASTER PLAN / 16

OFFICE BUILDING / 148

TRADITIONAL CITY CENTER SERVICED FURNISHED SALES AND RENTAL

DELOITTE & TOUCHE

ERNST & YOUNG P.C.C.

CORPORATE LEGAL COUNSEL

It is hard for todays visitors to imagine what Beirut city center

Dramatic progress has been achieved in its reconstruction

The share price averaged

We are proceeding with infrastructure design

Text excerpted from Beirut in Ruins, Solidere (2000).

THE MASTER PLAN / 16

URBAN EXPERIENCE / 128

BEIRUT CITY CENTER

THE MASTER PLAN

ABLE LAND USE MIX INCLUDING

THE MASTER PLAN

Mina El Hosn / Hotel District / Petro Paoli Street

Text excerpted from Beyrouth 1991 (2003).

Marfaa / Conservation Area / Cheikh Mohammad Jisr Street

T RA DI T I ONA L CI T Y CE NT E R Promoting sustainable, low-energy development, sector D encompasses a multi-use dis-

Marfaa / Conservation Area / Capuchin Street

Marfaa / Conservation Area / Riad El Solh Street

Marfaa / Conservation Area / Amir Bachir Street

Marfaa / Conservation Area / Maarad Street

PLACES OF couldWORSHIP ATTEST TO

BEIRUT AND DRAW PEOPLE FROM

SEVENTEEN RESTORED HISTORIC

Marfaa / Conservation Area / Abdel Malak Street

Text excerpted from Beyrouth 1991 (2003).

Zokak El Blatt / Conservation Area / Army Street

RE CU PE RAT E D A ND RETA I NE D B UI L DINGS

Mina El Hosn / Wadi Abou Jamil Sector / France Street

Marfaa / Conservation Area / Weygand and Al Omari Mosque streets

Marfaa / Conservation Area / Hussein El Ahdab and Weygand streets

Marfaa / Conservation Area / Allenby and Moutran streets

UPGRADES AND EXTENSIONS TO

THE PRE-WAR ROAD GRID, PARKING,

CIVIL WORKS, HARDSCAPING,

BROADBAND AND INFORMATION

UPGRADES AND EXTENSIONS TO

Bachoura / Ghalghoul Sector / Syria Street

Text excerpted from Beyrouth 1991 (2003).

General Fouad Chehab Avenue (Ring Road)

In 1998, Solidere obtained a build-and-operate license for the broadband distribution of

HOW DOES THE COBBLESTONE SMELL AFTER THE RAIN

Marfaa / Conservation Area / Parliament and Cheikh Mohammad Jisr streets

Marfaa / Conservation Area / Parliament Street

Marfaa / Conservation Area / Weygand Street

Marfaa / Conservation Area / Nejmeh Square

THE YEAR 2010 WITNESSED THE

COMPLETION AND ON-GOING CON-

STRUCTION OF A NUMBER OF OPEN

KHAN ANTOUN BEY SQUARE AND

THE YEAR 2010 WITNESSED THE

Marfaa / Conservation Area / Hadiqat As Samah

Text excerpted from Beyrouth 1991 (2003).