Downtown Souks project is set to resume.

          Solidere, the publicly traded company in charge of rebuilding historic Beirut Central District (BCD), has at last finalize the Souks project. After years of political arguments and administrative obstacles the development of the US$ 100 million project is expected to become functional by year 2006.

           Work on the 100,000 square meter-shopping complex will start soon with the reclaimed underground parking site. In addition, a future plan for an entertainment complex is still pending for a license. Real estate representatives anticipate that such a project would open substantial investment opportunities for the BCD and stimulate tourism activities and hence would have significant effect on the economy.

           The Souks of Beirut is a replicate idea of the original coexisting mix of shopping centers, archeological sites and entertainment locations of the old pre-war souks. This redevelopment scheme, attracted investors such as the international French retailer Gallery Lafayette to open a central department store within the complex. It has also opened doors for a potential plan for building an immense theater.