Lebanon Real Estate Newsletter Vol. 3, Issue 2 - February, 2007

Kuwait-based International Investors Group (IIG) unveiled plans to establish a Shariah-complaint investment bank in Lebanon, in collaboration with Lebanon’s Hayek Group, after receiving a preliminary agreement from the Central Bank of Lebanon.

Hayek Group, in agreement with IIG and Kuwait-based ASAS International Real Estate Developments, will develop a tower in Beirut Central District (BCD) to house the headquarters of the new bank. The tower would span over a total built-up area of 45,000 square meters and would be 52 meters high, according to the chairman of Hayek group. It is estimated to cost US$ 100 million and construction works are expected to begin by year-end 2007. The company would acquire from Solidere, the Lebanese company in charge of the development and reconstruction of the BCD, 7,300 square meters of land to develop the tower, according to the same source.

IIG provides Shariah-complaint financial and investment services, including underwriting, portfolio management and fund management. It currently holds around ten subsidiaries and investments in real estate, financial services and oil-related companies. Established in 1951, Hayek Group is engaged in engineering studies and consultancy, general contracting, financing, facility management, marketing and feasibility studies.

The Weekly Monitor-Week 6, 2007

Research Department

Bank Audi sal- Audi Saradar Group