“Abu Dhabi Investment House” declares the near launch of “Beirut Gate” project

Al-Janahi: Political disputes did not affect our investments

The recent Israeli aggression along with the internal political tensions failed to undermine the potential of Lebanon’s market as an attractive destination for lucrative foreign and Arabic investments.

As a positive indicator of these investments, the “Abu Dhabi Investment House”-ADIH declared on October 14 2006 the resumption of “Beirut Gate”. At a press conference in Hotel Vendom in Beirut the president of ADIH Mr. Rashad Al-Janahi confirmed that the “Beirut Gate” project was in its third phase of development, and has attracted both Arab and foreign investors.

Al-Janahi asserted that ADIH has an outstanding marketing plan for “Beirut Gate” where the project would be presented in France’s Cannes real estate exhibition next February, as well as in Turkey and Austria exhibitions.

Given that “Beirut Gate” is not the group’s first project nor it is going to be their last, Al-Janahi urged the Lebanese government to reduce its administrative routine procedures in general and “Beirut Gate” in particular.

The C.E.O. of ADIH Mr. Nicolas Frasier presented the project’s characteristics and the phases it has reached, indicating that they are working with four among the best international consulting firms to put initial designs for major buildings in the project according to the master plan.

Believing that “Beirut Gate” is a distinguished project, he also expressed confidence that it will enjoy a high and long term value which will provide substantial return on investment on a continuous basis.

Mr. Rachad Al-Janahi considers that the democratic climate which distinguishes Lebanon is an attractive factor for investors, and this was supported by foreign and Arab investors during the peak of political tensions in Lebanon.

Moreover the Israeli aggressions in July 2006 did not discourage the group from considering new projects in Solidere. Al-Janahi pointed out that Solidere is distinguished by its modern infrastructure, but no one can ignore the importance of other areas especially those outside the capital and which are going to have a share in the group’s future projects.

Although Al-Janahi doesn’t give the political tensions much importance, he considers that certain incentives must exist in any country to encourage investors. Lebanon aught to initiate encouraging procedures such as lowering taxes on real estate permits, and facilitating permits’ issuance time frame.

Al-Janahi indicated that the project’s worth is $600 million and contains high class residential and commercial compounds which will be built on eight prime plots of 21448 m2, including a built-up area reaching 178500 m2 overlooking Martyrs Square and Beirut Central District as well as the Mediterranean Sea.

Reported by: Raed Zouheiry