Solidere revenues up by 50 percent in the first semester

The Lebanese Company for the Development and Reconstruction of the Beirut Central District, Solidere, witnessed a growth of 50 percent in total revenues in the first half of 2015, compared to the same period last year.

Land sales rose by 300 percent to $26 million, which is the main reason behind the rise in the amount of revenues. Other revenues come from rented properties (+3 percent), rendered services (-19 percent), and hospitality (-78 percent).

The value of Solidere’s total assets slid by two percent to $2.9 billion, while total liabilities dropped by three percent.

Revenues from Solidere’s subsidiaries were the highest from the Beirut Waterfront Development, where they rose to $39 million, from only $5 million.

The company is resuming its development activities, as it had started to complete infrastructure works at the waterfront district with the construction of a department store, according to General Manager, Mounir Douaidi.

“We are proceeding with the completion of the rest of the infrastructure on the waterfront, extending from the Biel entrance to the Marina,” he said. According to Douaidi, “these works have become a priority to Solidere because developers want to start their projects there soon.”

Solidere’s second priority is the completion of the souks with the development of a department store designed by Zaha Hadid Architects. The department store will open a three-story retail development, covering 26,730 square meters of commercial space.

Solidere’s policy is to reduce operating costs by cutting down on administrative and maintenance expenses.