Projects Solidere is widely credited as the most important force behind Beirut's reemergence, in recent years, as a bustling urban destination with a chance to earn back its prewar title of "Paris of the Middle East". Solidere's main functions are the supervision of the government-authorized reconstruction plan, financing and developing the infrastructure, new construction and rehabilitation of war-torn structures, urban landscaping and the management of property. Solidere has worked to attract global retailers such as Virgin Megastores to Beirut Central District. Its most significant single project to date has been Beirut Souks, a 100,000 m2 retail center that was scheduled to open by 2008; it opened in 2009. Other projects that are central to the company's cultural strategy for the center are the Beirut Exhibition Center, add Saifi Village - Quartier des Arts, a residential neighbourhood with a high density of design shops and art galleries. Solidere is back on the profit path and this trend will continue. Solidere has posted a net profit of $49 million in 2019, according to the company's released audited financial statement. Total revenues jumped from $66.2 million in 2018 to $295.4 million in 2019. Revenues from land sales, which represented 79 percent of total revenues, soared from nearly $1.3 million to $234.5 million. Hanna said that land sales allowed the company to repay its loans which reduced its interest costs and therefore the net profit resulted not only from the increase in sales revenues but also from the decrease in interest expenses. The company has decreased its total liabilities, including bank loans, by 40 percent. Total liabilities dropped to $417.4 million at the end of 2019. Solidere's interest expenses fell by $13.7 million compared with 2018. The company had said that it had succeeded in further lowering its liabilities in 2020 to $225 million at the end of June, thanks to the increase in sales. It settled debts to banks worth $190 million. “Proceeds collected from sales will reach $342 million in the first half of 2020,” it said. Also, according to Faysal Barbir, Director-Capital Markets at FFA Private Bank, Solidere has been selling properties since the beginning of 2020 at a higher pace which would reflect on its earnings for the current year. This led to a jump in the share price. The price of Solidere ‘A’ share doubled compared with its closing price in October 2019. The trading volume of Solidere ‘A’ soared more than six times to around 900,000 shares in May from less than 150,000 shares in October 2019. The increase in share price was also driven by the fact that a new category of investors have entered the market. These are mainly depositors who wanted to preserve the value of their savings when the currency was collapsing. Solidere shares were the only option available on the stock market, especially following press reports about possible haircuts and restructuring of the banking sector. Buying real estate shares is more convenient for investors who cannot afford to buy real estate properties. Barbir also indicated that Solidere shares could rise further if a new catalyst emerges such as renewed fears regarding the banking sector or if Solidere announces an improvement in its net profit. See also Avenue des Français Beirut Central District References Solidere shares cross $ 18 threshold - The Daily Star Stop Solidere Campaign by St George Hotel and Yacht Club Saree Makdisi, “Laying Claim to Beirut: Urban Narratives and Spatial Identity in the Age of Solidere,” Critical Inquiry 23/3 (1997), 661–705.
Projects upOmar Daouk Square in Downtown Beirut is part of Solidere projects. Solidere is widely credited as the most important force behind Beirut's reemergence, in recent years, as a bustling urban destination with a chance to earn back its prewar title of "Paris of the Middle East". Solidere's main functions are the supervision of the government-authorized reconstruction plan, financing and developing the infrastructure, new construction and rehabilitation of war-torn structures, urban landscaping and the management of property. Solidere has worked to attract global retailers such as Virgin Megastores to Beirut Central District. Its most significant single project to date has been Beirut Souks, a 100,000 m2 retail center that was scheduled to open by 2008; it opened in 2009. Other projects that are central to the company's cultural strategy for the center are the Beirut Exhibition Center, add Saifi Village - Quartier des Arts, a residential neighbourhood with a high density of design shops and art galleries. Solidere is back on the profit path and this trend will continue. Solidere has posted a net profit of $49 million in 2019, according to the company's released audited financial statement. Total revenues jumped from $66.2 million in 2018 to $295.4 million in 2019. Revenues from land sales, which represented 79 percent of total revenues, soared from nearly $1.3 million to $234.5 million. Hanna said that land sales allowed the company to repay its loans which reduced its interest costs and therefore the net profit resulted not only from the increase in sales revenues but also from the decrease in interest expenses. The company has decreased its total liabilities, including bank loans, by 40 percent. Total liabilities dropped to $417.4 million at the end of 2019. Solidere's interest expenses fell by $13.7 million compared with 2018. The company had said that it had succeeded in further lowering its liabilities in 2020 to $225 million at the end of June, thanks to the increase in sales. It settled debts to banks worth $190 million. “Proceeds collected from sales will reach $342 million in the first half of 2020,” it said. Also, according to Faysal Barbir, Director-Capital Markets at FFA Private Bank, Solidere has been selling properties since the beginning of 2020 at a higher pace which would reflect on its earnings for the current year. This led to a jump in the share price. The price of Solidere ‘A’ share doubled compared with its closing price in October 2019. The trading volume of Solidere ‘A’ soared more than six times to around 900,000 shares in May from less than 150,000 shares in October 2019. The increase in share price was also driven by the fact that a new category of investors have entered the market. These are mainly depositors who wanted to preserve the value of their savings when the currency was collapsing. Solidere shares were the only option available on the stock market, especially following press reports about possible haircuts and restructuring of the banking sector. Buying real estate shares is more convenient for investors who cannot afford to buy real estate properties. Barbir also indicated that Solidere shares could rise further if a new catalyst emerges such as renewed fears regarding the banking sector or if Solidere announces an improvement in its net profit. At the end of 2020, the rise in sales allowed the company to settle its entire debt to banks totaling more than $200 million. This has also led to a surge in its cash liquidity in banks. Solidere stocks have soared even higher siting at $24.5 in 18 March 2021. This is a rise of 500\% since November 2019. See also Avenue des Français Beirut Central District References Solidere shares cross $ 18 threshold - The Daily Star Stop Solidere Campaign by St George Hotel and Yacht Club Saree Makdisi, “Laying Claim to Beirut: Urban Narratives and Spatial Identity in the Age of Solidere,” Critical Inquiry 23/3 (1997), 661–705.
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upOmar Daouk Square in Downtown Beirut is part of Solidere projects. Solidere
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$342 million in the first half of 2020,” it said. Also, according to Faysal Barbir, Director-Capital Markets at FFA Private Bank, Solidere has been selling properties since the beginning of 2020 at a higher pace which would reflect on its earnings for the current year. This led to a jump in the share price. The price of Solidere ‘A’ share doubled compared with its closing price in October 2019. The trading volume of Solidere ‘A’ soared more than six times to around 900,000 shares in May from less than 150,000 shares in October 2019. The increase in share price was also driven by the fact that a new category of investors have entered the market. These are mainly depositors who wanted to preserve the value of their savings when the currency was collapsing. Solidere shares were the only option available on the stock market, especially following press reports about possible haircuts and restructuring of the banking sector. Buying real estate shares is more convenient for investors who cannot afford to buy real estate properties. Barbir also indicated that Solidere shares could rise further if a new catalyst emerges such as renewed fears regarding the banking sector or if Solidere announces an improvement in its net profit. See also Avenue des Français Beirut Central District References Solidere shares cross $
$342 million in the first half of 2020,” it said. Also, according to Faysal Barbir, Director-Capital Markets at FFA Private Bank, Solidere has been selling properties since the beginning of 2020 at a higher pace which would reflect on its earnings for the current year. This led to a jump in the share price. The price of Solidere ‘A’ share doubled compared with its closing price in October 2019. The trading volume of Solidere ‘A’ soared more than six times to around 900,000 shares in May from less than 150,000 shares in October 2019. The increase in share price was also driven by the fact that a new category of investors have entered the market. These are mainly depositors who wanted to preserve the value of their savings when the currency was collapsing. Solidere shares were the only option available on the stock market, especially following press reports about possible haircuts and restructuring of the banking sector. Buying real estate shares is more convenient for investors who cannot afford to buy real estate properties. Barbir also indicated that Solidere shares could rise further if a new catalyst emerges such as renewed fears regarding the banking sector or if Solidere announces an improvement in its net profit. At the end of 2020, the rise in sales allowed the company to settle its entire debt to banks totaling more than $200 million. This has also led to a surge in its cash liquidity in banks. Solidere stocks have soared even higher siting at $24.5 in 18 March 2021. This is a rise of 500\% since November 2019. See also Avenue des Français Beirut Central District References Solidere shares cross $