Sunday, February 19, 2012

My, my!

"Political unrest in Syria is weighing on Lebanon's biggest developer. Solidere has lost almost 14 per cent of its market value in the past six months...
"Tourism in the Arab world has seen a shift from traditional destinations like Lebanon, Egypt and Tunis, with visitors preferring to travel to the Gulf region instead," said Wadah Al Taha, the chief investment officer at Al Zarooni Group, an investment company in Dubai.
... property sales, the mainstay of Solidere's business, slowed after the Arab Spring, with prices down 2.7 per cent in real terms, according to research by Bank Audi....
Solidere has sought to diversify out of Lebanon. It launched its associate Solidere International in 2007 in the UAE and prepared the master plan of Al Zorah for Ajman. The company pre-sold 30 per cent of the project, and was in the tendering phase when local markets crashed in 2008."

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