Property might still be going strong in Lebanon, but Solidere’s first venture into the ‘real world’ has hit a snag:
Al Zorah, a mixed-use coastal development planned by the Ajman Government and Solidere International, the overseas arm of Lebanon’s largest property developer, has been scaled back because of the economic downturn.
[…]
Only the components of the project closest to the seafront, such as the downtown area, the hotel district and a championship golf course, will now go ahead.
So the possibility of Solidere expanding to areas outside Beirut Central District may be true with their first overseas project faultering.
Photo from Overseas Property Mall
Alla yesterna.
We’ll have to wait and see where actually this near area might be and how Solidere will get ownership of this land.
Interesting news. When doing research for a recent post on Solidere, I was reminded of all the opposition from the “Stop Solidere” campaign in Beirut about the overseas expansion. Local stockholders had feared that ventures abroad would sap revenues from local projects.