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Jan 09 2013 12:00:00:000AM
European planemaker Airbus said Middle East Airlines-Air Liban, the flag carrier of Lebanon, signed a firm order for 10 A320neo-family aircraft.

The five A321neo and five A320neo aircraft are worth a total of $1.05 billion, based on list prices.
The carrier had signed a memorandum of understanding for the 10 aircraft in July, which also included eight options.
Reuters
9 January...
Jan 09 2013 12:00:00:000AM
European planemaker Airbus said Middle East Airlines-Air Liban, the flag carrier of Lebanon, signed a firm order for 10 A320neo-family aircraft.

The five A321neo and five A320neo aircraft are worth a total of $1.05 billion, based on list prices.
The carrier had signed a memorandum of understanding for the 10 aircraft in July, which also included eight options.
Reuters
9 January...
Dec 27 2012 12:00:00:000AM

Lebanon Weekly Monitor - Bank Audi Research, 27 December 2012 [Print this page]
/ifpinfo-news.php?news_id=1831


inShare

$200 million sustainable mixed use project in the northern city of Lebanon

A group of 14 private sector leaders in Tripoli establishes a company termed Tripoli Development Holding (TDH) for the execution of a seafront city and several other developmental projects. The $ 200 million investment will include hotels retail venues, residences, business incubators, and other attractions.

The project will be constructed in a prime location over an area of one million square meters of land reclaimed from Tripoli’s southwestern waterfront. 60% of the reclaimed land will be state-owned, partly in the form of public spaces and roads, and the remaining area will be owned by the project’s investors. The land is considered a prime location for the project, which will involve the construction of commercial and residential buildings, along with a number of tourist attractions. The Tripoli Seafront Holding company was established to particularly build and manage this project.

It is also collaborating with the Ministry of Environment in order to preserve maritime wealth and natural undersea environment. Tripoli Seafront Holding is the first and wholly-owned subsidiary of Tripoli Development Holding (TDH), owned by the same group, and aiming to carry out many development projects within Tripoli. Investors expect the project to become Tripoli’s newest landmark, attracting both local and foreign tourists, as per newswires.

The city will be built as a self- sustained environment of mixed use. About 300,000 square meters of land will be used as roads, parks, and public spaces. Community amenities such as mosques, pharmacies, grocery stores, and gas stations will be available. A retail complex resembling the old souks’ architecture will be part of the project too. A variety of residential developments are planned for the seafront city, including a five-star hotel, villas, townhouses, and affordable apartment buildings.

A promenade lined with restaurants, cafes, and boutique shops will also be included in the project. The development also features a beachfront hotel and resort, overlooking a public marina for leisure boats and yachts. In addition, the city will also include an entrepreneurial incubator run by a non-governmental organization and designed to encourage new business startups.
The architectural work is undertaken by Dar al-Handasa, Nazih Taleb, a development consultancy firm. A finalized master plan for the project will be presented by the firm in a few weeks. Potential contractors are Mouawad-Edde and Khoury Contracting Co.

Over $200 million will be invested in the city by private sector businessmen from TDH. The government, municipalities, and public sector will receive 60% of the benefits. The remaining 40% will be returned equally: 20% will be paid to the private investors and the remaining 20% will be placed into a reinvestment fund. The purpose of Tripoli Development Holding is to trigger investment opportunities in the city. This project would prompt small to medium enterprises such as industrial and manufacturing companies and trade firms. No less than 10,000 jobs will be created over the life of the project.

Construction work is expected to commence in mid-2013, following parliamentary elections. TDH already has a number of other development projects lined up for the future and waiting for work on the seafront city to begin. TDH’s main projects include the development of the marina dry dock and infrastructure. Subsidiaries will be created under the holding company in order to facilitate the execution of projects.
Lebanon Weekly Monitor – Bank Audi Research
27 December...
Dec 27 2012 12:00:00:000AM

Lebanon Weekly Monitor - Bank Audi Research, 27 December 2012 [Print this page]
/ifpinfo-news.php?news_id=1831


inShare

$200 million sustainable mixed use project in the northern city of Lebanon

A group of 14 private sector leaders in Tripoli establishes a company termed Tripoli Development Holding (TDH) for the execution of a seafront city and several other developmental projects. The $ 200 million investment will include hotels retail venues, residences, business incubators, and other attractions.

The project will be constructed in a prime location over an area of one million square meters of land reclaimed from Tripoli’s southwestern waterfront. 60% of the reclaimed land will be state-owned, partly in the form of public spaces and roads, and the remaining area will be owned by the project’s investors. The land is considered a prime location for the project, which will involve the construction of commercial and residential buildings, along with a number of tourist attractions. The Tripoli Seafront Holding company was established to particularly build and manage this project.

It is also collaborating with the Ministry of Environment in order to preserve maritime wealth and natural undersea environment. Tripoli Seafront Holding is the first and wholly-owned subsidiary of Tripoli Development Holding (TDH), owned by the same group, and aiming to carry out many development projects within Tripoli. Investors expect the project to become Tripoli’s newest landmark, attracting both local and foreign tourists, as per newswires.

The city will be built as a self- sustained environment of mixed use. About 300,000 square meters of land will be used as roads, parks, and public spaces. Community amenities such as mosques, pharmacies, grocery stores, and gas stations will be available. A retail complex resembling the old souks’ architecture will be part of the project too. A variety of residential developments are planned for the seafront city, including a five-star hotel, villas, townhouses, and affordable apartment buildings.

A promenade lined with restaurants, cafes, and boutique shops will also be included in the project. The development also features a beachfront hotel and resort, overlooking a public marina for leisure boats and yachts. In addition, the city will also include an entrepreneurial incubator run by a non-governmental organization and designed to encourage new business startups.
The architectural work is undertaken by Dar al-Handasa, Nazih Taleb, a development consultancy firm. A finalized master plan for the project will be presented by the firm in a few weeks. Potential contractors are Mouawad-Edde and Khoury Contracting Co.

Over $200 million will be invested in the city by private sector businessmen from TDH. The government, municipalities, and public sector will receive 60% of the benefits. The remaining 40% will be returned equally: 20% will be paid to the private investors and the remaining 20% will be placed into a reinvestment fund. The purpose of Tripoli Development Holding is to trigger investment opportunities in the city. This project would prompt small to medium enterprises such as industrial and manufacturing companies and trade firms. No less than 10,000 jobs will be created over the life of the project.

Construction work is expected to commence in mid-2013, following parliamentary elections. TDH already has a number of other development projects lined up for the future and waiting for work on the seafront city to begin. TDH’s main projects include the development of the marina dry dock and infrastructure. Subsidiaries will be created under the holding company in order to facilitate the execution of projects.
Lebanon Weekly Monitor – Bank Audi Research
27 December...
Dec 28 2012 12:00:00:000AM
HSBC Bank won a tender to carry out maintenance work at Zouk and Jiyeh power plants instead of providing the funds from the State''s treasury, as per newswires.

According to the newspaper, the tender that was issued by the Ministry of Energy is aimed at rehabilitating the two power plants that will be able to produce additional 272 megawatts at the cost of around US$ 350 million. Two companies Danish BWSC company, a global turnkey developer, contractor and operator of tailored medium to large-scale power plants, and the German MAN Group -Maschinenfabrik Augsburg- Nürnberg-, will work on rehabilitating the plants within 18 months maximum.

Previously, Lebanon met the required costs to Turkish power company Karadeniz after a long delay, which will send two power-generating vessels to help provide 700 megawatts of electricity for a period of three years. The first vessel is expected to arrive in April 2013, and the second would arrive in June 2013. The three-year contract should help make up for the power shortage that will be caused by the rehabilitation of the Zouk and Jiyeh power plants.
Lebanon Weekly Monitor – Bank Audi Research
28 December...
Jan 04 2013 12:00:00:000AM
Waterfront City, the flagship project set to line the Dbayeh Seaside, announced the appointment of ACC-MATTA as the main contractor for the enlarged first phase of the project. According to newswires, the construction cost of the first phase would reach US$ 225 million.

The appointment for phase 1 of the project was made following an extensive and thorough evaluation and selection process, which involved seven construction companies. The enlarged Phase 1 now incorporates an additional three buildings, bringing the total to ten in line with strong customer demand, as per newswires.

Designed by SB Architects, Waterfront City is a luxurious mixed-use community development that will cover 250,000 square meters of land. The project is set to include a wider range of residential apartments, a large retail mall, two international hotels, a new office Business Park, public spaces and a distinct marina Promenade anchored by residential, shops and food & beverage outlets, as per newswires.
ifpinfo
3 January...
Jan 06 2013 12:00:00:000AM
Central Bank Governor Riad Salamé announced a financial package aimed to stimulate lending and support domestic demand in 2013.

He said the Central Bank will extend LBP2,000bn, or $1.3bn, in loans to commercial banks at an interest rate of 1%. In turn, the banks will lend the money to their clients at an interest rate ceiling of up to 6%, contingent on the loan''s amount and maturity. He noted that LBP1,300bn, or 65% of the aggregate stimulus, will target the housing sector LBP300bn, or 15% of the funds, will be extended for research & development and alternative energy projects while the remaining LBP400bn will be allocated to productive sectors.

Governor Salamé indicated that the Central Bank will allocate the funds to banks on a first come first served basis, and has set an LBP800m, or $530,680, limit to be lent to a single customer. He expected the proposed economic stimulus plan to generate growth of 2% to 3% in 2013 if the full amount is utilized. In parallel, Governor Salamé indicated that banks will be subject to a fine equivalent to 15% of the loan’s total amount if they charge in excess of the set interest rate ceiling of 6%. The stimulus plan intends to support various productive sectors of the economy, the housing market, projects subsidized by the Kafalat corporation, renewable energy projects, and research & development ventures.
Lebanon This Week – Bank Audi Research
6 January...
Jan 07 2013 12:00:00:000AM
Solidere sal, the Lebanese Company for the Development and Reconstruction of the Beirut Central District, indicated that a total of 393 development projects representing about 3.1 million square meters of built-up area were at various stages of development in the Beirut Central District.

It said that 271 projects have been completed, 47 are under construction, 25 are awaiting permits, 24 are under study, 13 awaiting submission, seven are inactive and six are under restoration. Also, projects completed represented 1.4 million square meters of built-up area and accounted for 44.6% of the total. It was followed by projects under construction with a total of 527,561 sqm (17.2%), projects awaiting submission at 395,834 sqm (12.9%), projects awaiting permits reached 387,417 sqm (12.6%), projects under study covered 355,175 sqm (11.6%), while inactive projects represented 16,632 sqm (0.5%) and projects being restored consisted of 12,543 sqm (0.4%).

Solidere announced consolidated net profits of $162.6m in 2011, constituting a decline of 17.3% from $196.5m in 2010. Revenues from land and real estate sales declined by 28.3% to $241.7m in 2011, while revenues from rental properties increased by 20.9% yearon- year to $49.9m.

Further, income from services decreased 42.6% annually to $4.8m in 2011. Also, the firm recorded total net operating revenues of $230.6m, down 15.3% year-on-year.

Solidere stated that its consolidated assets totaled $2.7bn and increased by 6.3% from end-2010, as inventory of land and projects in progress totaled $1.13bn at end-2011, slightly up from $1.1bn a year earlier. Bank overdrafts and short term facilities reached $504.8m compared to $470.3m at the end of 2010. Solidere''s earnings per share declined to $0.98 in 2011 compared to $1.19 in the previous year.
Lebanon This Week – Byblos Bank Research
7 January...
Jan 07 2013 12:00:00:000AM
Solidere sal, the Lebanese Company for the Development and Reconstruction of the Beirut Central District, indicated that a total of 393 development projects representing about 3.1 million square meters of built-up area were at various stages of development in the Beirut Central District.

It said that 271 projects have been completed, 47 are under construction, 25 are awaiting permits, 24 are under study, 13 awaiting submission, seven are inactive and six are under restoration. Also, projects completed represented 1.4 million square meters of built-up area and accounted for 44.6% of the total. It was followed by projects under construction with a total of 527,561 sqm (17.2%), projects awaiting submission at 395,834 sqm (12.9%), projects awaiting permits reached 387,417 sqm (12.6%), projects under study covered 355,175 sqm (11.6%), while inactive projects represented 16,632 sqm (0.5%) and projects being restored consisted of 12,543 sqm (0.4%).

Solidere announced consolidated net profits of $162.6m in 2011, constituting a decline of 17.3% from $196.5m in 2010. Revenues from land and real estate sales declined by 28.3% to $241.7m in 2011, while revenues from rental properties increased by 20.9% yearon- year to $49.9m.

Further, income from services decreased 42.6% annually to $4.8m in 2011. Also, the firm recorded total net operating revenues of $230.6m, down 15.3% year-on-year.

Solidere stated that its consolidated assets totaled $2.7bn and increased by 6.3% from end-2010, as inventory of land and projects in progress totaled $1.13bn at end-2011, slightly up from $1.1bn a year earlier. Bank overdrafts and short term facilities reached $504.8m compared to $470.3m at the end of 2010. Solidere''s earnings per share declined to $0.98 in 2011 compared to $1.19 in the previous year.
Lebanon This Week – Byblos Bank Research
7 January...
Jan 08 2013 12:00:00:000AM
Lebanon’s first gas tender, set to take place in February 2013, is expected to attract more than 40 international oil companies, as per newswires.

This comes within the context of indications that the country could have more gas reserves than those previously announced, as per the same sources.

According to the British-based company Spectrum, which has conducted a 3-D seismic assessment survey of the Southern shore of Lebanon, the initial size of the natural gas reserves in the 3,000 kilometer square zone surpasses 25 trillion cubic.

Furthermore, this area alone is larger than those discovered in Cyprus as well as Syria, combined, as per Spectrum. The company added that there might be more natural gas in territorial waters in the Northern part of the country.


Should everything occur as planned, Lebanon has the capability of initiating gas extraction in 2014 and in 2017, the country would be able to pump this gas. Noteworthy is that a team from Spectrum visited Lebanon a few weeks ago to assess the potential of oil and gas onshore. It scouted some areas and announced that it intends to start 2-D seismic surveys onshore to examine the presence of oil and gas in these regions.

The World Energy Council commended the Cabinet’s decision to launch the gas tender while emphasizing on the importance of transparency in the book of specifications and their international criteria.

The same sources indicated that any oil company striving to establish a foothold in Lebanon might need to invest between US$ 300 million and US$ 1 billion in order to extract gas and oil off the coast.

According to newswires, the oil companies themselves will reportedly do all the necessary investments in the construction of oil platforms. In principle, each gas well will be handled by a consortium of companies to ensure there is no monopoly. All the costs of exploration and extraction will rest on the shoulders of the companies. Once the quantities of gas have been established, the Petroleum Administration and the companies will negotiate the distribution of this wealth.

A country usually gets the lion’s share of the oil and gas wealth and the remainder is divided by the international oil firms and this would have positive spillovers on the government’s accounts.
Lebanon Weekly Monitor – Bank Audi Research
8 January...
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