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Music Is in The

Music Is in The

April - June 2006 music isintheair

business & financial news

Beirut Broadband Souks The city center is to become Solidere has signed a BOT Solidere and Louis Vuitton A Memorandum of Chairman’s message Annual general meeting Board meeting an internet hot zone. A fiber- agreement with Malletier s.a.l. have Understanding for an optic broadband network Telecom’s subsidiary Equant signed a leasing offer for a upmarket foodhall on a Beirut city center continues to be a most sought-after Held June 12, 2006, Solidere’s Following the general meeting, bringing internet access to deliver these multimedia store in the Beirut Souks. 3,700-sq m trading floor place by visitors and residents as well as investors. annual general meeting, presided the board of directors met on the downtown will give residents services via Solidere’s This unique store, in an area has been signed by chairman Nasser Chammaa same day and took the following Beirut Souks are advancing rapidly for delivery in the and businesses the option operation center. upscale location along between Solidere and and attended by the board of resolutions: second half of 2007 for the South Souks, by end 2008 to subscribe to fast internet Allenby street, will be the The Sultan Center s.a.l. directors, took the following for the North Souks. Real estate activity is ongoing in Elected Messrs. Nasser access and browsing, video-on- first Louis Vuitton outlet Intended to capture the resolutions: Saifi Village, Wadi Abou Jamil and Zokak El Blatt, around Chammaa as chairman; Nabil demand, video-conferencing, in that is not in essence of the old Souks the Souks and Beirut Marina, and in high-density zones: Approved the audited financial Boustany, Maher Beydoun as vice- closed-circuit television a mall. The brand will be food markets, selling hotel district, Martyrs’ Square axis, south and north statements for the year 2005; chairmen; Raphael Sabbagha as services and a data center. represented by the holding gourmet food, groceries edges of the city center. Of a 4.7 million sq m target floor taking note of accumulated profits secretary-general. company, not by an agent and beverages, it will be area for the city center with the new waterfront district, and of the US$108,456,887 net Approved Mr. Chammaa’s as is usually the case. a convenient one-stop 2.6 million sq m have been the subject of development. income for the year, resolved to recommendation to appoint foodhall for Beirutis Investors’ interest has led to the early purchasing of transfer 10% of net income to Mr. Mounir Douaidy as general working and living in the sites in the waterfront district, for delivery to investors retained earnings, and distribute manager for the duration of the city. People from other on completion of land reclamation. We have taken US$99,000,000 in the form of board mandate, under the Share performance during the 2nd quarter areas will also be measures to expedite works after termination of the US$0.60 per share held, as per chairman’s supervision and attracted by this unique Radian contract in February 2006, and will inform shareholders’ register at the responsibility. shopping experience. general meeting date, with the investors about planned timing of site delivery. Share A - Daily Closing Prices distribution to take effect as of Investor presentations Solidere shares held on For the new sector plan for the Martyrs’ Square axis, we August 15, 2006. Volume used the best features of the international competition Chairman Chammaa made a to their gains during the winning scheme, with contributions from our consultants Gave the chairman and members presentation on Solidere results quarter, in spite of the $24.0 800,000 and in-house team. Official decrees ratified Master Plan of the board the authorizations and prospects at the annual broad sell-off in regional amendments reflecting the new sector plans for the stipulated in articles 158 and 159 general meeting. markets, as the Company $23.0 600,000 Martyrs’ Square axis, Ghalghoul, Souks, hotel and of the Lebanese commercial code. continued to show strong Mr. Douaidy made a series of earnings potential thanks waterfront districts. Cleared the chairman and board presentations to a large number $22.0 400,000

e to its increased land sales

members of any liability for c Financially, 2005 was a boom year, with a record profit of international investment funds, i r and increasing revenues of US$108.5 million, US$125.6 million before income tax. matters relating to the Company meeting in and in P $21.0 200,000 e from other operations. management in 2005. r This 100% increase on 2004 profits is mainly due to London. a h Shareholders welcomed Share B traded between record land sales to Lebanese and Arab investors. Re-elected 11 board members for S $20.0 Recognized sales reached US$253 million. In the first three years, ending at the date of Business conferences 3 Apr 06 25 Apr 06 17 May 06 8 Jun 06 30 Jun 06 the announcement by a low of US$21.73 and a quarter of 2006, US$1.1 billion in new sales were signed, the general meeting to be held to Solidere of a 10% share high of US$22.97, closing Beirut city center is receiving buyback program in the the quarter at US$22.18, equal to cumulative recognized sales since inception. approve the financial statements international acclaim as a hub as at December 31, 2008; the 12th open market, with a view a 2.40% increase over the Solidere is selling more land commanding higher prices. of exciting events and diverse Share B - Daily Closing Prices to reduce capital and previous quarter. member, representing the State Volume Its portfolio of revenue generating assets is increasing activities. Mounib Hammoud, increase EPS. at a healthy pace. New lines, added to its core activities, and municipality, being appointed deputy general manager sales Around 7 million shares by decree. Share A traded between of both classes were are expected to increase the Company’s bottom line. and business development, spoke $24.0 800,000 Coupled with low overheads, a low cost of land now As per clause 30 of the Company of Solidere’s strategies that led a low of US$21.60 and a exchanged in the local high of US$22.98, closing market, well below the mostly spent, and debt retirement, the results are due to Articles of Association, appointed to this success. Arab Economic $23.0 600,000 boost cash holdings dramatically. Increased liquidity will Ernst & Young and Deloitte & Forum, held in Muscat May 12. the quarter at US$22.03, a previous quarter. 1.10% increase compared be used for dividend distribution and share buybacks, Touche as auditors for three years $22.0 400,000 Shares traded in the

General manager Mounir Douaidy e to the previous quarter. c with a positive impact on share values; as well as for ending at the date of the general i Stock Exchange

spoke on Solidere at the Business r identifying strategic opportunities for new development. meeting to be held to approve the P $21.0 200,000 followed the trends in the

Opportunities conference in e r

financial statements as at a local market. The GDRs,

Your Company is truly at a turning point on its solid Lebanon Year IV, June 22. h

S $20.0 course towards meeting all its targets. December 31, 2008. traded in the London Mr. Douaidy also spoke on the 3 Apr 06 25 Apr 06 17 May 06 8 Jun 06 30 Jun 06 Stock Exchange, closed Solidere case at the Fleming the quarter around the (Extracts from Annual Report 2005) Gulf conference on Real Estate US$21.85 level, slightly Investments in the Share price (US dollars) below the previous Forum, held in Beirut June 26. Trading volume quarter closing.

2 3 newcomers and old timers business and pleasure destination

Business and services Scores of visitors have come to the city center, BBC News - Beirut Bureau arriving by air or land, in cruiser ships or in boats Booz Allen Hamilton moored in Beirut Marina. Credit Agricole EFG Hermes Businessmen seeking investment opportunities, Lebanon and Gulf Bank owners-developers completing their properties, Washington Post Bureau professionals taking part in conferences and Retail specialized exhibitions. Body & Above all, tourists, engaged in sightseeing and Gianfranco Ferré entertainment to suit all tastes, from , Kezako, furniture lectures and exhibitions in the artists’ quarter, Osaka sushi lounge Oumnia rugs and ethnic items to lunch with the family, activities for children, Porsche Design, the Boutique dinner with friends or coffee and ice cream. Sunflower design accessories Le Talleyrand restaurant There are so many places to choose from. Some Vicini boutique prefer to sit in gardens, or hunt for fancy designs White restaurant & lounge in the trendy shops, or browse for bargains in open-air markets. Opening soon Armani Casa furniture Sky Bar Tabbah jewelry

clockwise from above left, Porsche Design, Nadine Mezher, BEMO, Saudi-Lebanese Bank, Gianfranco Ferre, Osaka sushi lounge.

4 5 fête de la musique other performing arts

Homage to Samir Kassir A piano recital by Zad Moultaka and dance performance by Yalda Younes, dedicated to Samir Kassir, took place in the garden. A lifelike statue by Louise Derbre was unveiled, and speeches were made, June 2.

Evangelical church BIEL An Homage to Mozart, Che Guevara musical comedy, University of Balamand choir, Baalbeck festival committee, April 9. April 1 – May 28. Other Robert Mouawad museum Musical fundraising event, music Elie Rizkallah with the Oriental Heartbeats children’s heart charity, May 5. Roman Baths Samir Kassir garden , May 11. DJ Carl Cox, May 6. Bouton Rouge, French jazz; Friends of Samir Kassir band, Music Hall 3, three-winner Ceux Qui Marchent Debout, jazz; Ziad Ahmadieh and Magic Malik Orchestra and concert, May 20. left to right, Michaela Catranis piano French group; Libra, group, fusion; Yvonne el- with Ghassan Yammine choir; guests, April 13. Ricky Martin concert, Classical / percussion; 36 degrees, rock; Hachem, jazz soloist; Bassem St George Maronite choir; Ceux qui Arthur H, May 21. Beiteddine festival committee, marchent debout; Bassem Rizk. choral music KhatAhmar, rap; DJ Fadi El Rizk, modern Oriental; Flat Camille, June 4. May 27. St George cathedral Assouad, electro. Five, jazz; Zappe, Latin jazz. Curtis 50 Cent Jackson and St George’s church choir Dome Virgin car park Haifa Wehbe in concert, directed by Antoine Atallah, Zad, percussion; Deconstrukt, Linger, rock; Arcane, rock; June 10. Oriental and Western drums and bass; Lethal Skillz, Roswell, soft rock; New polyphonic sacred music. scratch hip hop; DJ 2D2 hip Government, soft rock; Evangelical church hop; DJ Gunther & Stamina. Ramez, rap; DJ Elio, trance. Ghassan Yammine music Maarad, Abdel Malek streets school choir, Michael Haydn’s Gabriel Nada, saxophone; Requiem; two pianos, Wassim Meen, two electric guitars; Kaissi and Michaela Catranis. Nasser, Nai, and Fred, guitar. Monroe Hotel Malaje, Albadulake Spanish group contemporary circus / flamenco show, Instituto Cervantes, April 23. Hake Neswan, women’s talk, play directed by Lina Khoury, May 11 – June 30. Recital by singer/ Olga Maria Ramos, May 25. Sung poetry by Javier Ruibal, May 26.

from top left, Bouton Rouge; anti-clockwise from top, New Government; Lebanese Homage to S. Kassir, percussion band. J. Ruibal and his band, E. Rizkallah and Oriental band, O. M. Ramos, Malaje show dance, Hake Neswan.

6 7 art exhibitions

clockwise from top left, S. Scamanga, M. Giesen, Quartier des Arts Other galleries H. Madi, Hrair. Rochane Aida Cherfane Aurore Selwan, March 22 - Paintings by Hussein Madi, left, Cuban art, April 4. April 7-29. above, N. Daher. Ciné Follies, posters from The sky and mountain are so classical films from 1950- close, by Stélio Scamanga, 1980, May 18-25. May 12 - June 2. Pièce Unique The Dome Planet Discovery Born in Lebanon Clay and Fire, AUB students Waynoun, where are they? exhibition hall National Heritage Foundation ceramics presented by Amal installation art, Nada Sehnaoui Nizar Daher tribute to 16 world famous Muraywed, May 10-20. and Tanbak, April 1-15. Artists-in-Residence program, personalities of Lebanese Paintings by Hrair, May 24 - April 4 -16. Virgin Megastore origin: Maher Attar, Abdel June 24. Samah, digital photos, Contemporary Cuban Art Rahman El Bacha, Michael Shawki Shamoun month of April. Organized by the Cuban Debakey, Fayrouz, Kmaro, Permanent exhibition. Maria Sarkis, May 11. embassy and inaugurated by Carlos Ghosn, Nicolas Hayek, Magie de Venise à Beyrouth, minister of culture Tarek Mitri, Irani, Mario Kassar, Casey Epreuve d’Artiste Martin Giesen paintings, photographs by Genia Maalouf, the show groups 20 artists Kasem, Amin Maalouf, Elie June 2. from Cuba, April 21- May 13. Saab, Jacques Saadé, Rony May 30 - June 24. Lectures and discussions for Seikali, William Sawaya, Glasnost On/Off art students were also held. Gabriel Yared. May 18-28. A collection of Mohammad Raw Design continuing exhibition. Joan Barbará Hassoun’s family productions Etchings, organized by in glass, silver and sculptures Instituto Cervantes, June 30 - in ceramic and bronze from July 22. 1900-2005, June. Nada Debs East and West furniture collection, June. V&A from left, Born in Lebanon, Waynoun installation. Contemporary art, June 30.

from left, Glasnost, Nada Debs. 8 9 reading and culture

Souk El Tayeb Semaine de la lecture, organized by the ministry of culture with an exhibition of books. La reine des couleurs, marionette theatre, and stories for children, organized by Goethe-Institut, April 29.

children in Souk El Tayeb.

below, Project Lebanon; The World is Small.

Other events Discover from top left, J. Beauchard, A. Najjar, J. Medlej, H. Kawsarani, Z. Hemady and N. Schiller; Z. Assaf, H. Dabliz, J. Haddad, A. Wazen, M. Taan, B. Winter. BIEL the city center Forward 2006, orientation and Using Maria Pascalides’ recruitment, April 6-9. Je découvre en jouant le Lectures, Instituto Cervantes Virgin Megastore Yalla Nélaab, kermesse held centre-ville de Beyrouth, booksigning, workshops Commemorativa del Dia Le sayyed de Bagdad , by Toufoula in aid of children walks, stories, quizzes and Internacional del Libro Mohammad Taan, June 2. with cancer, April 29 – May 1. games were organized for El Bourj lecture, April 24. The Accidental President of Fortune-telling festival, children by Nisrine Ojeil, El El ousbouh el akhir, Hala Kawsarani, April 25. Don Quijote y el mundo arabe , Brian Winter, June 20. May 26 -June 4. Bourj bookstore and Beirut Poetry evening by a group of poets, including Zeinab Assaf, Heba round table, Nadia Zafer 28 days that changed Lebanon, Project Lebanon, June 6-10. city center, April 22. Dabliz, Abdo Wazen, Joumana Haddad, April 27. Chaaban, Mahmoud Ali Makki, Zina Hemady and Norbert Art Deco, June 15-20. Know your city center, paper La passion de lire, Alexandre Najjar, May 2. May 16. Schiller, June 23. Banks, Insurance and Real rally by the Press Club, May 6. De l’olive au hammam, Youmna and Joumana Medlej, May 6. El Decano book presentation, Estate 2006, June 27-30 Beyrouth, la ville, Jacques Beauchard, April 13. Maarad street Biroth - Berytus - Beirut, a Tomás Alcoverro, Antoine The World is Small Semaine du Petit et de Saint-Exupéry, design workshop La passion du football stroll through the ages in Khater, Samir Karam, May 18. Three modern little Buddhas by Yasmine Taan, Lebanese branch of the Society of Children’s booksigning, Hayat Karanouh downtown Beirut, organized The poetic works of Juan Van- sculpted by Ana Corbero are book writers and illustrators, May 13, and Alexandre Najjar, June 14. for children by the Friends of Halen, discussion, June 13. displayed in a Saifi Village Writing workshop by Nisrine Ojeil, May 20. the Museum, AUB, May 7. Poetic works of Jorge Valdés square from June 21. Angélique book collection by Stéphanie Schneider, illustrated by Diaz-Vélez, lecture, June 29. Robert Mouawad museum, Yasmine Taan, animation, May 27. Other open daily 9 to 5 pm except Peruvian writer Mario Vargas- Football fans watched the Llosa, June 23. Mondays, late night on World Cup on giant TV screens National Heritage day, May 24. throughout the city center. Tine et Zbib puppet show, Planet Discovery, Friday and from left, M. Vargas-Llosa, T. Alcoverro, N. Z. Chaaban, M. A. Makki, J. Van Halen. Saturday afternoons. N. Ojeil and M. Pascalides with children, Biroth-Berytus-Beirut. Spanish language courses at Instituto Cervantes, including classes for children, during the summer months.

10 11

in and about the city center

Visitors Official visitors General secretary Roberto Laperche and undersecretary Sergio Beros, Buenos Aires autonomous government international relations. Business Abdul Aziz Ali Al-Kandari, Delegations chairman, marketing projects, Banque Indo-Suez president Abdul Mohsen Ahmad Jean Laurent heading a seven- al-Kandari, director of member delegation; Dr Claus clockwise from left, Banque Indo-Suez administration and Jassem Baderschneider, vice president Jean Laurent with Solidere chairman Mohammed Al-Kandari, commercial director, Meiser Nasser Chammaa, Spanish, Swiss, Brazilian assistant to director, Zakat Gruppe, with representatives of ambassadors with A.R. Solh. House, Kuwait; Stuart Gissing four construction companies, and Ian Albert, directors, ; group of consultants, John Davis, CEO and Eamon Projacs international and Abu Beirut and the city center Alashkar, manager, Colliers Dhabi investment house, Giancarlo de Carlo’s projects International real estate Arquitectonica and Christian in Wadi Abou Jamil were agents, Dubai; Syed Basar De Portzamparc developments; reviewed in the May issue of Shueb, general manager, PAL 18 lawyers, engineers, chiefs of Domus magazine, De Carlo, Group development company, municipalities, France; group Eclectism in Beirut. Dubai; Mario Moretti Polegato, with Omar El Idrissi, director president, GEOX shoe Agence Urbaine de Taza, Solidere urban development company, ; Julian Henco, ; 10 representatives, manager Angus Gavin spoke managing director and Association Européenne on ‘Beirut: Emerging Places’, Siegfried Gansslen, chief François Mauriac; 15 from at AUB City Debates 2006, financial officer, Hansgrohe NGO’s, USA; 10 businessmen, held on the theme Spaces for Beirut City Center is the title Axor, Germany; Fabio Gnocchi, from Brazil; 15 businessmen the Rich: Citizen / Consumer of the book of photographs general manager, Etro, Italy; from Kurdistan. Practices in Affluent Beirut. by Larry Mc Pherson to be He examined the emerging published by Steidl Verlag and Eric Lee, director, Bossini Academics / Professionals Enterprises Ltd; president Dan public open and cultural space Solidere in July 2006. Professor Rami Daher, in downtown Beirut and the Natchez, Daniel S Natchez university of with 50 Rana Boustany, of the Solidere Associates, Boston; Raja city's emerging place in the corporate reporting team, won architecture students; Amer region. May 11-13. Alameddine, vice-president, Maleh, lighting designer, first prize in the AUB museum Gordon Falconer, vice- New York; John S. Aitchison, Mr. Gavin also presented the shop competition. Her jewelry- president and Emile Habib, architect and planner, Maunsell recovery and renewal of kit designs were inspired from managing director, The consultancy services, Al Ain, Martyrs’ Square at APERAU’s the Bronze age fenestrated National Investor, Abu Dhabi; UAE; four law and business international urban affairs axe and Hellenistic pottery. Zylfi Husenaj, executive students, university of Paris; conference, Conquérir la ville, assistant, Aswaq management architecture students, Austria réappropriation urbaine: and Services, Abu Dhabi; and Switzerland; six historians acteurs, mécanismes, enjeux. investor Mr Houssam, ; from France. ALBA, June 1-2. Mark Cavendish, Benetti, Italy; Among the architects involved Anthony Howard, finance Media in Beirut city center, Nabil officer, Master Foods Sarah MacInnes, regional Gholam Architecture and company, Australia; Peter director, International Herald Planning won the international Higgins, Rare Corporate Tribune; Natasha Boswell and concept design competition Design, UK; Nabil Al-Nakib, Clinton Cossette, Washington for the AUB Faculty of senior resident engineer, Post, USA; Irina de Chikoff, Engineering and Architecture. W S Atkins & Partners, Dubai; Le Figaro, Paris; Wendel UNICEF organization review Stevenson, Sunday Times, UK; director Rosemary McCareery. 10 journalists from Iraq; two The Lebanese Company for the representatives, Airport France Development and Reconstruction Tel. 01 980650/980660 of Beirut Central District, s.a.l. Fax 01 980661/980662 business magazine; Charlotte P.O.Box 119493 [email protected] Wiedemann, Germany. Beirut 2012 7305, Lebanon www.solidere.com 12

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