Quarterly October-December 2011 Business & Finance
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1 quarterly October-December 2011 BUSINESS & FINANCE BEIRUT CITY CENTER EASTERN ENTRANCE AL ZORAH RESORTS We are honoured to partner with the BEIRUT CITY CENTER DEVELOPMENT NEWS SOLIDERE SALES CONFERENCES Al Zorah Development Company, a joint venture “Government of Ajman for this prestigious A total of 395 projects, representing close to 3,003,229 million One development lot in Sector D Solidere participated in equity investor of Solidere International and the Government project which will have long-term economic sq m of built-up area, are in various stages of development. was sold by Solidere in the last conferences: Bank of America Merrill Lynch of Ajman, presented Al Zorah Resorts project on benefits for the Emirate. Our focus is on rolling STATUS PROJECTS BUA SQ M quarter. Block 149, Plot 1, cover- fourth Annual MENA Conference, Dubai, December 7, covering 5.4 million sq m of land. out a world-class tourism and hospitality des- Completed 268 1,349,800 ing a land area of 1,922 sq m, was October 26-27; Credit Suisse MENA Confer- The development is envisaged to become a hub tination while also offering an unprecedented Under restoration 6 12,543 purchased by Park View Residences ence, Beirut, Novembre 2-3; EFG Hermes for hospitality and tourism. Set on the coastline lifestyle experience for our customers. The sea- Under construction 38 291,137 SAL to be developed into a residen- MENA Conference, London/New York, of Ajman, Al Zorah Resorts stretch along a 12 km front homes, hotels and golf course will become Awaiting permit 16 132,320 tial building totaling 11,102 sq m November 14-18. waterfront. White sandy beaches, mangrove the new benchmark in luxury development not Under study 45 798,394 of floor area. forests, water canals and creek holes will charm just in Ajman but across the region. No activity 9 23,201 Urban design and master planning depart- regional and international tourists. ment manager Bachir Moujaes participated Nasser Chammaa ” Awaiting submission 13 395,834 in the New Urban Topologies seminar orga- Chairman and CEO, Solidere International TOTAL 395 3,003,229 Al Zorah master plan and components, as well as nized by the Swedish Institute of Alexandria the progress achieved in the project development, and Färgfabriken, a Swedish interdisciplin- were announced at an on-site press conference ary foundation combining art, architecture in the presence of HH Sheikh Rashid Bin Humeid and urbanism. Alexandria, October 23-25. Al Nuaimi, Chairman of Al Zorah Development Company, and Dr. Nasser Chammaa, Chairman AL ZORAH RESORTS MASTER PLAN and CEO of Solidere International, accompanied SHARE PERFORMANCE - 4TH QUARTER 2011 by senior officials from the Ajman Government, SHARE A | DAILY CLOSING PRICES Al Zorah Development Company and SI. PRICE VOLUME Solidere shares remained under pressure during the quarter, albeit on 119,148 114,152 103,644 lower volume, as the local political situation dampened the mood in the $17 100,000 Five districts are to be developed in four phases: local market. This came in spite of some positive news from the Company City Center with its hotels, offices, retail centers, City Center $16 75,000 that recorded major land sales during the quarter. A tentative push around marinas and large public square; Parkland Resorts, $15 50,000 the beginning of December, triggered by some positive reports from the a community of six beachfront hotels and creek- Government, quickly fizzled down as tensions within the Government $14 25,000 side residences complemented by a 1.6 km stretch continued to affect the markets in general. $13 0 of sandy beach and 2 km lagoon frontage; the Corniche Village Gateway 18-hole championship Golf Course; Gateway high- October 3 November 16 December 31 Share A fluctuated between a low of US$13.40 and a high of US$16.45, rise mixed-use community; and Corniche Village, closing the quarter at US$14.38, a 5.27% decrease from the previous quarter. with villas and townhomes that overlook the sea. SHARE B | DAILY CLOSING PRICES PRICE VOLUME Share B traded between a low of US$13.11 and a high of US$16.28, closing The master plan has been revised: 70% of the at US$14.50, a 3.71% decrease from the previous quarter. $17 100,000 land area dedicated to resorts or tourism-related entities, 40% to residences or mixed-use plots, $16 75,000 Trading activity decreased as well during this quarter, with around 2.2 million shares of both classes trading in the local market. 7% to offices, with 6% to retail. The phase one $15 50,000 of the project to be completed in 2014, includes: $14 25,000 upscale 160-room 5-star resort; 300-room midscale GDRs traded on the London Stock Exchange closed at around US$14.29, 5-star hotel; 180-room Tourist Village; 50-room $13 0 a 4.98% decrease from the previous quarter. Parkland Resort Golf Course Beachside Village; and the Golf Course; all de- October 3 November 16 December 31 signed by international architects. Share price (US dollars) Trading volume 4 WADI AboU JAMIL 6 OPEN SPACE GEBRAN TUENI GARDEN A commemorative garden was Beirut All Saints Jean-Paul II Ottoman Marina Square Square Wall inaugurated in the presence of officials and family members, designed by Vladimir Djurovic the garden is planted with olive trees Beirut Zeitouneh Shoreline Santiyeh symbolizing peace and wisdom, with Corniche Square Gardens Garden quotes of Gebran Tueni carved into the granite and backlit, December 16 SHORELINE WALK AWARDED AT WAF MARATHON SUNDAYS The Shoreline Walk designed by Gustafson Porter was awarded the Future BEIRUT MARATHON Projects (Landscape). World Architecture Festival, Barcelona, November 2011. The nineth BLOM Beirut Marathon The walk is a sequence of five connected spaces. Placed between the medi- on November 27 consisted of a eval street layout and the engineered grid of the new land-filled area. 42.2km run, a wheelchair marathon, a relay marathon, a 10km fun run, a A continuous white limestone line marks the ground and a pedestrian prom- kids 5km run and a 1km mums and enade links the five open spaces and re-establishes an East-West connective buggies run. Participants ended the spine between the new grid places. The promenade is also inspired by the race at Marathon Village on Martyrs’ historic ‘Beirut Corniche’, with a flow of walkers, joggers, cyclists and bread Square. The marathon, IAAF Bronze sellers; the Shoreline Walk will reconnect and continue it. Label Road Race, attracted star ath- letes with impressive track records. A combination of pavement and plants with lighting and water features en- hances the promenade within the urban context. To the south, light colored I RUN BEIRUT paving and trees signify ‘dry land’, as it existed before the war. To the north, A 5km race organized by the United open areas of dark granite, boardwalks and timber pergolas, water features Sports of Lebanon and sponsored and rainfall mark the sea’s previous position. by Nike, October 23 All Saints Square is treated as an intimate, self contained space creating a ha- ven of textures infused with the summer jasmine aroma. Shoreline Gardens, ART & ARCHEOLOGY site of the historic ‘Avenue des Français’, provide a contemporary prom- The Bab Idriss Square fountain and enade. A long linear water feature and pergola unify the space as a meeting Medieval Moat Bridge are among point. To the south, Zeitouneh Square now opened to the public, provides a several very interesting features in key link to the city. It celebrates a modern Beirut and is a place for cultural Beirut Souks open spaces. events. Santiyeh Garden, an ancient cemetery site, surrounded by buildings on all sides, provides the perfect setting for a green and contemplative oasis. A later phase, starting with Jean-Paul II Square, will prolong the walk into the Ottoman Wall site, in the New Waterfront District. Architect Civil Engineer Water Features GUSTAFSON PORTER, UK BECT FOUNTAIN WORKSHOP, UK Local Architect Lighting Consultant IMAD GEMAYEL ARCHITECTS PSLAB NEW DESTINATION ZAITUNAY BAY On Beirut new waterfront, Zaitunay RESTAURANTS RETAIL Bay was launched by year end, Amarres L’Atelier Art Lounge to the joy of families heading over Babel Bay GS marine to 17 restaurants and cafés and Cappuccino Nada Debs five retail venues. Classic Burger Joint Selim Mouzannar Cozmo Café Water Nation Sports Center The pedestrian decks also include Cro Magnon a promenade as well as outdoor Häagen-Dazs CHRISTMAS MARKET resting areas, all accessible through Karam al Bahr December 13-23 Corniche level entrances with Lina’s Paris adjacent underground public parking Moti Mahal Delux facilities and valet service. Mywaterfront Paul Salmontini Riva Signor Sassi St Elmos The Coffee Bean and Tea Leaf Zabad by Karim Haidar 10 IN STYLE LE STAY - RESTAURANT SWEET TEA INDIGO ON THE ROOF CITY CENTER BEIRUT SOUKS NEWCOMERS NEWCOMERS Chaplin Restaurant Alex Toys Ets. Nakhlé Bodum Formes DKNY H.Stern Eden Park Iris Winter Garden GRID Sandro Jouet Club News Café Kurt Geiger Manasseh Yabani Marni Merlot OPENING SOON Thirty Seven Librairie Antoine Lufian OPENING SOON MAZ Antoine Hakim Antoine Karam house linen OUTDOOR MARKET Banque Libano-Française Souk El Tayeb, weekly organic BIEL Bulgari products In Shape, October 20-24 Creative Closets Art Deco, October 13-16 List Cooking Festival, November 17-19 Liu Jo Security Middle East Show, Selamlique November 28-30 LE STAY - BAR 12 OTHER Saint Vincent de Paul Church FESTIVE SEASON celebrated nativity by inaugurating the traditional crib, December 22 Christmas markets: Afkart Lebanese Designers, Biel, December 16-22; Zaytounay Bay, December 12-23 BEIRUT CELEBRATES The city center sparkled with joy during the holiday season.