Solidere: A Giant Wakes Up
Rooted in Beirut, Solidere will soon grow into a regional real estate company, competing with large Arab developers such as Emaar.
Beirut Notes has learned that Solidere's management will call in the near future for an extraordinary shareholders assembly to amend the appropriate article of incorporation in order to permit the company to expand both on the local and regional levels.
The late Rafic Hariri founded Solidere to reconstruct the central district of Beirut in 1994. Although very controversial, Solidere transformed the heart of the war torn city into a modern, historic and majestic urban centre.
A few months before his death, Prime Minister Hariri's efforts to rebuild Lebanon were recognized by the world community when the United Nations awarded him the prestigious Special Citation for the 2004 Habitat Scroll of Honour in Barcelona.
Due to his roaring success in Lebanon PM Hariri was also awarded two major developments in Jordan - Saraya Aqaba on a 1.5 km beachfront and Abdali on a 34 hectare site west of Amman - through his company, Saudi Oger.
Furthermore, over the years many regional real estate developers dwarfed Solidere, which was the Arab world's private sector pioneer in urban development. The most prominent one being Emaar, which started in Dubai but today has major projects in Saudi Arabia, Syria and Turkey.
Solidere is finally going to leverage its achievements in Lebanon and the rest of the Arab world, giving it a new strategic direction and an opportunity for major growth.