Solidere Annual Report 2011: City in Scenes

Beirut City Center
2011
CITY IN SCENES
MOMENTUM OF PLACE,
PEOPLE IN MOTION:
CITY
IN
SCENES
2011
SOLIDERE ANNUAL REPORT
Beirut City Center
Cities are made of scenes. Scenes that reflect

how people move, congregate, pause, and
adopt behaviors in the urban environment.
These are the patterns that inspire our
cityscapes.
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MOMENTUM
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PLACE,
PEOPLE
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MOTION:
CITY
IN
SCENES
SOLIDERE
Foreword
Characters make entrances and exits from the stage of

reality just as cities trace the contours of civilizations
through time.
The currents of trade, conquest, and knowledge have,
for millennia, propelled the history of the Mediterranean
Basin. The people, architecture, and urban landscapes
of its eastern port Beirut refract, like a prism, the stories
that have accrued on this land throughout the centuries.
Meditative and introspective, the Solidere Annual Report
2011 observes how people inhabit the spaces of Beirut
city center. Just as the photography and text shed light
on the trajectory of the built environment its reconstruction, development, and future, so too does the Annual
Report contemplate character and how individuals constitute architecture and place.
Seasoned photojournalist Ziyah Gafic captures the latent
dialogue between people and architecture. His camera
turns quietly around the corner to eavesdrop on soft chatter
in a garden. He peers up an outdoor staircase to follow
the clacking of heels. He tracks the rhythms of children
gallivanting by the sea, professionals pacing to a business
lunch, and employees performing the routines of the
workday. Beirut city center, in Gafics images, is a circumstance of scenes about camaraderie, negotiation, patience, jubilation, memory, and uncertainty. The scenes
evince a paradoxical relationship to the built environment, a link as delicate and tenuous as it is deeply rooted
in a complex history.
Whereas Gafic focuses on exterior and open spaces,
Miguel ngel Sanchz communes with subjects through
his renowned portraiture in the intimacy of a studio.
Dozens of people who work and live in Beirut city center,
people from various walks of life, sat before the camera
of the Spanish sculpture cum photographer in spring
2012. His portraits are painterly and highly theatrical. In
each image, an individual becomes a character of Beirut,
the Middle East, the Mediterranean Sea, and altogether
the series conveys a constellation of identities, the refractions of a city.
Sunlight to back light, sidewalk to stool, architectural patterns to textures of skin, the geometry of urban infrastructure to the shapes of a facial expression: the Solidere
Annual Report 2011 considers how the tides of history, of
urban development, and of daily life find expression in the
interrelationships between people and Beirut city center.
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ANNUAL
REPORT
2011
MOMENTUM
OF
PLACE,
PEOPLE
IN
MOTION:
CITY
IN
SCENES
SOLIDERE
***
***
Beirut City Center

The Story
Solidere
The Brand
In the 1960s and early 1970s, Beirut stood as a beacon of

modernity and tolerance, attracting tourists from around
the world. At the same time, the citys legacy in trade and
commerce helped confirm its role as the financial center
of the Middle East.
There have been drastic changes in the world of real estate

development. Too often, the end-users experience is no
longer the focal point of urban development. The world
is becoming populated by places that ignore local culture,
traditions, and geography places that have no identity
of their own places that all feel the same.
The Lebanese war left the city center, the central arena of
the conflict, reduced to rubble. When peace and stability
returned in 1991, it was hard to imagine how nationals
who had emigrated abroad, businesses that had established elsewhere, and tourists who have flown to other
destinations would ever land on its shores again.
However, Lebanons economy reemerged, fueled by a
national recovery and development program based on
public investments and a liberal economic policy to attract
and stimulate local and foreign investment. The vision,
legislation, and preparations for the development and
reconstruction of Beirut city center started in 1992, and
in 1994 a group of strategic thinkers, urban designers and
planners, engineers and architects, craftspeople, legal
minds, and financial specialists was entrusted with the
task of rebuilding the heart of the countrys capital city.
The dream took off on Martyrs Square, an important site
to the people of Beirut and Lebanon. A concert for the
countrys national phenomenon Fayrouz drew an audience of more than 30,000. Beirut city center started to
breathe new life. Reconstruction began.
Restoration took the forefront by preserving as much
of the distinctive architecture and cultural elements as
possible. Through the years, archeology, heritage buildings, basalt and ancient street grids, green open spaces,
and view corridors have been married with contemporary
infrastructure and architecture, resulting in a dynamic
environment.
***
Solideres ambition and success focus on creating unique

experiences for people that exceed expectations whatever
the development, whether it is a city, public garden, or
leisure destination. The long-term vision remains to nurture, improve, and manage a project beyond its completion
because of the underlying belief that great places attract
people, today and tomorrow.
Solidere has built a strong track record in creating places
that hold long-term value for society as they respond to
their context, culture, and climate places where people
want to be.
Over time, Solidere has received many requests from
governments, municipalities, landowners, and investors
around the world to help them emulate what was accomplished in Beirut city center. After defining its strengths,
the Company sought out opportunities across an extended
region through its global arm, Solidere International, and
its subsidiaries.
Solidere International is a limited company in shares
established in 2007 under the law of Dubai International
Financial Center (DIFC), with a paid capital of US$ 700
million. Solidere owns 39% of Solidere International.
Today, Solidere is one family of individuals and values
that builds and sustains Places for Life.
***
The Lebanese Company for the Development and Reconstruction
Solidere is a joint-stock company with an initial capitalization of
of Beirut Central District s.a.l. (Solidere) was founded in 1994 and
US$ 1.82 billion, of which US$ 1.17 billion were contributions in
initially given a 25-year life span. The Companys duration was
kind of property right holders and US$ 650 million cash subscrip-
extended by decree in 2005 to 35 years from the date of registra-
tions following an oversubscribed Initial Public Offering (IPO).
tion, May 10, 1994, in Lebanons Commercial Registry.
After the retirement of some 17 million shares in 1997, the

Companys capital currently stands at US$ 1.65 billion.
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ANNUAL
REPORT
2011
MOMENTUM
OF
PLACE,
PEOPLE
IN
MOTION:
CITY
IN
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SOLIDERE
ANNUAL
REPORT
2011
Dear Shareholders,
Within the context of these transformational and eventful
times, adaptability, proactivity, and diligence are key principles that drive our business. The Company is on solid
financial grounds and continues to deliver positive results
while we remain focused on investment programs at
home and abroad. As shared with you last year, our strategy is driven by sustainable shareholder value creation;
we continue to add value to our land bank while remaining
focused on diversification efforts through income generating projects, geographic expansion, and assessment of
new business lines.
A Word from
the Chairman
Nasser Chammaa
Chairman and General Manager
***
According to financial results, the total net asset value of

the Company is a multiple of current book value. Therefore, the listed share price, which dropped to around
US$ 14 at the end of 2011, reflects an imbalance, whereby
the Company's shares are trading at a highly undervalued price relative to their true net asset value. This is
mainly due to uncontrollable factors such as the current
regional instability and subdued global economic climate
that have resulted in a wary investor base and slower
macroeconomic growth.
We have recently begun to focus our attention on the
Waterfront District with the intention of completing infrastructure and landscaping within three to four years. We
are distinguishing the district with several developments
and initiatives that significantly enhance its connectivity
to the rest of the city center. On the one hand, Zaitunay
Bay launched its quayside restaurants, which have been
bustling with activity, with the yacht club planned to open
its doors in 2013. On the other, the district has become
a major pedestrian outlet and a destination for sports
enthusiasts and outdoor family recreation. Beirut Exhibition Center has also become a pillar of the regional art
scene. Moving forward, the Waterfront District's appeal
will continue to increase as we anticipate the opening of
several other entertainment and leisure projects in the
coming twelve months.
The 2011 year saw Beirut city center further asserting its
position as a regional destination and a thriving meeting
point that has reinvigorated the capital and improved the
quality of life. Following the inauguration of the southern
part of Beirut Souks in 2010, the launch of Zaitunay Bay
and the expansion towards the new Waterfront District
opened a new horizon to the Mediterranean Sea. We strive
to maintain this momentum as we anticipate the completion of several major new developments and nurture the
growth of cultural and leisure attractions in the city center.
The Company reported net consolidated profits of US$
158.8 million in 2011. The drop from the previous year
is the result of a decrease in recognized land sales,
which amounted to US$ 242 million compared to US$
337 million in 2010, however at a higher profit margin
due to greater sale prices. The four land sale transactions that materialized during the last quarter of 2011,
combined with previous deals recognized during the
year, encompass almost 67,000 sq m in built-up area.
Moving forward, investors interest, particularly in the
Waterfront District, remains heightened based on future
potential and a strong belief in the country's positive
medium and long-term prospects, and several deals are
in the pipeline.
Beirut Souks, now in its second year of operation, has

become a national and regional shopping destination.
The number of visitors has increased substantially, due
to an effective communication strategy, the organization of festive events, a regular stream of activities, and
cultural exhibits in its Venue. This has led to continued
interest from existing and new tenants to operate
within the Souks. Envisioned as a further magnet of the
Souks, the Entertainment Complex with its fourteen
movie theaters is set to open in early 2013, and the design
of the Department Store, also a Souks anchor, is underway.
Rental income increased as anticipated to US$ 49.9

million from US$ 41.2 million in 2010, and we expect
this figure to keep on rising with the delivery of the
northern part of Beirut Souks and other real estate projects. At the same time, charges on rented properties decreased by 21% from US$ 27 million to US$ 21 million
as significant savings in maintenance and other property
related costs were achieved in spite of increasing property
taxes and depreciation. In addition, the Company's overhead and administrative expenses decreased by 10%.
The Company continues to develop new revenue-generating assets that add value to the land bank. To that effect,
we are assessing a number of projects designed by worldclass architects these include a state-of-the-art office
building, residential development, hospitality attraction,
and mixed-use development.
The year also witnessed Beirut city center as a destination for cultural and artistic events, refined gastronomy,
and nighttime entertainment. Various year-round streams
of events were scheduled, and several new outlets have
been launched by Solidere and other operators featuring
renowned international chefs.
Accounts and notes receivable rose by 13% to US$ 551.3

million, and together with a cash balance of US$ 174.1
million, this more than offset the short-term bank facilities
of US$ 520 million. The land bank, equivalent to 1.88
million sq m of built-up area, holds an estimated market
value of approximately US$ 8 billion, while our portfolio
of properties carries a net book value of US$ 444.6 million,
with an estimated market value of US$ 1.2 billion.
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Furthermore, the Heritage Trail, which links the city's

various archeological and historical sites along a 2.5-km
circuit, will be launched in 2012. These assets, essential
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to Beiruts urban dynamism, enhance the value of property and boost rental income, fulfilling our strategy to
create and maintain value.
As we assess all these achievements, we remain diligent

in steering the Company forward according to sound
strategies and practices on all fronts, mindful of the existing geo-political currents. Looking at the coming period,
the management team has also developed plans to address
additional softening of the market if regional events continue to exert a negative impact on demand for real estate
products. We continue to appreciate the central role of our
stakeholders in supporting our endeavors in making
Beirut city center a place where people want to work, live,
and visit.
In its continued effort to support social and cultural platforms, the Company interacts with students and youth
who are expressing their perspectives and sharing ideas
on issues related to the city center through digital media,
and with the intellectual and academic communities
through a planned journal about urbanism in the city.
Further afield, we continue to strengthen our presence
through Solidere International, which achieved net profits of US$ 11 million and maintained financial strength
with no leverage and a cash balance of US$ 350 million.
To that effect, the company has opted to distribute a dividend of US$ 1.5 per share to its shareholders.
NASSER CHAMMAA
Ziyah Gafic
NASSER CHAMMAA
Chairman and General Manager
July 2012
Solidere Internationals main investment efforts are focused on the Saudi Arabian market, where it is currently
involved in several residential projects and is in negotiation on two others. At the same time, the company commenced execution of phase one of the Al Zorah waterfront development in the United Arab Emirates, which
consists of two hotels, high-quality recreational facilities,
and an international grade golf course. Al Zorah remains
well capitalized and is pushing through with infrastructure works, which have seen the completion of two marinas, the parkway, and the road connecting the project to
the Emirates Road.
While it continues to evaluate new development opportunities in the Middle East, North Africa, and around the
Mediterranean Basin, the company is moving forward
with the Hazmieh Development in Lebanon, where it has
obtained the authorities' approval on the master plan. It
also established Solidere Homes, a new line of business
in response to the high regional demand for private and
public-sector affordable housing. In that regard, Solidere
International acquired a sizeable plot of land in Saudi
Arabia that will be dedicated to affordable communities,
in line with the Kingdoms government agenda.
Solideres diversified fields of activity and its extensive
reach have led, in 2011, to a re-branding exercise and
consolidation of its identity across all entities while maintaining their legal distinctions. This timely move reflects
the Companys maturity and is an important facet in its
future: that the diversity of our business, activities, and
operations will increase while we remain true to the principles and values underpinning the Solidere brand that
have enhanced the Company's strong reputation.
***
We continue to appreciate the central role of
our stakeholders in supporting our endeavors
in making Beirut city center a place where
people want to live, work, and visit.
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Table of Contents
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PLACE,
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MOTION:
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01
02
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***
Move
Congregate
page 41 - 71
Frame of Reference
43
61
Cities are made of scenes. Scenes that reflect how people

move, congregate, pause, and adopt behaviors in the urban environment.
These are the patterns that inspire our cityscapes.
Sites of Assembly
Historic Landmarks,
Sites for Future Creativity
Towards the Mediterranean Horizon
Heritage, Art, and Culture
Transport Strategy
Illuminating Faades
Around Contemporary Art
Conversation with Renzo Piano
04
Pinwheel Project and Martyrs Square
03
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Adopt
***
page 87 - 110
Pause
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REPORT
Open Spaces
Waterfront District
Momentum of Place,
People in Motion:
City in Scenes
ANNUAL
Gustafson Porter on Zeytouneh Square

Vladimir Djurovic on Gebran Tueni Memorial
Design and Development Control

Operation, Maintenance, and Property Management
Parking
36
SOLIDERE
page 13 - 39
Master Plan for the Regeneration

of Beirut City Center
27
89
Tranquility at Home
page 73 - 85
Residential Neighborhoods
Leisure by Night, Al Fresco by Day
Nabil Gholam on Architecture

in Beirut City Center
Hospitality in the City Center
93
Yannick Allno on S.T.A.Y and Sweet Tea

Momo at the Souks
Eric Sinnig on Relais Foch, Caf M, Grid,
and Central Kitchen
Where Enterprise Prospers

Business and Commerce
Quality Telecommunications
103
Twenty-First Century Modern Bazaar

Beirut Souks
05
Bookstore and Literary Platform
06
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Real Estate
Developments
***
page 113 - 125
Corporate and
Financial Report
Zaitunay Bay
Pinwheel Project
Furnished Serviced Apartments,
Spa, and Wellness Center
Triple-A Office Building
178 Saifi
page 127 - 175
Consolidated Financial Highlights

Sales and Rental Strategy
Corporate Finance
Board of Directors and General Management
Corporate Structure
Independent Auditors Report
The epigraph is based on an excerpt from the preface to
Urban Code, 100 Lessons for Understanding the City

(Cambridge, Massachusetts: The MIT Press, 2011)
by Anne Mikoleit and Moritz Prckhauer.
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SOLIDERE
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PLACE,
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ANNUAL
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2011
The city accumulates with time
Move
Mountains inch through eons, the moon turns with the ebb and
flow of the Mediterranean Sea, and the urban dynamism of
Beirut pulses by the second. Architecture shifts through decades.
The city accumulates with time.
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SOLIDERE
ANNUAL
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2011
pm
Move
MOUTRAN STREET
FOCH-ALLENBY
Ziyah Gafic
Solideres distinct interdisciplinary team pioneered a

framework for the rebirth of Beirut, and after more than
fifteen years of reconstruction and development, the historic Mediterranean city soars.
The renewal of Beirut city center has come to exemplify
a successful model of inner city regeneration. Restoration of heritage buildings in the historic core coupled with
the preservation of archeological remains and townscape features gives the city
center a distinctive architectural character. New infrastructure has enabled contemporary real estate developMaster Plan for the
ment, while extensive public
Regeneration of Beirut
City Center
space and sound urban planning have set the context and
***
guided the Master Plan.
Above ground, public spaces and roads have been designed for a human experience. Tree-lined sidewalks,
pedestrian walkways, energy-efficient lighting, archeological parks, and a number of open and green spaces
make the area an ideal place to live, work, and play. The
road network, including the Ring Road and main axes,
have been designed to accommodate traffic flow and encourage safe pedestrian activity. Existing street alignments that radiate from the
historic core have been preserved, and new streets have
been created. Moreover, view
corridors to sea and mountains have been maintained
along wide streets, major public spaces, and low-rise building zones.
Frame
of Reference
The master planning task that

preceded Solideres formation
entailed a survey and the identification of a number of structures that could be preserved.
The plan required that those
of heritage value be faithfully restored to their original
external fabric, while others were permitted some flexibility, including limited structural additions. All building interiors, however, were largely free from constraints
and have generally been designed with a progressive outlook. Solidere took the lead in the restoration process,
and affirmed that heritage buildings can survive and
create value provided that they are adapted to the needs
of contemporary life and business.
***
Extensive public space and sound urban
planning have set the context and guided
the overall Master Plan.
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The city center is conceived

not as a single, homogeneous
central district but as a cluster of city quarters or sectors.
Informed by natural boundaries in the topography, street
patterns, past neighborhood
structure, and concentrations
of preserved fabrics, it comprises ten sectors eight in
the Traditional City Center and two in the Waterfront
District. Each sector has its own detailed plan and regulations, as well as its own unique character.
To reinforce this variety of architectural and urban identities, and to replicate a natural city development process
within a compressed timeframe, the Master Plan is subject to mixed-use policies. They are defined in sector regulations allowing land-use to remain as flexible as possible
to meet evolving developer and end-user needs.
To enable reconstruction and new real estate development,

Solideres initial undertaking was the implementation of
quality infrastructures. These encompass underground
power, storm drainage, sewage, domestic water, telecommunication and broadband networks, street lighting, and
irrigation, among other components. Infrastructure works
have also included a ten-year program of environmental
reclamations, harbor works, and sea defense installations
to international standards in creating the Waterfront District, the city centers new extension toward the Mediterranean Sea.
A vibrant, well maintained city center has emerged, one

that accommodates a high-quality, mixed-use built environment with a recognizable regional identity, attracting
international interest, investors, residents, businesses,
and visitors.
The Beirut city center Master Plan covers a total surface area of 191
hectares with a target floor space of 4.69 million sq m: 49.8 % residential,
27.7% office, 8.5% mixed-use, 6.3% hotel, 3.8% cultural and governmental, 3.2% retail, and 0.7% religious.
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Design and Development Control

Ensuring Property Value
Solideres procedures for design and development control have become a hallmark of the Companys modus
operandi as they ensure the long-term protection of
land and property values. These controls are effectively
coordinated in the Development Briefs issued for each
parcel and made legally binding in their land sale contracts to developers. High-quality design is assured
through a pre-selection and listing of approved local
and international architects for each individual parcel,
and developers are encouraged to run design competitions between chosen architects.
Development control and quality control regimes address
a range of issues from architectural design to safety and
anti-seismic reinforcement. They are regularly updated
in accordance with international best practices and are
mandated in Development Briefs. The Company ensures
quality control and conformity with these standards by
carrying out inspections on all projects from conception
to completion.
Maintenance Program, which requires the refurbishment of the external envelope of all city center buildings
on a five-year recurring basis. Another deals with health
and safety regulations on active construction sites, streets,
public domains, and during events held in the city center
to ensure the wellbeing of tenants, visitors, and the neighborhood as a whole.
***
***
Operation, Maintenance, and Property Management

Maintaining the City
Parking
Vehicular Accessibility
After delivering completed infrastructure and public domain to the Council for Development and Reconstruction
(CDR), Solidere provides assistance and supervision when
and where needed. It remains in charge of the maintenance of open spaces, including the irrigation network
and landscaped areas. Damage that occurs to public property around the city center is documented and reported to
municipal authorities, and when commissioned, repair
works are carried out at cost.
Regulations prepared for the city center are designed to

incorporate parking spaces within building plots by
their developers and provide adequate parking to serve
the uses of each project. The standards assume the
gradual introduction of effective public transport within
the city. In addition to these dedicated parking facilities,
a significant number of public car parks are planned.
In that regard, Solidere extends professional facility

management added-value services that ensure quality
standards of living and equip properties with high-tech
amenities and modern services, with a vision to continuously enhance the experience.
In 2010, Solidere was invited to join a network of urban

operators, including city mayors and public and private
urban development agencies, which represent a group
of cities around the Mediterranean. Initiated by the MedCities program in Marseilles and funded by the World
Furthermore, two regulations were issued to improve

the city center image as a whole and maintain the architectural value of its real estate. One is the Quinquennial
16
IN
Bank and Caisse des Dpots, the network aims to develop

a set of shared guidelines for sustainable urban development in a period of climate change. Solidere has contributed to conferences and workshops. The Waterfront
District has been presented, within the network, as a
model for sustainable urban development and a test bed
for environmentally sound urban futures.
With regard to the built environment, the Company plans

and controls the quality of real estate development and
maintains, operates, and manages its properties, as well
as third-party properties, on a contractual basis. It cultivates
long-term relationships with clients, be they developers,
owners, or tenants. The aim is to maintain an upward
curve to property value while ensuring a functional communal environment.
Solidere has also formulated sustainability strategies

with emphasis on green technology, recycling, environmental remediation, and energy conservation. The aim
is to enhance environmental standards, lower energy
demand, and reduce operational and maintenance costs.
The Company incorporates these standards in its real
estate developments and encourages third-party developers to apply them in the Traditional City Center. For
the Waterfront District, planned as a model project of
sustainable urban development, a minimum-entry but
mandatory low-carbon strategy is under study.
CITY
SCENES
SOLIDERE
ANNUAL
REPORT
2011
Move
In cooperation with city center residents and property

owners, Solidere has implemented a multitude of services
that enhance the city center experience, in addition to the
ones offered by the Municipality of Beirut. These include
security surveillance, door-to-door waste collection, street
and sidewalk furniture cleaning, and pest control, as well
as a CCTV surveillance system, which is being installed
to cover all parts of the city center.
Tight controls are maintained on the specification and

workmanship of all external building fabric and material.
Developers are required to commission approved technical controllers to sign off on structural and building
services design, fire safety, energy performance, and other
technical aspects. They also must ensure compliance with
international standards.
MOTION:
consultant Renzo Piano Building Workshop (Italy) and

transport planning consultant Ove Arup International
(UK). The guidelines consider the integration of the remains of the Petit Serail on site, the proximity of the car
park to the proposed Beirut City History Museum, north
of Martyrs Square, and the landscape scheme for the
square.
Two other parking facilities are under study in the Waterfront District, one beneath the Corniche Road and another
beneath the planned city park in the Waterfront District,
to provide 1,200 and 800 spaces respectively.
Pending the completion of sufficient underground parking
spaces, several vacant lots are used as temporary surface
parking lots. These currently provide up to 3,000 spaces in
the Traditional City Center and another 3,000 spaces in the
eastern section of the Waterfront District with a free shuttle
service.
Traditional City Center Sectors: Conservation Area, Souks, Wadi Abou
Jamil, Saifi, Serail Corridor, Hotel District, Ghalghoul, and Martyrs Square
Axis. Waterfront District Sectors: A and D.
Among those provided by Solidere, the completed Beirut

Souks car park has a capacity of some 2,500 spaces and
an adjacent car park with a capacity of around 400 spaces
is under construction below Khan Antoun Bey Square.
Serving the Foch-Allenby area are the four-level Weygand
Street car park with 108 spaces and another four-level
parking lot below Harbor Square, which provides 320
spaces. Furthermore, and in accordance to an agreement
with the state for the operation of Beirut Marina, Solidere
completed in the first half of 2012 the construction of a
400-space car park underneath the Corniche Road, adjacent to Zaitunay Bay and Beirut (Western) Marina.
The Master Plan also envisages three major underground
public car parks under both Martyrs Square and Riad El
Solh Square and near the Grand Serail, none of which
has yet been implemented. In 2010, the Municipality of
Beirut resolved to cancel the parking planned under Riad
El Solh Square due to archeological finds while the
Council of Ministers resolved to prepare the tendering of
the Martyrs Square parking as a Build Operate Transfer
(BOT) project and assigned this task to the CDR. The
BOT bid file is being prepared by the latters consultant,
Khatib and Alami, in coordination with the Municipality
of Beirut, and a public bid is expected to be launched
after the completion of the bid file in 2012. The design
of the underground Martyrs Square car park, planned
to accommodate around 2,000 spaces, takes into account
Solideres guidelines, which were developed by its urban
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MOUTRAN STREET
FOCH-ALLENBY
Ziyah Gafic
Urban dynamism pulses by the second
***
New infrastructure has enabled the restoration
of heritage buildings and construction
of new developments.
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MOUTRAN AND ABDEL MALAK STREETS

FOCH-ALLENBY
Ziyah Gafic
04 : 23
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MOUTRAN STREET
FOCH-ALLENBY
Ziyah Gafic
***
***
Foch-Allenby forms with Etoile-Maarad
Hardscaping, along with street and sidewalk
the historic core of the city center, which
furniture, paving, and lights are designed
incorporates the largest pedestrian zone in the
to match the character of each sector.
capital and stands as a prime showcase of

postwar reconstruction.
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LAZARIEH COMMERCIAL CENTER

EMIR BACHIR STREET
A L W E H D A A L W ATA N I YA S Q U A R E
EVANGELICAL CHURCH STREET
Ziyah Gafic
Ziyah Gafic
***
***
The 1950s Lazarieh Commercial Center
The sloping Al Wehda Al Wataniya Square,
comprises several blocks around a central
designed by Vladimir Djurovic Landscape
permeable courtyard that links Emir Bachir
Architecture with water features, includes a
Street to Mere Gellas Street.
sculpture of the late prime minister Rafic Hariri

by Meguerditch Mazmanian (Russia).
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FAKHRY BEY STREET

FOCH-ALLENBY
G R A N D T H E AT R E
EMIR BACHIR STREET
Ziyah Gafic
Ziyah Gafic
***
***
Stone repair was significant in the Conservation
The concept by Rogers Stirk Harbour + Partners
Area, notable for its faithful reconstitution
(UK) for the 1920s Grand Theatre proposes to
of elaborate faades and high-quality
faithfully reconstruct the faade of the old struc-
masonry work.
ture to its original design.
24
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SCENES
SOLIDERE
ANNUAL
REPORT
2011
pm
Move
SEASIDE PROMENADE
W AT E R F R O N T D I S T R I C T
Ziyah Gafic
Marinas, open views to the sea and mountains, and an

80,000 sq m city park the Waterfront District has transformed from an area of reclaimed land to the new development frontier, with gateway projects such as Renzo
Pianos Pinwheel Project set to bridge the Traditional City
Center with the sector in the making.
Alternatively, Sector D consists of the development blocks

and public domain situated east of the city park, north of
the historic core and Souks Sector, and west of the Beirut
Ports First Basin. This sector incorporates a transition
zone, known as the Pinwheel Project currently under
design by Renzo Piano Building Workshop (Italy), which
extends between the Ottoman Wall (part of the old shoreline) and Shafik El Wazan Street and establishes strong
pedestrian and land use links
between the historic core and
the waterfront.
With extensive green areas and distinctive architecture,

the Waterfront District has
elicited strong investor and
developer interest, and land
sales to date confirm its potential as a prime, multi-use
extension to the Traditional
City Center.
Towards the
Mediterranean
Horizon
***
The Waterfront District will comprise a city
park, two marinas, seaside promenades, roads,
biking and jogging trails, and 2.9 hectares
of development land.
26
The part of the Master Plan

Waterfront District
that relates to the 730,000 sq
***
m of reclaimed land was further elaborated for Solidere
in a detailed sector plan completed in 2001 by a consortium of American firms led
by Skidmore Owings & Merrill (SOM) for urban design
and including Sasaki for landscaping and Parsons Brinckerhoff for transport planning.
As a sustainable, low-energy
consumption development
area, the sector encompasses
a multi-use district that offers
a wide range of commercial
and retail space in addition
to a special business district,
marina, leisure attractions,
hotels, and extensive residential developments. Strict design criteria have been formulated regarding the main
street and boulevard frontages. View corridors aim to
preserve open sea and mountain views.
The plan recognized Beirut as a prime tourist destination

as well as a regional business center. It therefore imagined
the district as a city by the water with distinct leisure and
residential areas, and as an extension of the Traditional City
Centers retail and office components, with the high-quality
infrastructure, amenities, and facilities of a contemporary
cosmopolitan hub.
Most developments in the sector are of medium density,

with structures on park and sea frontages limited to 40 m
in height while frontages on the Mount Sannine view
corridor will reach 52 m in height. Some twelve high-rise
developments are planned at distinct locations that will
endow them with 360-degree views of the city, sea, and
mountains.
The Waterfront District accommodates a total of 1.7 million

sq m of built-up area (BUA) and is governed by sectors A
and D in the city centers Master Plan, with a development
density higher than that of the Traditional City Center as
nearly 60 percent of the land is set aside for public space
and parks.
While Laceco Architects & Engineers (Lebanon) is expected

to deliver a detailed infrastructure design by the end of
2012, with execution planned for completion within
three to four years, and in response to increasing investor
interest, an urban design study is underway to formulate
a coherent phasing strategy and determine the best criteria to apply to land-use, building massing, and public
transport proposals. These criteria will take into account
the main conclusions of the sustainability guidelines,
wind modeling, and solar studies that Solidere has initiated to achieve its ambitions for the Waterfront District.
Most of these open spaces are in Sector A, which is reserved

mainly for leisure, sports, and recreation activities, and comprises the Beirut (Western) Marina and quayside development, the 80,000 sq m city park, the Corniche terraces, and
seaside park and promenade.
27
06 : 17
pm
Move
SEASIDE PROMENADE
Ziyah Gafic
***
Transport Strategy
Comprehensive Study
With the increase in investor interest for developments
in the Waterfront District, Solidere commissioned Ove
Arup International (UK) to undertake a study and advise
on multimodal transport requirements for the district
and to deliver an area-wide transport strategy. The study
takes into account environmental considerations and
advises on suitable infrastructural provisions.
Ove Arup International built a Base Year Vissim microsimulation model, a multimodal traffic flow simulation
software for cities, which assesses the impact of generated trips from developments in the Waterfront District,
and produced a car parking strategy that will benefit all
users accessing the area.
A strategy was also developed to complement the proposed
land uses and provide pedestrian connectivity between key
areas in the Traditional City Center and the district by implementing green corridors running north to the Corniche,
east to the Port First Basin and future Eastern Marina, and
northeast toward the view of the mountains.
Additional work is currently being carried out to assess
the potential of introducing pilot public transport projects
to the district, as a stepping stone towards a more comprehensive citywide strategy that will be proposed to the
relevant authorities.
***
Environmental reclamations, harbor works,
and sea defense installations to international
standards were carried out in creating the new
Waterfront District.
28
29
05 : 52
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05 : 51
pm
SEASIDE PROMENADE
SEASIDE PROMENADE
Ziyah Gafic
Ziyah Gafic
***
***
The sea defense system is made of a unique
The city center is opening its horizon toward
caisson structure that is limited to 5.5 m above
the Waterfront District and the
sea level to protect the view from deep within
Mediterranean Sea.
the city center.
30
31
05 : 21
05 : 16
pm
pm
BEIRUT MARINA
BEIRUT MARINA
Ziyah Gafic
Ziyah Gafic
***
***
Beirut Marina has enhanced the Mediterranean
Residential buildings, juxtaposed with office,
lifestyle of the waterfront area and, along with
retail, and hotel space, compose the skyline of
the planned Eastern Marina maintains the citys
the fast developing medium and high-density
long history as a maritime gateway.
Hotel District overlooking Beirut Marina.
32
33
06 : 38
pm
06 : 20
pm
SEASIDE PROMENADE
CORNICHE ROAD
Ziyah Gafic
Ziyah Gafic
***
***
Part of the development of the waterfront area
The waterfront Corniche has become a meeting
focused on creating a spine that links the
point for families and exercise enthusiasts
Traditional City Center to the terraced
with its bike lanes, walking paths,
seaside promenade.
and jogging trails.
34
35
MOMENTUM
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IN
You often say that places talk to you. What did Beirut
say to you? How did you connect with the city?
In my opinion, what the Mediterranean says about the

sense of lightness is not only physical; it is also mental.
When I say the Mediterranean, I dont only mean its smell
or sound. I also mean an attitude. There is a dreamy aspect
that comes from the presence of water.
ANNUAL
REPORT
2011
Our scheme conceives Martyrs Square as a sequence of

spaces that move from the city to the sea. It starts at the
southern end of the square and moves north past the famous martyrs sculpture (Martyrs Statue) and northward
through the archeological site the Petit Serail and the
Ancient Tell to the water, the DNA of Beirut. All in all,
it is around half a kilometer. I totally believe that this
perspective must not be interrupted with anything built
and that we should not take away the soul of the square,
what it was and what it should remain.
Beirut first speaks to me about the sea, and then specifically about the Mediterranean. As a city at its most eastern
edge, its sounds and feelings are somewhat Eastern. In
my imagination, it is Eastern.
Martyrs Square holds a symbolic significance in the

Lebanese national consciousness: it is a multilayered historic, social, and political environment. How does your
vision for the square reflect this multilayered symbolism?
Martyrs Square is a place of civilization. In Italian, citt
(city) and civilt (civilization) carry the same meaning.
In English, they do not. Martyrs Square is the symbol
of civic life, civic pride, and civic identity. That is why
you can feel that the place has a lot of passion.
Our aim is to keep the sun and the light on the square.
In that regard, we have to maintain the developments
around it at low rise. At ground level around the square,
we have aimed to design functions that will feed the life
of the piazza: restaurants and public spaces, including
a major cultural building. Piazzas are great because they
breed a lot of public functions around them. They feed
public life: this is the sense of the entire project.
It is also a place of evidence. When you look at old postcards, you see how the square was once filled with small
carriages and palm trees. The old postcard image is not
merely romantic; it says that this place is the heart of
the city.
Martyrs Square marked a demarcation line between

East and West Beirut during the civil war. Some urbanists draw parallels between Beiruts Martyrs Square and
Berlins Potsdamer Platz. What is your take on the comparison of these two sites of demarcation?
You know, very often cities grow from piazzas, the empty
space, which is more important than the built environment. The piazza is a natural place where urbanity is
formed. Urbanity is a great sensation because it is about
coming together and sharing experiences. The piazza is
the archetype of this as it is static rather than dynamic.
It is where people meet, spend time, and share experiences and where in some way differences disappear or
tend to disappear.
Potsdamer Platz became a demarcation line after the Second World War in 1945, and the Berlin Wall in the middle
of the piazza was built in 1961 at the beginning of the Cold
War. The wall is probably the most cruel, terrible invention
that anyone could have done separating a town in half.
When the wall came down in 1989, it was liberation.
***
I will make a reference to Berlin, but not necessarily to

Potsdamer Platz being divided or not divided, because
that division was artificial. It was a pure political perversion. I look at it in the sense that Beirut is a martyr city.
Having worked in many, I know martyr cities. My definition of a martyr city is a city that has been suffering.
Berlin is one, Sarajevo is another. They are very different.
The Lebanese understand the importance of bringing diversity together. As architects, we have to recognize the
importance of a piazza as a meeting place where diversity
becomes an opportunity rather than a problem. Part of
36
SOLIDERE
You know the word politika (politics) comes from the

word polis (city) two words that have grown quite apart
in meaning over time so that no one is able to make a
connection between them. Essentially, politika and polis
are the same. Their origin is Greek, dating back to when
an elected person in Greece had to promise: I shall give
you back a more beautiful Athens than the one you gave
me. It is the ability to look after what is common to the
people, meaning the city: the polis, the community.
I was born in Genoa on the Mediterranean, which is a center of life in quite a few countries: France, Spain, Egypt,
Turkey, Greece, Italy, and many others. When you think
about it, you realize that this body of water has been a hot
bed of cultures for thousands and thousands of years.
These cultures all feed on the same kind of essence light,
vibrancy, and joy. It is a sense of lightness.
Pinwheel Project
and Martyrs Square
our duty is to find ways to bring diverse cultures together.

I think Martyrs Square is somewhat a merging of different roads. It will remain in the life and spirit of Beirut as
a meeting place forever because it is the place where you
feel a sense of belonging to the city. It is a political place,
where the meaning of political is polis.
Yes, I do say that places talk to you. In Beirut, the most

important elements that have a vocabulary are the light
and the Mediterranean Sea.
Conversation with
Renzo Piano
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MOMENTUM
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RENZO PIANO
ZAITUNAY BAY
Ziyah Gafic
In essence, the Pinwheel has a sense of lightness, levitas

of levitating above ground, and you have to be able to
see through everything with water all around. It is nature
at ground level and on the rooftops.
A martyr city such as Berlin, Sarajevo, and Beirut is

based on diversity. The latter two especially are a mix of
different cultures, different religions.
I was very touched two or three years ago when I was on
Martyrs Square around Christmas time. Church bells
were ringing, which is the typical sound of Christmas, and
then when the bells stopped ringing, we heard the sound
of the Muslim prayer. This mix reminded me of Sarajevo,
another place where the sounds and rituals of the city belong to different worlds that come together. Potsdamer
Platz is a completely different story, which began merely
as a roundabout, a circulation point that turned famous as
it became the martyr of the city, the place that was divided.
You say water is the DNA of Beirut. You plan to link

Martyrs Square to the water, and the Pinwheel Project
rises from the water. Why is water so important to these
projects?
It is a deep seeded memory. For me, water is not romantic;
it is part of our skin. It is essential because it makes things
beautiful.
Water is like time. I once met Joseph Brodsky, winner of
the Nobel Prize for literature in 1987. He used to say that
water is the image of time. It is true. Time makes things
belong to you, water makes things more intense. We are
talking about cities of course, but it is true for many other
things.
What about the Pinwheel Project? It stands in the water

as a gateway to the new Waterfront District and a link
between the historic and contemporary parts of the city.
What is your philosophy of the site and context?
The project we are developing is in the water. It is not
just by the water, the land was water, and so water is an
essential part of the project.
I will reiterate that water is a main factor in our scheme.

The true sense of lightness that you will feel and breathe
in our project arises from the fact that we are in a Mediterranean city at the crossroads between Europe and the
East. It is something that has been in my imagination and
dreams since I was a child, the eastern part of the world.
Beirut is not far from the sea, but by adding a new

extension to the city on the north side, the reclaimed Waterfront District, we have to carefully plan how water enters the city and stays there. Water has to be essentially
visible; you should see and feel the water.
The Pinwheel, a name that relates to the original form of
the site, is actually the joint or connection between the old
world and the new continent. Our plan envisions a
canal that runs through the project so one can feel the
water that borders the new continent. That is the reason
we are bringing water in canals along the Ottoman Wall,
part of the old shoreline. We want to give the Pinwheel a
strong public identity (see page 119).
***
It is Mediterranean, but it is breathing something different, something that has been in my
imagination and dreams since I was a child,
the eastern part of the world.
38
While the ground floor of the project is a vista where water,

perspective, and light interplay, the building never takes
possession of the ground. The buildings float above the
ground, so the ground floor has to be very transparent. Of
course you have the interior design, the lifts, and the stairs,
but no opaque function, no storage, and no parking, so
that you see through to the gardens that are essential to
the project. It is the vision of nature and water invading
the built environment.
We learned a lot about the rich flora of this region at the
American University of Beirut. We concluded that we
could have a botanical, Babylonian, or suspended gardens
on the podium roofs of the Pinwheel development to give
a sense of unity to the project and confirm its position as
the connection or the joint between the old and the new
continent. It is a seasonal rendezvous with water, plants,
and color.
39
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MOMENTUM
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People gather around culture
Congregate
Civilizations come and go, but it is the ancient legacy of maritime
mercantilism that has held the communities of the Beirut peninsula together for generations. The tradition of conviviality
enlivens sidewalk cafes, rooftop soirees, bayside boulevards,
gardens, plazas, public monuments, sites of worship,
art centers, and museums.
People gather around culture.
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MOMENTUM
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Congregate
ABDALLAH BEYHUM STREET

FOCH-ALLENBY
Ziyah Gafic
From families biking along the seafront promenade to

friends toasting to the sunset over dinner at the Zaitunay
Bay esplanade, people are drawn together by the landscaped plazas, gardens, and pedestrian areas that intertwine to form threads of the Beirut city center fabric.
Shoreline Walk. The memorial on Weygand Street was

designed by Vladimir Djurovic Landscape Architecture
(Lebanon) to offer a space for tranquility and reflection.
Beirut city center is home to thousands of rooms with

a view: the mountains in the distance, the expanse of
the Mediterranean Sea, open
spaces, urban corridors, and
cultural wonders. With plans
for around 60 landscaped gardens, plazas, pedestrian areas,
seafront promenades, and a
city park, the outdoors are alOpen Spaces
ways beckoning and always
within reach.
***
Sites of
Assembly
Boat aficionados also find

berth in the city center. Beirut
Marina, now in its tenth season, can accommodate 204
boats, ranging in size from 5
to 65 meters and currently
moors 176 boats. The marina
has brought an element of
the jet set lifestyle to the waterfront area. As for the Eastern
Marina, a preliminary detailed
design by Cowi (Denmark), the international marine structures consultancy firm, is currently under review.
The list of gardens, squares,

and pedestrian promenades
that have been completed and
opened to the public grows
year after year. For example,
the Roman Baths have become a popular site for openair concerts; Etoile Square
and its regenerated cobblestone arteries have attracted
crowds for over a decade; Saifi Square forms the center of
an urban village; and Ajami Square in Beirut Souks bustles alongside a weekly farmers market and childrens
science museum.
***
Outdoor escapes are integral to the full
experience of the city center and are intertwined
with the greater urban vision.
42
As a city by the sea, Beirut also has many venues that

cater to outdoor activity enthusiasts. The waterfront Corniche has become a meeting point for families and exercise enthusiasts with its bike lanes, walking paths, and
jogging trails. While waiting
for construction to begin, the
empty plots have served as
ideal locations for outdoor
concerts, hosting artists from
the world over.
Overlooking Beirut Marina, Zaitunay Bay is the most prominent outdoor venue to open in 2011. With its panoramas
of Lebanons Mount Sannine to the north, the bays quayside restaurants and retail outlets have fast become a center of activity (see page 115).
Three new outdoor public spaces were added to the list

in 2011. On Uruguay Street, a U-shaped pedestrian area
surrounds three sides of a restored building adjacent to
the Samir Kassir Garden. The design by Imad Gemayel
Architects (Lebanon) is inspired by the keys of a piano,
hence his idea for naming it Piano Plaza. Of relatively
small width, the plaza is dedicated to open-air seating and
pedestrian activity that are extensions to the ground level
commercial spaces, which have been leased to pubs and
restaurants. Uruguay Street and the plaza have quickly
become a hub of after-work and nightlife activity.
These outdoor escapes are integral to the full experience

of the city center and are intertwined within a greater
urban vision. As an essential aspect in urban regeneration, each plays a role in enhancing the beauty and the
environmental quality of the area, and each forges a
special relationship with the growing community of residents, workers, and visitors.
The two other spaces inaugurated during the year are Zeytouneh Square and Gebran Tueni Memorial. The former
was designed by Gustafson Porter Landscape (UK) as part
of a sequence of interconnected public spaces to create a
promenade along the citys original sea boulevard, the Old
43
05 : 29
pm
Congregate
ETOILE SQUARE
Ziyah Gafic
***
***
Gustafson Porter on Zeytouneh Square

Permeable Public Space
Vladimir Djurovic on Gebran Tueni Memorial

A Meeting Point for Generations
Our projects in Beirut seek to redress the balance of the

city, creating permeable spaces and links for pedestrian
activity that are flexible in use between day and night
and from season to season. We are inspired by the archeological and architectural heritage of the country, which
has generated an innovative approach and influenced
the design of facilities required by a contemporary city.
The Beirut city center Master Plan has placed emphasis

on green areas and public spaces as a means to promote
civic interaction, culture, and a healthy lifestyle. In our
opinion, these rare and sacred spaces must serve our
society today and tomorrow as they become important
destinations and meeting points within the city fabric.
We have endeavored to meet this objective and have
been rewarded for our efforts. For example, in 2007, we
received the Aga Khan Award for Architecture for our
work on the Samir Kassir Garden.
The latest of our projects to be completed in Beirut city

center is Zeytouneh Square in Mina El Hosn, which is
conceived as a relaxation and gathering place for nearby
office building tenants, neighborhood residents, and
visitors, as well as a platform for community events.
Our most recent project, the Gebran Tueni Memorial,

was inaugurated in December 2011. It was designed to
tell a story for generations to come. Located across from
Tuenis office in the An-Nahar newspaper building, it alternates between the symbolic an olive tree to represent
Tuenis roots and the tangible 10,000 river stones inscribed with his name and date of birth and death, meant
to be taken as keepsakes by visitors.
The innovative open-space concept, unveiled in August

2011, features bold black and white pavement patterns
that create a fractal landscape and accentuate the sites
terraced levels. It includes pools, a water channel, spray
fountains, stone benches, and a bridge that links the
terraces planted with flowering trees.
His legacy is highlighted throughout the project with 31

quotes extracted from his articles and speeches spanning
25 years. Aromatic wild thyme is planted underneath five
oak trees that lead up to a 9-meter high fiber optic backlit
monolith representing Tuenis 49 years of life. His famous
national oath is engraved on the monolith.
Zeytouneh Square is part of the Shoreline Walk, a series

of interconnected public spaces along the citys old
shoreline that we are designing and for which we were
the category winners in Future Projects Landscape, at
the World Architecture Festival in Barcelona in November 2011. The Shoreline Walk was conceived to create a
pedestrian route that straddled the old and new city
boundaries between the medieval street layout of the
old city and the engineered grid of the new reclaimed
area. It is located between memories and aspirations,
between activities that made a connection to an organic
coastline and a new contemporary landscape.
Vladimir Djurovic Landscape Architecture (Lebanon): Mir Amin Square;

Gebran Tueni Memorial; Samir Kassir Garden; Al Wehda Al Wataniya
Square
Gustafson Porter Landscape (UK): Harbor Square; Old Shoreline Walk:

All Saints Square, Santiyeh Gardens and Promenade, Shoreline Gardens,
Zeytouneh Square; Hadiqat As-Samah (Garden of Forgiveness)
***
Excavations under the St George Greek
Orthodox Cathedral uncovered eight layers
of archeological remains from the Hellenistic
period to the present. They are now
incorporated in the Crypt Museum opened
to the public in 2010.
44
45
05 : 04
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05 : 30
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ETOILE SQUARE
ETOILE SQUARE
Ziyah Gafic
Ziyah Gafic
***
***
The 1930s Etoile Square area is marked by its
The Etoile Square area with its regenerated
clock tower, a gift from Lebanese migr
arteries and charming walkways has been
Miguel Abed and designed by Lebanese
a haven for families seeking the enjoyment
architect Mardiros Altounian.
of outdoor spaces within the city.
46
47
04 : 30
pm
04 : 34
pm
TRABLOUS STREET
BEIRUT SOUKS
AJAMI SQUARE
BEIRUT SOUKS
Ziyah Gafic
Ziyah Gafic
***
***
Trablous Street is the stage for concerts, festive
Beirut Souks Ajami Square hosts a number
events, and children activities and links
of restaurants, which have gradually become
the southern part of Beirut Souks to the northern
a daily and festive experience for
parts soon-to-open Entertainment Complex
city center residents and visitors.
48
49
06 : 15
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10 : 57
pm
BAB IDRISS SQUARE
SHEIKH RAGHEB KABBANI SQUARE
Ziyah Gafic
Ziyah Gafic
***
***
Inspired by the ancient street that led to the
Old trees were preserved and new ones planted to
Roman Hippodrome, Xavier Corbero (Spain)
help restore, rehabilitate, and conserve the indige-
designed, created, and installed basalt
nous and migrating birds of Beirut city center.
sculptures depicting figures on their way

to the racecourse.
50
51
01 : 42
pm
BANKS STREET
03 : 46
pm
ABDEL MALAK STREET

FOCH-ALLENBY
Ziyah Gafic
Ziyah Gafic
***
***
Banks Street runs parallel to Riad El Solh
Traditional paving, reminiscent
Street as they both embrace the early modern
of the 1930s, was installed using basalt
buildings that have served as headquarters
cobblestones in pedestrian streets
to financial institutions since
and new basalt tiles in vehicular streets.
the mid-twentieth century.
52
53
03 : 40
pm
GEBRAN TUENI MEMORIAL

WEYGAND STREET
Mario Razzouk
***
05 : 34
pm
ZEYTOUNEH SQUARE
HOTEL DISTRICT
Mosbah Assi
***
The design of the Gebran Tueni Memorial,
Zeytouneh Squares innovative open-space
alternating between the symbolic and the
concept features bold black and white pavement
tangible, was conceived to tell a story
patterns that create a fractal landscape and
for generations to come.
accentuate the sites terraced levels.
54
55
06 : 59
pm
05 : 55
pm
ZAITUNAY BAY
ZAITUNAY BAY
Ziyah Gafic
Ziyah Gafic
***
***
Serviced by valet parking and a 400-space
Festivals and open air activities are planned for
car park, Zaitunay Bay has welcomed over 3,000
2012, followed by the inauguration of the yacht
visitors per day in the first six months
club building in 2013, which includes
since its launch.
53 state-of-the-art serviced apartments.
56
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04 : 15
pm
05 : 01
pm
ZAITUNAY BAY
ZAITUNAY BAY
Ziyah Gafic
Ziyah Gafic
***
***
The rich culinary, leisure, and retail scene adja-
A year-round haven of work, leisure,
cent to the water offered a new entertainment
social, and cultural activities has emerged
destination and created a number
alongside the city centers Beirut Marina and
of employment opportunities.
Hotel District.
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Congregate
BECHARA EL KHOURY STREET

MARTYRS SQUARE AXIS
Ziyah Gafic
Millennia of Mediterranean history converge in archeological heritage, and today the work of artists, designers,
and musicians dazzle audiences throughout the year.
century BC, where merchants resided and engaged in

maritime trade.
Solidere has recently solicited proposals from museologists and exhibition designers for the Phoenico-Persian
quarter site museum. Under the direction and supervision
of the Directorate General of Antiquities (DGA), who completed the preservation of the site in 2011, the aim of
the design is to highlight the
archeology and create a multisensory experience that is educational and interactive.
Rebuilding a city and showcasing its 5,000 years of history

is a challenge. The eleven civilizations that have inhabited
Beirut have left their mark in various locations around
the city center. Archeological remains, ranging from the
Canaanite to the Ottoman periods, have been uncovered,
preserved, and well integrated
within reconstruction efforts.
The Beirut Heritage Trail that
will be launched in 2012 links
archeological findings, historic sites, and heritage buildings over a 2.5-km pedestrian
circuit. Fifty panels placed
along the trail will provide information and the chance to
discover and engage with the
layered history of the city.
Historic
Landmarks,
Sites for Future
Creativity
Also under the supervision of

the DGA, other vestiges previously uncovered such as
parts of the ancient Roman
Hippodrome in Wadi Abou
Jamil, elements of the ancient
Heritage, Art, and Culture
harbor in Khan Antoun Bey,
***
mosaics from a first century
villa, and many more around
the city center have been documented, digitized, and either
Among the sites are a numpreserved on site and made
ber of restored mosques and
accessible to the public for
churches, including the St George Greek Orthodox Catheviewing or transferred to the Beirut National Museum.
dral on Etoile Square. A few years ago, excavations in the
cathedral uncovered eight layers of archeological remains
Bridging between the past and the present, eighteen
from the Hellenistic period to the present, including those
historical and one newly-developed spaces of worship
of two churches, all of which have been incorporated in the
around the city center attest to the ongoing spiritual diCrypt Museum opened to the public in 2010. The trail also
versity and richness of the place. Solidere assists finanpasses by the 1925 Beirut Municipality building, Martyrs
cially in the restoration of the historical buildings, with
Square Axis with its Petit Serail and Ancient Tell, Castle
17 in use today, drawing increasing numbers of people
and Harbor squares in the Foch-Allenby area, and archefrom different communities throughout the year and
ological remains in Beirut Souks.
on special occasions.
***
The City Center Building, also known as the
egg, dome, or bubble, originally designed in
the mid 1960s by Joseph Philippe Karam
as a movie theater, has been used since the
On the Martyrs Square Axis, two historical and archeological sites will become key components of the planned
Beirut City History Museum: the Petit Serail, built in
1881 as the seat of the Ottoman governorate, and the Ancient Tell, which constituted the fortified center of the
city for centuries. The Beirut City History Museum is
funded by the State of Kuwait through the Lebanese Ministry of Culture.
Culture remains a dynamic and integral element of everyday life, just as it is central to the formation of the urban
fabric, character, and economy of a city. The planned
House of Arts and Culture has received sponsorship from
the Sultanate of Oman through the Lebanese Ministry of
Culture and will offer space for contemporary performing
and visual arts to further the development of creativity in
the country.
In Beirut Souks, several archeological sites have been integrated into the landscape including the Mamluk Zawiyat
Ibn Arraq, the Medieval Wall and Moat, and the PhoenicoPersian Quarter. The latter, a 1,345 sq m site, encompasses
the foundations of a residential quarter from the late sixth
In the Quartier des Arts in Saifi, art galleries, antique

stores, and artisans have opened their doors against a
backdrop of reconstructed and restored traditional
buildings, winding cobblestone streets, and landscaped
courtyards. Other galleries have taken up residence in
late 1990s, in its current state,

as an alternative cultural venue.
60
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01 : 17
pm
Congregate
AL OMARI MOSQUE
ETOILE-MAARAD
Ziyah Gafic
the upscale Hotel District and the Waterfront District.

Music is also taking its rightful place in the city center
with the annual Jazz Festival, Fte de la Musique, Beirut
Chants, and more recently, large scale productions in
the Waterfront District, all of which attract audiences
from around the country.
The technology of the system is energy efficient. It uses

significantly less electricity than conventional lighting
systems that produce similar results. It also allows perfect control of light emitted by the projectors, such that
the citys starlit sky is preserved, as the lights are confined
to the faades, without any waste.
Solidere continues to play an active lead and supporting

role in the creation of artistic programs, museums, and
event platforms that foster Beiruts role as a cultural
destination. It has initiated and provided full support
to the establishment of Portal 9, an Arabic-English journal of stories and critical writing about urbanism and
the city, which will be launched in the second half 2012.
The biannual publication addresses the need for a conscientious debate about architecture, planning, culture,
and society in urban contexts across the Middle East
and the rest of the world.
In May 2012, Solideres Lighting Beirut Architecture

project was one of fifteen winners of the International
Lighting Design Awards and one of seven who earned
Awards in Excellence during the 29th Annual International Association of Lighting Designers held in Las
Vegas, USA.
The award-winning project represents the first step in
an evolving public area lighting master plan for the city
center. One of the plans objectives is to create an annual
festival of light, emphasizing public space, outdoor
lifestyle, modern architectural landmarks, and heritage
assets (archeological sites and historic buildings).
***
Lighting Concept and Design: Light Cibles (France)
Building Survey Process: DIAP (France)
Fixture Provider and Installer: Mamari Frres (Lebanon)
Fixture Developer and Manufacturer: Lampo (Italy)
Illuminating Faades
Lighting Beirut Architecture
When evening twilight breaks, part of the city centers
historic core is transformed into an almost magical place.
The buildings urban characters and architectural styles
take on a new life.
Architectural lighting is a premier experiment in permanent projection inspired by theatre spotlights to illuminate
the faade of a mix of heritage and contemporary large
urban scene. Through the use of gradients and accents of
light, projectors have been developed especially to transmit
the image of each building onto itself, with great attention
to architectural detail. Unlike conventional lighting, fixtures are placed on rooftops facing lit buildings, safeguarding masonry work on faades. Thus, architectural legacy
remains unspoiled.
***
The result is an illuminated nightscape that makes all of

the different structures part of a unified fresco enriched
by the strong personality of each faade. The concept of
projection also offers versatility as it is possible to change
the image of the urban area, transforming the city center
into a lively platform for creative expression.
Al Omari Mosque is one of the first buildings

to be restored, with attention to architectural
details, stone masonry work,
and wood craftsmanship.
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01 : 59
pm
S T G E O R G E M A R O N I T E C AT H E D R A L
EMIR BACHIR STREET
EMIR MUNZER MOSQUE

ETOILE-MAARAD
Ziyah Gafic
Ziyah Gafic
***
***
St George Maronite Cathedral was restored and
The Emir Munzer Mosque, also known as the
its looted works of art recovered, including the
Nafoura (fountain) Mosque, features eight
famous painting by Delacroix representing the
Roman columns in its courtyard.
cathedrals patron saint.
64
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11 : 20
am
S T G E O R G E M A R O N I T E C AT H E D R A L A N N E X
EMIR BACHIR STREET
S T G E O R G E M A R O N I T E C AT H E D R A L
EMIR BACHIR STREET
Ziyah Gafic
Ziyah Gafic
***
***
Lebanese from around the country have been
The reconstruction of the St George Maronite
increasingly drawn to the city centers places of
Cathedral by restorers, stone conservators,
worship and historic landmarks.
and crafstmen was faithful to its Neoclassical

design, originally inspired by the
Basilica di Maria Maggiore in Rome.
66
67
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05 : 26
pm
pm
MARTYRS MONUMENT
MARTYRS SQUARE AXIS
SAMIR KASSIR GARDEN

WEYGAND STREET
Ziyah Gafic
Ziyah Gafic
***
***
The bronze sculpture, the work of Italian artist
Samir Kassir Garden, designed by Vladimir
Renato Marino Mazzacurati, was restored yet
Djurovic Landscape Architecture, provides
kept riddled with bullet holes.
a serene and contemplative landscape with

a statue of the late journalist by
French sculpture Louis Debr.
68
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IN
SCENES
SOLIDERE
pm
BEIRUT EXHIBITION CENTER

Congregate
Ziyah Gafic
***
Around Contemporary Art

Beirut Exhibition Center
In its effort to enhance the city center as a cultural destination, Solidere inaugurated the Beirut Exhibition Center
in 2010, a 1,200 sq m space dedicated to promoting and
developing greater recognition and appreciation of contemporary art throughout Beirut and the region. The nonprofit space provides a collaborative environment for art
museums, galleries, artist collectives, and cultural institutions. Exhibitions are drawn from artists projects created
on site, collaborations among galleries, traveling museum
shows, and a full calendar of public art programs.
The structures design by L.E.FT (US) conveys its use as
the mirror faade reflects the continuously changing landscape in the Waterfront District, turning the city into a
work of art, an abstract impressionist painting in motion.
Six exhibits were organized in 2011 and attracted over
16,000 art lovers, critics, and media representatives. The
program included Parcours, a review of paintings from
the different periods of Samir Khaddajes career; Zendegi, showcasing the works of twelve Iranian artists who
investigated and interpreted diverse themes and current
issues; Rebirth, a collective exhibition of 49 Lebanese artists
themed around the rebirth of Lebanon and Beirut; Burning, featuring Jean Boghossians recent works on paper and
canvas; Retrospective, displaying Salwa Raouda Choucairs
major pieces over seven decades; and Art in Iraq Today,
presenting works in varying methodologies of artists who
are united by their experience of exile.
To further its cultural agenda and heighten artistic awareness, BEC launched in early 2012 a series of workshop
cycles, where children between 7 to 12 years of age learn
about art forms and styles and explore their own creativity.
***
The mirror faade designed by L.E.FT (US)
reflects the continuously changing landscape
in the district and turns the city into an abstract
impressionist painting.
70
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ANNUAL
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2011
03
MOMENTUM
PEOPLE
CITY
SOLIDERE
OF
IN
IN
PLACE
MOTION
SCENES
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REPORT
2011
Stillness suspends the tempo of the city
Pause
From dawn to dusk and into the wee hours of the night, the city
is on the move: business at brisk speed, people circulating,
traffic rolling, nightlife booming. But urban dynamism
lulls in moments of calm.
Stillness suspends the tempo of the city.
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IN
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2011
pm
Pause
S . T. A . Y
BEIRUT SOUKS
Ziyah Gafic
Elegant hotels and exquisite cuisine distinguish the joie

de vivre in Beirut, where the worlds most inventive
restaurateurs, chefs, and hoteliers carry on the Lebanese
tradition of refined living.
Beirut Hospitality Company (BHC), a hospitality management entity, was created by Solidere in 2010 to complement and support real estate development and enhance
property value in Beirut city center. BHC engages in a revenue-generating activity in collaboration with renowned
chefs and restaurateurs.
The development of hospitality venues, from hotels to

restaurants, is part of the social and economic process
through which urban areas are transformed into residential, business, and leisure destinations, creating a renewed
city center for quality living.
The plan for Beirut city center
has been driven by the need to
create a space for people to
interact. Given the prevailing
moderate climate, the citys
hospitality venues are able to
take advantage of outdoor terraces, vertical gardens, and
seaside destinations.
BHC promotes the city center as a welcoming and friendly

place that builds strong relationships within the community. It creates venues that are
part of a creative ecology. In
2011, the company opened a
number of dynamic cafes and
restaurants.
Hospitality in the City Center
Leisure by Night,
Al Fresco by Day
The company is cooperating

with French chefs Eric Sinnig
and Paul Gardin on three
restaurants: Caf M, located
on Ajami Square, a cosmopolitan cafe with outdoor seating,
and Relais Foch, at the intersection of Saad Zaghloul and
Abdel Malak streets, a bistro
serving inventive and hearty
French cuisine. Both are designed by Dada and Associates
(Lebanon). The third venue is Grid, on Sayyour Square, a
coffee shop concept marked to become a national franchise, designed by Riad Kamel Architectes Anonymes
(Lebanon).
***
Hotels, cafes, and restaurants

blossom alongside the burgeoning office and residential
neighborhoods. Several hotels, including the Monroe, Ramada, and Four Seasons,
have opened their doors in the modern Hotel District facing Beirut Marina. Others, such as Le Gray, have established themselves at other poles of the city center.
The Etoile-Maarad and Foch-Allenby areas were the first
to become destinations for daytime and nighttime entertainment and recreation. They were joined in 2010 by
Beirut Souks, an architectural marvel that redefined and
revitalized the traditional bazaar and provided space for
a number of new hospitality venues to flourish.
***
Hospitality venues are part of the social and
economic process in the development of an
urban area.
74
The Central Kitchen, located near Beirut International

Exhibition and Leisure Center (BIEL), provides the
three restaurants ready to cook ingredients, desserts,
and bakery products and caters for private parties of up
to 1,500 people.
In 2011, Zaitunay Bay quayside restaurants were inaugurated, and to expand on the strategy of creating further
nodes for social gathering, the Company began to lease
spaces to bars and diners on Uruguay Street, adjacent to
the Samir Kassir Garden. With its outdoor seating and
pedestrian friendly design, the area has become a prime
spot in the city centers night scene.
In collaboration with Yannick Allno, the famous 3-star

Michelin chef of the Meurice Hotel in Paris, BHC has
opened two destinations. S.T.A.Y on Fakhry Bey Street
features a caf trottoir on the ground level and a contemporary elegant restaurant on the upper level with a floating lounge. Sweet Tea in the Jewelry Souk, a salon de th
serving and selling Allnos exclusive pastries, also boasts
a rooftop garden lush with vertical green walls.
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In partnership with London and Paris-based Mourad Mazouz, BHC opened Momo at the Souks on top of the Jewelry Souk. Designed by Annabel Kassar & Associs
(Lebanon), it comprises a lounge, serving a light menu,
and a restaurant offering Moroccan and French gourmet
dishes. A garden terrace spans the perimeter and connects the two areas.
Finally, in Souk Arwad, Yabani entrepreneurs launched
Y, a Japanese restaurant, designed by Riad Kamel Architectes Anonymes (Lebanon).
As in all markets we operate in, food and service quality

are the top priority, and we combine efforts with our collaborators, local employees, and our own managerial team
to offer an exquisite and memorable dining experience.
***
***
Yannick Allno on S.T.A.Y and Sweet Tea

A Memorable Experience
Momo at the Souks

Nestled within a Hanging Garden
From Paris, London, and Dubai, Algerian restaurateur

Mourad Mazouz has blazed a successful culinary trail
that led him to Beirut in 2011 with the opening of Momo
at the Souks.
Located on the upper level of the Jewelry Souk in Beirut
Souks on Imam Ouzai Square, Momo includes a dining
area offering Moroccan and French dishes and a cafe
lounge area, with a light finger-food menu. Both are nestled within a hanging, terraced garden, which allows patrons freedom of movement from one section to the other.
After visiting Beirut to check on available venues, we decided to launch Simple Table Allno Yannick (S.T.A.Y), a
concept I had already established in several countries,
and Sweet Tea, a new concept to be launched in Lebanon.
I was attracted to the positive energy in Beirut Souks
and felt it to be suitable for our concepts.
While food is the central element to any Mourad Mazouz restaurant, interior design and comfort are of
prime importance. With interior architects Annabel
Kassar and Violaine Jantet, the restaurateur scouted flea
markets in Lebanon, England, and France to marry designer pieces with vintage furniture and custom-made
fixtures in Momo at the Souks. As for the walls, they
were fabricated with a Cordoba leather technique, using
embossed and hand-painted cardboard with leather in
certain places. On the terrace, fer-forg furniture and
sofas add a homely touch.
Sweet Tea, located in the Jewelry Souk, reinvents the

traditional tea time and offers pastries as works of art,
displayed behind vitrines like precious jewels. The trendy
colors of the interior design, along with the vertical garden terrace, have elicited an enthusiastic response from
people who enjoy gathering and indulging in our surprisingly light desserts.
The Lebanese are amazingly receptive to new things, and
thats fascinating. It makes it easy to introduce a venue like
S.T.A.Y, which is a concept that takes longer to adapt to a
new milieu. Also in Beirut Souks on Fakhry Bey Street, it
offers original and simple French cuisine, served in an uninhibited atmosphere as exemplified by the communal
table, which hosts large groups for a shared meal. The
place has a lounge area in the form of a boat floating above
the dining room and a beautiful vertical garden terrace.
The result is an elegant yet laid back atmosphere the

type of design that is timeless, reminiscent of the elegance and charm of Beirut throughout the years.
76
IN
SCENES
SOLIDERE
ANNUAL
REPORT
2011
Pause
The restaurant is beginning to find its place in the market. While the brand and our approach remain the same
in every country, the ingredients, the interior decoration,
the people, their tastes, and cultures differ. We have taken
our time to learn our clients habits in Lebanon and
adapted our formula to their needs.
As a chef and entrepreneur, all my restaurants in France

and around the world have concepts. They include Michelin-starred contemporary restaurants, serving refined cuisine and sophisticated yet simple courses, as well as
salons de th, and bistros. Because of that, I was contacted
by BHC, which is pursuing a strategy of introducing distinctive food and beverage concepts to the city center.
CITY
That means bio-fresh cleaned and chopped vegetables

and meats sliced and sized according to specific needs.
This way, we are able to guarantee hygiene and cleanliness, quality standards, and consistently centralized purchase prices.
***
Eric Sinnig on Relais Foch, Caf M, Grid,

and Central Kitchen
Building Loyalty
When I first moved to Beirut about a year and a half
ago, my family and I decided to live in Wadi Abou Jamil.
We loved the neighborhood, and it was walking distance
from work, which was perfect. I moved here to be the
Executive Chef of Solideres Central Kitchen, Relais
Foch, Grid, and Caf M. So far, its been exciting, with
obvious challenges presenting themselves, most notably,
language. Ive started taking Arabic language courses,
which should help me build a better relationship with
the clients and the people I work with.
The Central Kitchen is also the place where we prepare

private high-end banquet catering for private dinners and
cocktails, serving anywhere between 3 and 1,500 guests.
Caf M has been an interesting experience as we have
re-imagined our approach to target family needs. Weve
launched Scoop Gelato Bar and kids fast food meals
that are light, healthy, and still tasty.
As the year comes to a close, I can say that I am very
happy with the results of 2011. Throughout the year, we
opened four outlets. Grid was the last to be launched,
so we expect it to grow over the coming year. This sets
the stage for a promising 2012.
Im still getting accustomed to the local culture, figuring out eating habits and adopting new flavors, trends,
and ideas. I try to integrate these in the menus. In Relais Foch, for example, weve adapted some of our
recipes to suit Lebanese tastes. It might be as simple as
adding a specific spice, adding a zest with a different
flavor. In that way, we remain true to our recipes yet satisfy the taste buds of our clients.
All in all, weve managed to offer a wide range of restaurants, with quality food, superior service, and varied
menu options with original recipes and lively settings.
Of course, a lively setting is easy in Beirut, with the
weather, kindness, and generosity of the people. After
all, Beyrouth, cest le bonheur !
Our team is dedicated to understanding the clients by

getting to know them, their habits, and their expectations. This builds loyalty, and I firmly believe that, when
we are loyal to a customer, they become loyal to us. Loyalty is a major element of success. This is how we end
up with regular customers who have integrated one of
our venues into their daily lives.
Over the past year, I have been able to differentiate between the lunchtime clientele and the evening clientele.
At lunch, we usually have quite a few business lunches:
quick, healthy, and consistent. They want a tasty sandwich, a light salad, or a healthy main dish, sometimes
caving in to one of our reinvented desserts. They usually stay about an hour to an hour and a half. In the
evening, its a completely different story. Clients want
to enjoy their time, often staying for hours. They are
here for a good meal, savory dishes, and good wine.
Regardless of what the clients are looking for, we operate
from a Central Kitchen that is able to cater to all their
needs. This highly equipped and sanitized facility is a
pleasure to work in. A staff of 30 people allows us to provide ready-to-cook ingredients, desserts, and breads to
several of Beirut Hospitality Companys venues.
77
12 : 04
pm
ERIC SINNIG
RELAIS FOCH
Ziyah Gafic
The city lulls in moments of calm
***
We remain true to our recipes yet integrate
a local flavor to satisfy the taste buds
of our clients.
79
12 : 06
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10 : 19
am
YA N N I C K A L L E N O
S . T. A . Y
CENTRAL KITCHEN
Ziyah Gafic
Ziyah Gafic
***
***
I was attracted to the positive energy in Beirut
The Central Kitchen, a modern, equipped,
Souks and felt it was suitable to our concepts.
and highly sanitized facility, provides three

restaurants ready-to-cook ingredients,
desserts, and bakery products.
80
81
11 : 27
am
11 : 48
am
S . T. A . Y
BEIRUT SOUKS
S . T. A . Y
BEIRUT SOUKS
Ziyah Gafic
Ziyah Gafic
***
***
Conceived as a place for socializing,
S.T.A.Ys interior design by Moatti et Rivire
divans form islands overlooked by rows
(France) comprises custom furnishings in silver
of different sized mirrors that reflect
grey tones that are neutral and tasteful
the elegant design.
at the same time.
82
83
04 : 09
pm
12 : 00
pm
M O M O AT T H E S O U K S
BEIRUT SOUKS
BURGUNDY
SAIFI
Ziyah Gafic
Ziyah Gafic
***
***
Flea markets in Lebanon, France, and England
Restaurants, cafes, and night clubs have sprung
were scouted to marry designer pieces with vin-
up around the city center, taking advantage
tage furniture and custom-made fixtures.
of the central location and making

use of courtyards, rooftops,
and pedestrian street terraces.
84
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2011
People adopt the city
Adopt
With the influx of populations over the centuries, the walled porttown of Beirut grew to expand beyond its ramparts. Communities
from near and far intermingled as the built environment broadened, thickened, altered. A Mediterranean capital came to flourish.
People adopt the city.
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2011
pm
Adopt
SAIFI VILLAGE
Ziyah Gafic
The quiet hills of Wadi Abou Jamil slope down to the sea
where high-rise residences afford panoramas of the
mountains north of Beirut. The architectural diversity of
the city restored clusters around courtyards and sleek
towers hosts a myriad of metropolitan lifestyles.
These are pedestrian-friendly environments in the urban

village tradition, with narrow single lane streets and tight
sightlines that encourage slow driving and no through
traffic. They entail a number of restored buildings and
heritage mansions, with Mediterranean pitched roofs,
loggias, and harmonious pastel colors.
With a number of distinct residential neighborhoods and

mixed-use areas coming to life, diverse groups of people
New clustered developments in these neighborhoods
are now calling Beirut city
complement the restored hercenter home. As a result of
itage buildings and define
detailed urban planning, they
their urban and architectural
are able to benefit from short
character, inspired by tradicommutes, cultural and ention and enhanced with artictertainment facilities, open
ulate forms and modern feaspaces, security, and a clean
tures suited to a contempoResidential Neighborhoods
well managed environment.
rary lifestyle.
***
Saifi Village and Wadi Abou
In the Serail Corridor and
Jamil, including Zokak El Blatt
Hotel District, areas where the
are residential neighborhoods
sea and mountain views are a
of medium-density, defined
key asset, new medium and
by their low-rise urban village
high-rise residential buildings
feel. They contrast with the
are juxtaposed with office, reSerail Corridor, Hotel District,
tail, and hotel space, making
and Martyrs Square Axis,
for a lively neighborhood feel.
where mixed-use mid and
These include third-party reshigh-rise developments are carefully planned.
idential developments such as 45 Park Avenue, Beirut
Tower, and Platinum Tower.
Saifi, conceived with Lebanese vernacular tradition in
mind, features two plazas, including a central village
Further along, on the Martyrs Square Axis, developers
square, the ideal meeting points for residents, surmedium-rise residential developments, planned to form
rounded by trendy retail shops, courtyards, a cafe, and a
the southern gateway to the city, will be at the forefront
restaurant. Most of the retail is focused on art and design
of a major meeting place.
and includes several art galleries, which have turned the
area into the Quartier des Arts. Saifi will extend northIn due time, the Waterfront District, ideally situated with
wards, with the same pedestrian character and village
open sea and mountain views, will also offer extensive rescharacteristics but in a contemporary architectural exidential developments, in accordance with strict design cripression, once the third-party residential project of Disteria regarding main street and boulevard frontages.
trict//S is completed.
Tranquility
at Home
***
A diverse group of people is now calling Beirut
city center home, benefitting from cultural
and entertainment facilities, landscaped open
spaces, and a well managed and
secure environment.
88
In Zokak El Blatt, residents enjoy a quiet neighborhood

designed around a large communal garden with club
facilities. The rest of Wadi Abou Jamil, with developers
projects such as the completed Phoenix and the soon to
follow Noor Gardens and Wadi Hills complexes, is a
new urban hillside neighborhood in the making, with
a gentle topography sloping down towards the sea.
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2011
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Adopt
SAIFI SQUARE
Ziyah Gafic
Our earlier works in the city center show a degree of conscious restraint. They are contextual, discreet, and attentive to the fabric of the city. With time and experience,
we became bolder without becoming too ostentatious, as
exemplified by the CMA-CGM Merit Corporation headquarters and Foch 94 apartment building. They both portray a daring response to their location and function.
***
Nabil Gholam on Architecture in Beirut City Center

Human-Scale Design
Our first project in Lebanon was in 1995; an introverted
Mediterranean house with a large courtyard, oriented
to the south with careful thought for cross ventilation
and the rising winds from the valley. We also focused
on framing every interesting view there was. We introduced an inclining double-wall system that housed all
the technical networks and the structure. These walls
with narrow openings gave privacy while they served to
make plumbing and electrical wiring easily accessible.
The houses orientation, thermal insulation, and passive energy enabled it to be free of heating and air-conditioning all year long.
Not every building can or needs to be iconic. A landmark is something that literally marks the land, a site
that is particular to a place, such as the Eiffel Tower in
Paris or the Opera House in Sydney. In Beirut, I would
see it in the negative space, the layers of civilization our
city has uncovered.
Over the years, we have evolved to become a more people-focused architectural and planning practice. What
matters most is the living experience that our projects
create. Great attention is given to the broader social,
urban, and environmental impact of any project. The
qualities of each site, balanced with contemporary techniques, aesthetics, and the social milieu are explored, in
order to achieve distinctive and timeless environments.
Ecological initiatives are systematically introduced, but
we always seek to find a balance between ideals and
pragmatism, as projects most often have to remain economically feasible. For example, Platinum Tower in the
Hotel District uses low-emission and fritted glass and
special refracting inner faade sunscreens. A further
plan to supply the buildings glass frame light with solar
energy is undergoing a feasibility study.
***
In Beirut city center, each project has its unique character

and specificities. Signature recognition is never high on
our priority list. Our architecture tries to work with the
passing of time, light, seasons, intangibles that a still camera cannot capture. We tend to build places that are simple
and serene, places that are flexible in the long term.
Saifi Square, designed by Iliya Stevenson

Consultants (Lebanon), is at the center of the
landscaped public realm of the quiet
residential neighborhood.
90
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IN
MOTION:
CITY
IN
SCENES
SOLIDERE
ANNUAL
REPORT
2011
pm
Adopt
FOCH STREET
Ziyah Gafic
With an ancient legacy of trade and a history as a regional

banking capital, Beirut is a hub for commercial, financial, diplomatic, and retail institutions that leverage the
prime location, intelligent office space, and pedestrianfriendly infrastructure.
All these businesses are able to operate efficiently in

part thanks to the 24-hour IT zone that has been created
in the city center, whereby every building has access to
state-of-the-art multimedia and broadband communication services.
At the heart of Lebanons capital, the city center is at the

convergence point of the countrys major road networks
and within easy reach of the
airport and port. With carefully designed infrastructure,
it has become a prime location for business and retail.
While several business centers have already emerged,

a dedicated business district is planned to take shape
by the sea in the Waterfront
District. The aim is to create
a premium regional office
market to accommodate the
rising demand of international multinationals for intelligent office space.
Where
Enterprise
Prospers
Governmental and financial

institutions were among the
first organizations to reloBusiness and Commerce
cate to the Traditional City
***
Center after post-war reconstruction had begun. Then,
international organizations,
embassies, business delegations, and media corporations,
followed shortly thereafter.
Some of the landowners restored their properties, many
tenants leased office space from developers, and others invested in new real estate projects. They found convenience
in the location of the city center, flexibility in design
guidelines, efficiency in the technology available, and
modernity in services.
***
Convenient location, flexibility in design
guidelines, and efficiency in technology
make the city center a prime location
for business and retail.
92
As the seat of the Lebanese government and a stately

heritage building, the restored Grand Serail overlooks
the city center from its hilltop site. To the east and at a
lower elevation, the Lebanese Parliament building also
stands restored, with its new annex offices adjacent. Between both governmental institutions lies Riad El Solh
Street, where early modern buildings have served as
headquarters for financial institutions since the midtwentieth century. Further to the north, the Beirut Municipality building has also been restored, preserving
its Egyptian influenced neo-Mamluk style.
Beirut is also a shopping

destination that builds on a
centuries-long legacy of trade
and commerce. Today, more
than 350 outlets are spread
throughout the commercial
and residential areas of the
city, encouraged by pedestrian-friendly environments,
a growing resident and working population, and an increase in local and international visitors.
In the Etoile-Maarad area, restored buildings and their
arcade frontages charm tourists looking for a token of
the city. Saifi, with its more urban residential feel, features local artisanal fashion, furniture, art galleries, and
antique boutiques. For instance, Starch, a gem of the
Saifi retail scene since 2008, is a non-profit collaborative
effort that has helped launch emerging Lebanese designers. Five young designers were selected in 2011 to
showcase their debut collections.
In the Foch-Allenby area, the Serail Corridor, and the
Hotel District, designer boutiques such as Louis Vuitton, Chanel, and Givenchy as well as other high-end
brands have established their presence, building on the
profile of the region.
These heritage buildings sit next to many new headquarters, including the Economic and Social Commission for Western Asia (ESCWA) and other UN agencies,
the Embassy Complex home to several embassies and
consulates, Bank Audi, An-Nahar, and Merit Corporation, among others.
As the ultimate shopping destination and at the heart

of it all is Beirut Souks. After the opening of the core
part of the south Souks in the last quarter of 2009, the
Jewelry Souk with its glittering outlets was launched in
March 2011.
93
03 : 39
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Adopt
FOCH STREET
Ziyah Gafic
With the ever-growing economic activity in the city center, the need for more parking, better public transport,
traffic modeling, and traffic management has become
a priority. A pilot project to encourage the introduction
of citywide public transport is being studied as is the
integration of more pedestrian-friendly areas and the
implementation of bicycle lanes.
***
Quality Telecommunications
Broadband Network
Beirut city center is a 24-hour IT zone capable of attracting residents, multinational companies, and other tenants who will benefit from the provision of multimedia
and broadband communication services.
Solidere obtained in 1998 a build-and-operate license
for broadband distribution of a converged IP network
including high speed internet, internet protocol TV
(IPTV), video conferencing, data center facilities and
virtual private networking (VPN) for corporate clients.
The Company signed in 2006 an agreement with Orange, a member of the France Tlcom group, for the
building and operation of a full IP network, using advanced telecom technology based on a fiber-optic backbone with dual connection to each building in Beirut
city center. Since 2007, Solidere Broadband Network
has been delivering data (internet) and video (TV), operated and monitored from the network operation center (NOC) that is hosting its data center, call center
(IPCC), and other equipment and servers for the different services.
City center tenants can surf the internet at speeds not
available elsewhere in Lebanon and experience an enhanced television watching experience, including a wide
selection of HD channels and time shifting features. A
complete fiber optic internet connection offers businesses the highest possible quality of communication.
***
A growing resident and working population and
a regular stream of national and international
visitors serve the city centers growing number
of retail outlets.
94
95
12 : 37
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03 : 33
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QUARTIER DES ARTS

SAIFI
QUARTIER DES ARTS

SAIFI
Ziyah Gafic
Ziyah Gafic
***
***
Saifi residential neighborhood features
The Quartier des Arts, with its artisans and
a backdrop of reconstructed and restored
designers, has turned into an exemplary place
traditional buildings with
for communal living.
ground-level retail use.
96
97
05 : 51
pm
05 : 52
pm
ZAITUNAY BAY
ZAITUNAY BAY
Ziyah Gafic
Ziyah Gafic
***
***
Commercial and residential buildings host
The retail and culinary milieu has grown
a variety of food and beverage outlets alongside
to embrace a local and international variety
retail stores, which complement the living,
of tastes and to satisfy visitors from
working, and tourist experience.
around the world.
98
99
04 : 13
pm
MOUTRAN STREET
FOCH-ALLENBY
06 : 01
pm
BEIRUT SOUKS
Ziyah Gafic
Ziyah Gafic
***
***
Premium brands and chain outlets have
The city centers fashion districts
established their presence in the city center.
are interspersed with landscaped areas.
100
101
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PEOPLE
IN
MOTION:
CITY
IN
SCENES
SOLIDERE
ANNUAL
REPORT
2011
pm
Adopt
SAYYOUR SQUARE
BEIRUT SOUKS
Ziyah Gafic
Rich with history, the Beirut Souks have long played a

central role in the social and economic life of the city as
a gathering place for people, goods, and ideas.
ties render Beirut Souks a place for encounters and

imagination. Commissioned public art sculptures such
as The Visitor by Belgian artist Arne Quinze and
Gloriette by French-Argentinean Pablo Reinoso enliven the Souks with creativity.
A successful retail mix and promotion strategy that

pairs strong brands with a schedule of leisure and cultural activities has drawn high demand for retail space.
This strategy has turned Beirut Souks into an attractive
shopping, leisure and business destination.
Exclusive concept stores and
boutiques stand alongside
flagship and signature stores
complemented by cafes and
restaurants with open terraces
and vertical gardens, all serviced by ample parking space.
Since the official inauguration in 2010, the Souks have

become a stage for a variety of events, concerts, fashion
shows, childrens activities,
and art exhibits. Programming highlights of 2011 included the weekly outdoors
farmers market off Ajami
Square, the fourth edition
of the Beirut Jazz Festival,
Fte de la Musique, and holiday festivities. In addition,
the Venue, a multipurpose
space, presented the third
Beirut Art Bookfair, World
Press Exhibition, and other
exhibits and launch events.
Twenty-First
Century Modern
Bazaar
Beirut Souks
***
In the south Souks, the architects faced the challenge of
emulating the familiar character of a souk while accommodating modern shopping
and retail needs. The solution
is a modern bazaar, based on
the old souks ancient street grid. A chain of interconnected structures, vaulted alleys, and open spaces result
in a rich labyrinthine experience, fully integrated within
the city fabric.
Beirut Souks is still a work

in progress, with the launch
of the Entertainment Complex, designed by Valode & Pistre (France), slated for
2013. Conceived as a mega entertainment destination,
the main building comprises 14 movie theaters including two VIP halls with their private lounge area in addition to concession areas and a food court. At street
level, high-end boutiques will form a continuation to
the existing retail on Allenby Street. An L-shaped adjacent building is planned to host restaurants while the
annex facing Ajami Square will host the entertainment
facilities of the complex.
Souks, each with its own identity and character, bear

the namesakes of their predecessors from the early and
mid twentieth century. The historical names Tawila,
Ayass, and Jamil, for example referred to specialty
goods, an anchor retailer, or well-known family names
in business. The Jewelry Souk, with its glass shop fronts
and network of charming passages and squares, is also
reminiscent of the old gold souk.
It is the imminent opening of the cinemas and their

complementary components, along with the future development of the Department Store designed by Zaha
Hadid, that will round off the singular leisure experience of Beirut Souks.
***
Commissioned public art, such as The Visitor
by Arne Quinze (Belgium), enlivens the souks
with creativity and renders them a place for
encounters and imagination.
102
Several archeological sites, such as the citys Medieval

Wall and Moat and the Phoenico-Persian Quarter, have
been incorporated into the structure and architecture.
Furthermore, the Zawiyat Ibn Arraq shrine, the only
surviving Mamluk period building in Beirut, has been
preserved on the right of the main entrance on Weygand Street. It is mirrored in form and scale by a new
prayer hall with a dome on the left, creating a virtual
portal to the bazaar. The juxtaposition of the old and the
modern bespeaks the living history of the site. At the
same time, art installations and diverse cultural activi-
Souks Core Design by Rafael Moneo (Spain) with Samir Khairallah and
Partners (Lebanon) - Jewelry Souk Design by Kevin Dash (UK) with Rafik
El Khoury and Partners (Lebanon) - Landscape Design by Olivier Vidal
(France) - Marfaa/Lot 1479 - Retail/BUA 71,903 sq m - Completed
Entertainment Complex Design by Valode & Pistre (France) with Annabel
Kassar & Associs (Lebanon) - Interior Design by Dada and Associates
(Lebanon) - Food Court Design by Riad Kamel Architectes Anonymes
(Lebanon) - Retail/BUA 19,225 sq m - Under Construction - Department
Store Design by Zaha Hadid Architects (UK) - Retail/BUA 26,370 sq m
Under Design Marfaa/Lot 2
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02 : 41
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Adopt
S O U K TAW I L A
BEIRUT SOUKS
Ziyah Gafic
***
Bookstore and Literary Platform

Antoine ID
In 1933, Antoine Naufal opened his first bookstore,
a 30 sq m shop opposite the Lazarieh Commercial Center on Emir Bachir Street, a commercial artery in the
heart of Beirut. He was soon joined by his two brothers
and opened branches in 1946 in Bab Idriss and in 1960
in Starco Center, in the city center. These branches were
followed by one on Hamra Street in Ras Beirut in 1971.
At the height of the Lebanese civil war, after the three
city center bookstores burned to the ground, the brothers moved their headquarters to the Sin El Fil area east
of Beirut.
Eighty years later, Librairie Antoine is back in the city
center with a visionary concept, Antoine ID, a store for
the next generation, where books and other cultural
products create an interactive community platform.
The three-level bookstore stands distinguished on
Ajami Square in Beirut Souks. It features a childrens
books and educational toys floor, comfortable integrated
reading areas on each floor, the famed YellowKorner
photo gallery, a Fabriano Boutique high-end stationery
area, a ticketing service, interactive screens, a stage for
book signings and auditions, and a cozy Grid cafe. Antoine ID stands to become a place for sharing ideas,
knowledge, experiments, opinions, and values.
***
The new Souks revive the mood
and atmosphere of the old souks and build on
their heritage as they provide a contemporary
interpretation of that tradition.
104
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05 : 46
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01 : 59
pm
S O U K TAW I L A
BEIRUT SOUKS
SOUK ARWAM
BEIRUT SOUKS
Ziyah Gafic
Ziyah Gafic
***
***
Beirut Souks, a premier commercial project,
A chain of interconnected structures, vaulted
has become an attractive global shopping, busi-
alleys, and open spaces results in a rich
ness, and leisure attraction.
labyrinthine experience, fully integrated

within the city fabric.
106
107
01 : 07
pm
GEORGE AKOURI STREET

ETOILE-MAARAD
12 : 00
pm
T H E L E B A N E S E N AT I O N A L H I G H E R C O N S E R VAT O R Y O F M U S I C
EVANGELICAL CHURCH STREET
Ziyah Gafic
Ziyah Gafic
***
***
With its long history, rich legacy, and elegant
The city center is home to several cultural
architecture, the city center is gradually
organizations that nurture creative initiatives,
accumulating new stories.
encourage self-expression, and drive aspirations.
108
109
04 : 15
pm
MOUTRAN STREET
FOCH-ALLENBY
Ziyah Gafic
***
The renewed city center has created a number
of job opportunities to cater to the citys
growing population.
110
Realizing innovative real estate projects
05
MOMENTUM
PEOPLE
CITY
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MOTION:
SCENES
ANNUAL
REPORT
2011
Real Estate
Developments
Solidere pursues its strategy in realizing innovative real estate
projects that have economic viability, environmental sustainability,
and community significance. In 2011, several projects
by renowned local and international architects were
at different stages of design and construction.
113
Real Estate Developments
Zaitunay Bay
***
Design by Steven Holl Architects

US
A year-round haven of leisure, social, and cultural activities has emerged alongside the city centers Hotel District.
Zaitunay Bay was conceived as an urban beach that extends the existing seafront Corniche promenades by a series of overlapping platforms, reminiscent of sea waves,
providing outdoor spaces and public areas. The lapping
waves of the sea inspired the architects to produce striated
spaces in horizontal layers, a nod to the sites deep-rooted
history as a beach.
The much anticipated Solidere initiative, imagined as a
premier waterfront destination, launched its quayside
restaurant strip at the end of 2011. Serviced by valet
parking and a car park underneath the Corniche Road,
and also accessible through seven pedestrian points
from the Corniche Road, Zaitunay Bay received over
3,000 visitors per day in the first six months since its
launching.
Beirut Waterfront Development, which manages the
project, had commissioned French restaurant consultant Ulysses to conduct a market study to select an optimal type and size mix for the tenants. The resulting rich
culinary scene consists of 17 restaurants and cafes right
by the water, offering a new entertainment scene and
creating a number of employment opportunities. Retail
outlets, a water sport center, and an art workshop complement the food experience and turn the promenade
into a family-friendly place.
At the north end of the quay, the Yacht Club with its
14,000 sq m of floor space is taking shape to accommodate a club for up to 400 members with swimming pool,
restaurant, bar, e-library, games room and spa center on
upper ground level, and 53 serviced and furnished
state-of-the-art apartments on upper levels. The structure seems to emerge naturally out of the land and transcends the boundary between city and sea. The project
reifies the richness of the urban shoreline.
With Nabil Gholam Architects (Lebanon) Landscape Design by Vladimir
Djurovic Landscape Architecture (Lebanon) Landscape Detailing and
Supervision by CBA Group (Lebanon) Owner: Beirut Waterfront
Development s.a.l.: a 50/50 joint venture between Solidere and Stow
Mina El Hosn/Lot 1455/1456 Mixed-use/BUA 20,000 sq m
Quayside Restaurant Strip/Completed Yacht Club/Under Construction
Photograph by Mosbah Assi
115
ZAITUNAY BAY
Photograph by Ziyah Gafic
117
Pinwheel Project
***
Design by Renzo Piano Building Workshop

Italy
Perceived by the architect as a gateway from the old city,
or the old world, to the Waterfront District, the new
continent, the project creates a sense of continuity and
urban unity. It is a key development that balances four
key dualistic concepts: unity and diversity, permeability
and privacy, transparency and opacity, construction and
vegetation.
The first phase of development on the western lot will
hold a number of buildings of podium height and consist
of residential, office, and retail components. The podiums include an active ground floor level designed to be
permeable and accessible to the public; they also feature
several multi-use levels and rooftop suspended gardens.
The retail frontages of various heights are adorned with
light, transparent canopies. Trees are essential as unifying elements that help unite the old world and the
new continent throughout the Pinwheel Project. The
presence of water, another unifying element, gives the
impression of the sea penetrating into the city and provides for a cooling effect in summer.
Renzo Piano Building Workshop
The rooftop suspended gardens, accessed by panoramic

elevators, include both native and Mediterranean plants,
with a mix of deciduous and evergreens to maintain a
green cover during the seasonal changes. Also at this
level, light constructions made of steel, glass, and fabric
are used for cafes and restaurants. Light structural walkways connect the different plots together to create a continuous promenade.
With Fouad Menem Consultants and Partners (Lebanon)
Marfaa/Lots 1498/1509/1510 Mixed-use/First Phase/BUA 45,000 sq m
Under Design
119
Furnished Serviced
Apartments, Spa, and
Wellness Center
***
Design by Peter Marino Architects

US
The development is located on Patriarch Hoyek Street,
the principal vehicular artery from the Traditional City
Center to the Waterfront District and the last segment
within the pedestrian network that connects the Hotel
District to the commercial city center. The project design
concept by Peter Marino achieves a successful massing
response to the local context and proposes two structures
with a central courtyard.
The entrance to the serviced furnished apartment wing
is from the southwest corner, the calmest part of the site.
Residents enjoy easy access to the courtyard that includes
retail outlets, restaurants, and cafes, limited in use to
maintain privacy and intimacy. The rooftop offers a garden
and sun terrace with spectacular views and access to the
second building.
The wellness center, which will be operated by a world
leader in the field, features top design, equipment and
professionals, to cater for its clientele.
With Idepconsult-Mounir Saroufim & Partners (Lebanon)
Mina El Hosn/Lot 1338 Mixed-use/BUA 17,174 sq m
Detailed Design Phase
SOUKS SECTOR
Peter Marino Architects
121
Triple -A Office
Building
***
Design by Fumihiko Maki and Associates

Japan
The scheme, which has drawn the interest of high profile
potential tenants, proposes a distinctive triple-A office
building that highlights flexibility and efficiency of the
internal space and that will be a model for Beiruts future
as the place where international businesses establish
their headquarters.
The concept incorporates a large podium as a contemporary interpretation of the porous urbanism that creates the unique character of the Middle Eastern souk
with its sheltered passageways. The podium introduces
filtered natural light and a lower scale storefront in a
modern design vocabulary. In response to the global
trend for multi-use and loosely defined working environments, a series of linked green spaces run throughout the tower. Referred to as vertical urbanism, they
connect the work spaces to the surrounding city and sea.
The building concept has been optimized for Beiruts mild
winters and hot summers using a double-skin faade. The
outer skin is a mix of translucent and transparent glazing
of a ceramic frit to protect against wind and solar radiation, allowing diffuse light to fall through. The inner skin
is fully glazed and includes slits, allowing for fresh air to
reach the interior.
As the building is located in a mainly residential and hotel
district, a number of amenities are offered on site to answer tenants daily needs. These include a canteen, rooftop
restaurant, convenience store and several other facilities
that will make the building a one-stop destination.
While awaiting the submission of the schematic design,
an additional soil investigation campaign has paved the
way for shoring and excavation, and a building permit
has been activated for temporary shoring and substructure works.
With Fouad Menem Consultants and Partners (Lebanon)
Mina El Hosn/Lot 1493 Offices/BUA 27,000 sq m
Under Design
HOTEL DISTRICT
Fumihiko Maki and Associates
123
178 Saifi
***
Design by Nabil Gholam Architects

Lebanon
The development was conceived as a natural extension
to the popular Saifi Village and comprises a cluster of
one office and four residential buildings. Designed for
people leading a contemporary lifestyle, it offers a variety
of services and conveys a discrete sense of luxury. A landscaped courtyard that runs through the five units serves
as a relaxation space for tenants and integrates archeological finds revealed during the excavation works.
The apartment buildings are townhouse-like units characterized by space, light, calm, and comfort: a quiet haven
in a great urban location. They incorporate a wide range
of living options, including large lofts, mini lofts with a
combined living-working space, ground floor maisonettes
with private gardens, central hall apartments, and a variety of penthouses with generous terraces.
The fifth unit houses quality serviced offices, and its difference in end use is reflected in its cladding, which has
an inner Corten faade covered with triangular fin louvers and urban windows, creating a suspended garden.
Landscape Design by Vladimir Djurovic Landscape Architecture
(Lebanon) Saifi/Lot 178 Residential/BUA 7,210 sq m Office
BUA 2,181 sq m Recreational/BUA 1,700 sq m Retail/BUA 498 sq m
Under Construction
SAIFI
Nabil Gholam Architects
125
06
MOMENTUM
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CITY
SOLIDERE
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IN
IN
PLACE,
MOTION:
SCENES
ANNUAL
REPORT
2011
Implementing strategies to deliver solid financial results
Corporate and Financial

Report
Solidere issues annual reports to its shareholders that summarize
its activities during a specific year and highlight milestones
achieved over the years. The report includes a summary about
the company's sales and rental strategy and corporate finance,
consolidated financial highlights, auditors report,
and consolidated financial statements.
127
SOLIDERE
ANNUAL
REPORT
2011
11
10
241.7
49.9
38.2
158.8
337.2
41.2
42.7
195.5
1.0285
12.30
1.2847
12.07
20.40 - 13.40
20.07 - 13.11
20.24 - 13.35
24.28 - 18.00
24.17 - 17.89
24.25 - 17.67
174.1
551.3
1,178.3
444.6
263.1
148.2
(134.9)
1,935.9
169.6
486.8
1,084.2
443.0
267.2
131.9
(224.5)
1,838.2
83.72
4.16
30.48
76.68
4.57
26.15
S U M M A R Y O F O P E R AT I O N S I N U S $ M I L L I O N
Gross land sales

Gross rental income
General and administrative expenses
Net income
Consolidated Financial
Highlights
S T O C K D ATA P E R S H A R E I N U S $
Summary of Results
***
Earnings
Shareholders equity
Stock price range
A shares
B shares
GDRs
F I N A N C I A L D ATA I N U S $ M I L L I O N
Cash and securities

Accounts and notes receivable
Properties held for development and sale
Investment properties
Retained earnings
Legal reserves
Treasury stock
Total shareholders equity
F I N A N C I A L R AT I O S I N %
Gross profit margin - land sales

Return on liquid assets
Debt to equity
129
SOLIDERE
ANNUAL
REPORT
2011
SOLIDERE
ANNUAL
REPORT
2011
Sales & Rental Strategy

Approach and Services
***
As a land bank with a considerable

property portfolio, Solidere markets a
wide range of land and built-up space
for residential, commercial, retail, hospitality and other uses. In the early
years, sales mainly concerned un-built
lots and existing buildings. They were
sold as is for renovation or development. However, the delivery of Solidere
real estate projects led to a growing volume of land sales and leasing operations that involved finished products.
Since 2005, the Company has increasingly been holding on to its portfolio of
finished products, opting for lease in
order to generate a reliable annual income flow. It will continue to do so in
the foreseeable future as part of its revenue diversification strategy and will
continue to develop and retain key real
estate projects that play a vital role in
helping to create a vibrant city center.
In addition, the Company supports thirdparty developers while monitoring the
demand for and supply of real estate in
the city center. So far, a total built-uparea (BUA) of some 2.55 million sq m
has been the subject of third-party development including recuperated and
exempted property, of which a BUA of
1.14 million sq m has been completed,
with the balance at different stages of
design, construction, or restoration.
Due to the reconstruction effort, much
has changed in Beirut in recent years.
A steady stream of new owners and tenants has moved into the city center, and
a large number of establishments have
opened their doors. As part of its strategy to stimulate quality real estate development, Solidere has expanded its
support to investors to include project
design and development.
In addition to providing development

briefs based on sector plans and adapted
to individual project sites, the Company
commissioned local and international
architects to prepare concept designs for
a number of lots. This practice has obvious benefits for prospective buyers, to
whom Solidere at times even sells land
accompanied by an architectural design
and complete development program.
Property Marketing
Property Management
Solidere Management Services
Solidere has been highly successful in

marketing its residential, commercial
and institutional spaces, both new and
restored. As alternatives to a simple lease,
schemes such as lease with the option to
buy and outright sale were offered for
residential space until 2002 and 2004 respectively. Buyers could also benefit from
payment facilities.
Solidere provides, through its subsidiary

Solidere Management Services (SMS),
complete development services to thirdparty developers upon their request, and
ensures that the development process
and the final product conform to the
Companys formulated criteria and high
quality standards.
Sales Results
From 2005 onward, however, property

sales or options to buy were discontinued, with no outstanding options to buy
after the end of 2007. Ever since, only
lease contracts continue to generate income flows.
Solidere provides complete full-time

property management, operation and
maintenance services for all its commercial and residential properties, as well as
third-party properties, through its Property Administration Division. The Company continues to administer contracts
related to the property recuperation process and manages around 750,000 sq m
of built-up area, including the Embassy
Complex and United Nations House,
parking lots such as the Foch car park,
as well as outdoor lighting, billboards on
private domain.
In any given year, the sales recognized in

the income statement consist of closed
deals negotiated in that year and in preceding ones. On the other hand, the deals
negotiated up to that year and not closed
during the year make up the sales backlog at year end. Aggregate land sales of
US$ 2.80 billion, were recognized from
inception to end 2011 (1.9 million sq m
of floor space) of which US$ 241.7 million (66,952 sq m) in 2011.
Leasing Results
Solideres portfolio of income generating
properties includes Beirut Souks, the
UN House building, the Embassy Complex, new and restored flats in Saifi,
Wadi Abou Jamil, and Zokak El Blatt,
and space it owns in other buildings.
The Company also generates income
from car parks and mooring spaces in
Beirut Marina. At the end of 2011, the
book value of investment properties was
US$ 486.5 million (US$ 444.6 million
after depreciation). Gross rental income
from leased space was US$ 49.9 million
in 2011 against US$ 41.2 million in
2010, while charges on rented properties
decreased to US$ 21 million from US$
27 million for the same years.
130
Sales Procedure
A sales agreement, which includes predevelopment and construction standards,
timetables and payment conditions, is
signed upfront. Sales are expressed in
terms of floor or built-up area (net development rights). In 2011, Solidere pursued its policy of offering buyers the
possibility to either pay in cash or defer
part of the sale price payment. Financing
up to 75 percent of the land sales value by
Solidere continued, following the standard formula on the basis of maturities
carrying interest at LIBOR plus a margin
of 2.5 percent with a floor.
The property transfer is registered before the Real Estate Registrar upon signing the final deed, following fulfillment
of technical and legal conditions, together with the mortgage contract in
case of financing. Concomitant with the
property transfer registration, the buyer
and/or developer provides Solidere with
a first-degree mortgage on the sold property as a guarantee against any outstanding payments. A bank guarantee also
provides security for proper and timely
execution of all construction works.
Solidere maintains a high level of control on the implementation of safety

rules and regulations as well as the approval of signage and shopfront designs.
The Company extends its knowhow and
services to third-party owners, entering
into agreements for the marketing, management and maintenance of their properties, either directly or via its subsidiary
Solidere Management Services (SMS).
The portfolio of clients currently includes The Platinum Tower, Bay Tower,
Dana of CCC, Park View and Tamari
Group buildings, Berytus Parks, Saifi
Village, Saifi Two, Foch Residence and
Assicurazione Generali in addition to a
number of Solidere co-owned buildings.
The Company offers the following services: technical maintenance, cleaning,
safety, security, maintenance of landscaped areas, marketing, lease management, assets inventories, budgeting,
insurance, collecting rents, tackling coownership issues and paying real estate
and municipal taxes. As a result, Solidere
is deriving rising revenues from property management services. Interactive
tools are being developed to serve clients
in the near future.
The Company initiated and executed

the design of the predominantly residential clusters in Wadi Abou Jamil and
Mina El Hosn. Lebanese and international architects contributed development design concepts that reflected a
response to the local context, culture
and climate. Overwhelming market demand led to the sale of nearly all properties within such cluster concepts.
SMS not only acts as a consultant on
construction management issues, but it
also provides a broad scope of services
associated with real estate development:
program definition, marketing, design
control, client representation, financial
management, sales and post-construction operation and maintenance. Among
the projects managed by SMS, two in
particular set an urban and architectural
benchmark in Wadi Abou Jamil.
The first, Noor Gardens, designed by
Porphyrios Associates (UK) with Malek
Mahmassani Architectural Practice, is a
residential complex comprising three
clusters made up of luxurious apartments and penthouses. The second,
Beirut Square, is designed by Giancarlo
De Carlo and Associates (Italy) with
Rafik El Khoury and Partners and consists of four buildings arranged around
an interior space that is divided into one
common and several private gardens.
Other developments managed by SMS
include Garden View, Eden Gardens,
and New Zone Real Estate.
131
SOLIDERE
ANNUAL
REPORT
2011
SOLIDERE
ANNUAL
REPORT
2011
Corporate Finance
Treasury, Shares, and Investor Relations
***
Corporate Funding
In 2011, Solidere pursued the practice
of resorting to flexible short-term credit
arrangements, mainly temporary overdrafts at competitive interest rates. All
short-term bank facility signed in previous years were renewed.
Liquidity
The consolidated balance sheet at year
end shows positions of US$ 174.1 million for cash and cash balances and US$
551.3 million for accounts and notes receivable, and US$ 520 million for bank
overdrafts and short-term facilities.
The Company maintained its policy of
investing its liquid funds in assets presenting minimum risk and with top ranking banking and financial institutions in
the domestic and international markets.
For efficient cash management, Solidere
also arranged with local banks certain revolving current overdraft facilities, utilized
and refunded according to cash needs and
availability.
Interest income earned during the year
on the aggregate cash placements was
equivalent to an annualized interest rate
of about 4.16%.
Exchange Listings and Ticker Symbols

Beirut Stock Exchange
Solidere A shares: SOLA.BY
Solidere B shares: SOLB.BY
London Stock Exchange
GDRs: SOLAq.L
Analysis of Share Prices

The year 2011 proved to be challenging
to the equity markets regionally as well
as locally. Regional political unrest and
persistent fears over the world economy
pulled down all listed stocks on the Beirut

Stock Exchange. The Solidere shares were
under pressure as well, as they drifted
lower during the year, reaching a threeyear low, on a relatively quiet market.
The release of the 2010 Solidere financial results around the month of May
2011, which were better than market
expectations given the negative general
economic environment, as well as many
recommendations from reputable local
and international financial institutions,
which estimated the value of the shares
to be higher than the market price, did
not quell the general negative sentiment
in the market. The negative sentiment
persisted in spite of some positive news
from the Company that recorded major
land sales during the last quarter of 2011.
Another tentative push around early
December 2011, triggered by some positive local political news, quickly fizzled
down as tensions within the government
and persistent regional turmoil continued to affect the local markets sentiment
in general.
Share A closed the year at $14.38, representing a 22.39% decrease over the previous year closing price, along with share B
that closed at $14.50, a 22.16% decrease
over 2010 closing level. Similarly the
GDRs, which are traded on the London
Stock Exchange, closed the year down at
$14.28, a 25.31% decrease compared to
the previous year.
Both classes of shares fluctuated between
a high of $20.40 and a low of $13.11.
Trading was relatively sluggish, with a
total of around 13 million shares changing hands, for a cumulative value of about
$203 million. This represents around 8%
of the Company capital changing hands.
The average daily volume was about
52,000 shares worth around $806,000.
The average price for the year consequently was about $15.5, a 26% decrease
compared to the previous year.
132
Dividend Distribution
Since inception, Solidere has distributed
dividends in 10 out of its 18 years of operations for a total value of US$ 1.03 billion (out of an aggregate net income of
US$ 1.52 billion). Solidere stands by its
commitment to distribute dividends to
shareholders depending on the level of
profits and the available liquidity after
providing capital expenditure for infrastructure and real estate development
projects.
Investor Relations
As part of its ongoing efforts to achieve
wider and more diversified exposure to
the investment community, Solidere met
with 114 institutional investors/analysts
in over 102 meetings in various local, regional, and international investor conferences, with the aim to inform and provide
updates on the Companys operational
and financial developments. Attending
investors were mainly from the US, the
UK and the MENA region.
In line with its commitment to enhance
and increase communication with the
investment community, Solidere hosted
at its premises, in July 2011, an Analyst
Day, which included a company presentation followed by a questions and answers session with senior management.
Furthermore, Solidere welcomed representatives from a number of investment
funds, research houses and other financial institutions throughout the year.
HSBC, Citi, Goldman Sachs, BlomInvest, and FFA published and/or initiated equity coverage on the Company.
A S H A R E S - D A I LY T R A D E S 2 0 1 1
SHARE PRICE US$
VOLUME
549,833
21
792,713
460,000
19
345,000
17
230,000
15
115,000
13
03 Jan
SHARE PRICE
04 May
30 Aug
31 Dec
- IN US$
VOLUME OF SHARES TRADED
B S H A R E S - D A I LY T R A D E S 2 0 1 1
SHARE PRICE US$
VOLUME
960,856
21
460,000
19
345,000
17
230,000
15
115,000
13
0
03 Jan
SHARE PRICE
04 May
30 Aug
- IN US$
VOLUME OF SHARES TRADED
133
31 Dec
135
Raphael Sabbagha
MEMBER OF THE BOARD
Fouad El Khazen
Basile Yared
Maher Daouk
MEMBER OF THE BOARD
MEMBER OF THE BOARD
MEMBER OF THE BOARD
Sarkis Demerjian
MEMBER OF THE BOARD
Mosbah Kanafani
Sami Nahas
MEMBER OF THE BOARD
MEMBER OF THE BOARD
***
Joseph Asseily
Corporate Management
MEMBER OF THE BOARD
Board of Directors
and General Management
Mounir Douaidy
GENERAL MANAGER
Maher Beydoun
VICE CHAIRMAN
Fadi Boustany
VICE CHAIRMAN
Nasser Chammaa
CHAIRMAN AND GENERAL MANAGER
SHAREHOLDERS
BOARD OF
DIRECTORS
GENERAL
MANAGEMENT
CHAIR M AN
AND
GENER AL
GENER AL
M ANAGER
STRATEGY
AND PLANNING
M ANAGER
GENERAL MANAGER
FOR DEVELOPMENT
INVESTOR RELATIONS
AND CAPITAL MARKETS
Corporate Structure
Organizational Chart
CHIEF FINANCIAL OFFICER
ASSISTANT GENERAL MANAGERS
***
CORPORATE
AFFAIRS
TENDERING,
CONTRACTING,
PROCUREMENT,
AND SPECIAL
CORPORATE
ASSIGNMENTS
BUSINESS
OPERATIONS
AND RELATIONS
WITH PUBLIC
AUTHORITIES
PROPERTY
ADMINISTRATION
URBAN DESIGN
AND MASTER
PLANNING
ARCHITECTURE
AND INTERIOR
DESIGN
LANDSCAPING
AND PUBLIC
SPACE DESIGN
URBAN
PLANNING
REAL ESTATE
DEVELOPMENT
INFORMATION
TECHNOLOGY
CORPORATE
MANAGEMENT
ACTIVITIES
FINANCIAL
ACCOUNTING
TREASURY AND
FINANCIAL
CONTROL
CORPORATE
FINANCE
BOARD OF
DIRECTORS
ADMINISTRATIVE AFFAIRS
TENDERING
CONTRACTING
AND
PROCUREMENT
Site
Assessment
Architectural
Assessment
of Real Estate
Projects
Landscaping
Assessment
of Real Estate
Projects
Urban Planning
Assessment
Strategy
Formulation on
Real Estate
Projects
Network
Administration
Risk
Management
General
Accounting
Business
Development
Taxation
Financial
Analysis and
Modeling
Budget Control
Tendering for
Contract
Infrastructure
Administration
and Construction
Recuperation
Activities
Design
Development
Briefs
Corporate
Systems and
Procedures
Procurement of
Services and
Supplies
Design
Development
Management
Design
Development
Management
Third-Party
Investors
Project Reviews
Landscaping
of Public Spaces
Real Estate
Data Analysis and Parameters
Urban Planning
Research
Marketing and
Commercial
Archeology
Strategy
Heritage
Formulation
and Cultural
Business
Developments
Development
Management
Business
Planning
Corporate
Documentation
and Archiving
System
Design
Development
Briefs
Enterprise
Resource
Planning
Treasury
and Cash
Management
Master Plan
Vision and
Concept
Master Plan
Development
Regulatory
Master Plan and
Urban Design
Guidelines
Computer
Graphics
Production
Strategic Land
Use Planning
Hospitality Real
Estate Concept
and Program
Development
Exploratory
Relations and
Negotiations
with Strategic
Partners
Corporate
Application
Development
Enterprise
Project
Management
Corporate
Document
Management
Waterfront
District
Development
Broadband
Network
Systems
Financial
Statements
Audit
Relations
Stock
Management
Financial
Reporting
Corporate
Funding
Financial
Markets
Special
Corporate
Assignments
Public
Services
Property
Management
Services
Relations with
Public
Authorities
Property
Fiscal
Management
OPERATIONS
QUALITY
CONTROL
INFRASTRUCTURE
AND SITE
LOGISTICS
OPERATIONS
MAINTENANCE
AND TECHNICAL
SERVICES
PROJECT
MANAGEMENT
LEGAL
ADMINISTRATION
COMMERCIAL
SALES, LEASING
AND RETAIL
MANAGEMENT
URBAN
MANAGEMENT
CORPORATE
REPORTING
AND
PUBLICATIONS
COMMUNICATIONS
AND PUBLIC
RELATIONS
MULTIDISCIPLINARY
DESIGN
Design
Control
Infrastructure
Execution and
Maintenance
Real Estate
Operations and
Maintenance
Restoration
Legal
Counsel
Human
Resources
Land Sales
Town
Planning
Promotion and
Advertising
Technical
Support
Services
Contract
Structuring and
Management
General
Services
Corporate
and Cultural
Publishing
Landscape
Execution and
Maintenance
Corporate
Research
Reporting
and Editorial
Specialized
Publications
Events and
Activities
Car Parking
Facilities
Beirut
Marina
Website
Development
Corporate
Social
Responsibility
Site
Logistics
Support
CCTV
Surveillance
Network
Execution
Control
Technical
Control
Third-Party
New
Developments
Third-Party
Developments
Real Estate
Leasing
Beirut Souks
Management
Retail
Management
Quality
Control and
Supervision
Site
Management
and Building
Control
Design Review
Geographic
Information
System
Signage
Control
Media Relations
Corporate
Communication
Design
Editing
Production
SOLIDERE
ANNUAL
REPORT
2011
To the shareholders
The Lebanese Company for the Development
and Reconstruction of Beirut Central District s.a.l.
Beirut - Lebanon
We have audited the accompanying consolidated financial statements of The Lebanese Company
for the Development and Reconstruction of Beirut Central District s.a.l. (the Company) and its
Subsidiaries (the Group), which comprise the consolidated statement of financial position as at
December 31, 2011, and the consolidated statement of income, statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and
a summary of significant accounting policies and other explanatory information.
Managements Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards and for such internal
control as management determines is necessary to enable the preparation and fair presentation
of financial statements that are free from material misstatement, whether due to fraud or error.
Auditors Responsibility
Independent
Auditors Report
Our responsibility is to express an opinion on these financial statements based on our audit. We
conducted our audit in accordance with International Standards on Auditing. Those standards
require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
Consolidated Financial Statements
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors judgment,
including the assessment of the risks of material misstatement of the financial statements,
whether due to fraud or error. In making those risk assessments, the auditor considers internal
control relevant to the entitys preparation and fair presentation of the financial statements in
order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entitys internal control. An audit also
includes evaluating the appropriateness of accounting policies used and the reasonableness of
accounting estimates made by management, as well as evaluating the overall presentation of the
financial statements.
***
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
Opinion
In our opinion, the consolidated financial statements present fairly, in all material respects, the
financial position of The Lebanese Company for the Development and Reconstruction of Beirut
Central District s.a.l. and its Subsidiaries (the Group) as of December 31, 2011, and of its consolidated financial performance and its cash flows for the year then ended in accordance with
International Financial Reporting Standards.
Beirut, Lebanon
May 3, 2012
Deloitte & Touche
141
Ernst & Young
SOLIDERE
ANNUAL
REPORT
2011
SOLIDERE
ANNUAL
REPORT
2011
Consolidated Statement
of Financial Position
of Income
the accompanying notes form an integral part of these consolidated financial statements
DECEMBER 31,
Notes
2011
US$
2010
US$
ASSETS
Cash and banks balances

Prepayments and other debit balances
Accounts and notes receivables, net
Inventory of land and projects in progress
Investment properties, net
Investment in associates
Fixed assets, net
7
8
9
10
11
12
13
Total Assets
174,138,680
46,546,014
551,341,792
1,178,348,256
444,629,160
317,731,762
70,316,628
169,564,738
43,677,844
486,815,229
1,084,206,651
442,977,615
313,904,171
59,281,393
2,783,052,292
2,600,427,641
520,049,200
143,696,638
84,195,863
29,058,568
70,095,747
847,096,016
472,487,000
148,939,521
86,327,877
46,210,145
8,248,520
762,213,063
LIABILITIES
Bank overdrafts and short term facilities

Accounts payable and other liabilities
Dividends payable
Deferred revenue and other credit balances
Loans from banks and financial institutions
Total Liabilities
14
15
16
17
18
SHAREHOLDERS EQUITY
Issued capital at par value US$10 per share:

100,000,000 class (A) shares
65,000,000 class (B) shares
19
Legal reserve
Retained earnings
Cumulative foreign currency translation reserve
Surplus on treasury shares activity
Less: Treasury shares
Total equity attributable to the owners of the parent
20
Non-controlling interest
Total Equity
22
21
Total Liabilities and Shareholders Equity
142
1,000,000,000
650,000,000
1,650,000,000
148,210,183
263,104,931
(295,169)
10,166,079
(134,915,772)
1,936,270,252
1,000,000,000
650,000,000
1,650,000,000
131,952,540
267,233,047
(150,786)
13,770,056
(224,507,599)
1,838,297,258
(313,976)
1,935,956,276
(82,680)
1,838,214,578
2,783,052,292
2,600,427,641
YEAR ENDED DECEMBER 31,

Notes
Revenues from land sales

Revenues from rented properties
Revenues from rendered services
Revenues from hospitality
Cost of land sales
Charges on rented properties
Cost of rendered services
Cost of hospitality
Gain on sale of investment properties
Net revenues from operations
Share result from an associate
Depreciation of fixed assets
Other expenses
Other income
Taxes, fees and stamps
Interest income
Interest expense from banks
Profit before tax
Income tax expense
Profit for the year
Basic/diluted earnings per share
23
24
25
12
26
13
28
27
15
29
Attributable to:
Equity owners of the parent
Profit for the year
143
2011
US$
2010
US$
241,722,548
49,862,775
5,280,128
6,681,294
(39,344,564)
(21,166,871)
(5,901,952)
(9,896,404)
625,809
227,862,763
3,967,997
(38,196,142)
(6,422,073)
(5,066,404)
613,570
(2,874,543)
24,687,011
(21,081,965)
183,490,214
(24,691,842)
158,798,372
1.0285
337,229,705
41,249,180
3,955,044
44,110
(78,665,227)
(26,980,226)
(3,967,908)
(354,909)
272,509,769
2,670,655
(42,714,820)
(3,934,143)
(2,486,661)
204,175
(4,455,159)
21,603,900
(12,607,974)
230,789,742
(35,288,373)
195,501,369
1.2847
159,029,668
(231,296)
158,798,372
195,588,029
(86,660)
195,501,369
144
1,650,000,000
Dividends - Note 16
Balance at December 31, 2011
2011 profit
Total comprehensive income
Allocation to legal reserve from
1,650,000,000
Dividends - Note 16
Treasury shares trade
Surplus on treasury shares activity

Other
2010 profit
148,210,183
16,257,643
131,952,540
19,648,394
112,304,146
US$
US$
195,356,234
(86,660)
195,269,574
263,104,931
(146,900,141)
159,029,668
(16,257,643)
267,233,047
(175,228,434)
(3,980)
195,588,029
(19,648,394)
266,525,826
US$
(295,169)
(144,383)
(150,786)
(231,795)
81,009
US$
10,166,079
(3,603,977)
13,770,056
2,047,024
11,723,032
(134,915,772)
89,591,827
(224,507,599)
6,164,582
(230,672,181)
US$
SHARES
US$
TREASURY
TREASURY
SHARES ACTIVITY
SURPLUS ON
1,936,270,252
(60,912,291)
158,885,285
1,838,297,258
(175,228,434)
(3,980)
6,164,582
2,047,024
195,356,234
1,809,961,832
(313,976)
(231,296)
(82,680)
3,980
(86,660)
US$
INTEREST
US$
TOTAL
1,935,956,276
(60,912,291)
158,653,989
1,838,214,578
(175,228,434)
6,164,582
2,047,024
195,269,574
1,809,961,832
1,650,000,000
158,885,285
(231,296)
158,653,989
US$
(231,795)
(231,795)
195,269,574
NON-CONTROLLING
(144,383)
(144,383)
158,653,989
EARNINGS TRANSLATION RESERVE
TOTAL
195,501,369
RESERVE
12
158,798,372
CAPITAL
OTHER COMPREHENSIVE INCOME
2010
US$
CUMULATIVE
Profit for the year

2011
US$
FOREIGN CURRENCY
Notes
RETAINED
LEGAL
of Comprehensive Income
Allocation to legal reserve from
Attributable to:
Equity owners of the parent
2011
SHARE
Foreign currency translation reserve

Other comprehensive loss for the year
REPORT
TOTAL EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT
ANNUAL
SOLIDERE
of Changes in Equity
*
*
SOLIDERE
ANNUAL
REPORT
2011
SOLIDERE
ANNUAL
REPORT
2011
of Cash Flows
Notes to the Consolidated

Financial Statements
year ended december 31, 2011

Notes
2011
US$
2010
US$
C A S H F L O W S F R O M O P E R AT I N G A C T I V I T I E S
Profit for the year before income tax

Adjustments to reconcile income to net cash
used in operating activities:
Depreciation
Loss on sale of fixed assets
Loss of ownership of investment properties
Provision for problematic receivables
Provision for contingencies and other charges
Deferred tax assets expensed
Share result from an associate
Interest income
Interest expense
Changes in working capital:
Accounts and notes receivable
Deferred revenues and other credit balances
Interest received
Income tax paid
Net cash used in operating activities
30
11
15(d)
15(c)
12
27
30
30
17
183,490,214
230,789,742
13,538,734
(625,809)
1,275,219
290,136
2,298,404
(3,967,997)
(24,687,011)
24,353,558
11,356,377
48,728
2,947,202
(1,099,665)
(2,670,655)
(21,603,900)
15,534,620
8,653,835
(65,019,448)
(103,690,054)
3,055,245
(17,151,577)
13,175,981
(35,288,373)
(298,943)
4,727,998
(140,800,848)
(41,092,919)
39,212,538
(104,070,170)
10,889,446
(41,296,526)
(37,128,032)
CASH FLOWS FROM INVESTING ACTIVITIES
Short term deposit

Pledged term deposits with banks
Receivable from recuperated properties
Acquisition of fixed assets
Acquisition of investment properties
Proceeds from sale of investment properties
Proceeds from loss of ownership
of investment properties
Proceeds from sale of treasury shares
Investment in associates
Net cash (used in)/provided by investing activities
13&30
11&30
11
11
12
(269,317)
(19)
191,773
(17,500,628)
(2,059,649)
1,231,472
41,564,283
19
459,831
(26,438,171)
(3,422,885)
-
1,002,330
(3,978)
(17,408,016)
9,667,180
(81,008)
21,749,249
CASH FLOWS FROM FINANCING ACTIVITIES
Bank loans
Dividends paid
Treasury shares
Interest paid
Net cash used in financing activities
16
Net change in cash and cash equivalents

Cash and cash equivalents Beginning of the year
Cash and cash equivalents End of the year
30
146
61,847,227
(63,044,305)
(24,353,558)
(25,550,636)
6,261,497
(159,441,603)
(1,228,127)
(15,534,620)
(169,942,853)
(43,257,595)
(304,063,733)
(347,321,328)
(185,321,636)
(118,742,097)
(304,063,733)
Formation and Objective

of the Company
The Lebanese Company for the Development and Reconstruction of Beirut

Central District s.a.l. (SOLIDERE) (the
Company) was established as a Lebanese
joint stock company on May 5, 1994
based on Law No. 117/91, and was registered on May 10, 1994 under Commercial Registration No. 67000. The articles
of incorporation of the Company were
approved by Decree No. 2537 dated July
22, 1992.
The objective of the Company, is to acquire real estate properties, to finance
and ensure the execution of all infrastructure works in the Beirut Central
District (BCD) area, to prepare and reconstruct the BCD area, to reconstruct or
restore the existing buildings, to erect
buildings and sell, lease or exploit such
buildings and lots and to develop the
landfill on the seaside.
The duration of the Company is 25 years,
beginning from the date of establishment.
An extraordinary general assembly dated
June 29, 1998 resolved to amend the duration of the Company to be 75 years beginning from the date of establishment.
During 2005, the Council of Ministers
approved the extension of the duration of
the Company for 10 years.
The Company, based on law No.117/91
mentioned above, was exempt from income tax for a period of ten years beginning on the date of formation. As such
beginning May 10, 2004, the Company
became subject to income tax.
An extraordinary general assembly dated
November 13, 2006 resolved to amend
the objective of the Company to include
providing services and consultancy in
real estate development for projects outside the BCD area and all over the world.
During 2007, the Company granted

Solidere International Limited (an associate) the right to use the Solidere brand
in the execution of real estate projects outside the Beirut Central District area of
Lebanon.
The Companys shares are listed on the
Beirut stock exchange and Global Depository Receipts (GDR) are listed on
the London stock exchange (International Trading List).
Adoption of New and Revised

International Financial Reporting Standards (IFRSs)
2.1 Standards and interpretations effective

for the current period
The following new and revised standards
and interpretations have been applied in
the current year with no material impact
on the disclosures and amounts reported
for the current and prior years, but may
affect the accounting for future transactions or arrangements:
> Amendments to IAS 24 Related Party
Disclosures (as revised in 2009) modify
the definition of a related party and
simplify disclosures for governmentrelated entities. The Group is not a
government-related entity and the application of the revised definition of
related party set out in IAS 24 (as revised in 2009) in the current year has
not resulted in the identification of related parties that were not identified
as related parties under the previous
Standard.
> Amendments to IAS 32 Classification
of Rights Issues address the classification of certain rights issues denominated in a foreign currency as either
equity instruments or as financial liabilities. The application of the amendments has had no effect on the amounts
reported in the current and prior years
because the Group has not issued instruments of this nature.
147
> Amendments to IFRIC 14 - Prepay-
ments of a Minimum Funding Requirement. The amendments correct an

unintended consequence of IFRIC 14
IAS 19 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction. The
application of the amendments has
had no effect on the Groups financial
statements.
> IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments provides
guidance regarding the accounting for
the extinguishment of a financial liability by the issue of equity instruments.
In particular equity instruments issued
under such arrangements are measured at their fair value, and any difference between the carrying amount of
the financial liability extinguished and
the fair value of equity instruments issued are recognized in profit or loss.
The application of IFRIC 19 has had no
effect on the amounts reported in the
current and prior years because the
Group has not entered into any transactions of this nature.
> Improvements to IFRSs issued in
2010 Amendments to: IFRS 1; IFRS
3 (2008); IFRS 7; IAS 1; IAS 27 (2008);
IAS34; IFRIC 13. The application of
these improvements to IFRSs issued
in 2010 has not had any material effect
on amounts reported in the financial
statements.
2.2 Standards and Interpretations in issue

but not yet effective
The Group has not applied the following new standards, amendments and
interpretations that have been issued
but not yet effective:
SOLIDERE
ANNUAL
REPORT
2011
SOLIDERE
ANNUAL
REPORT
2011
EFFECTIVE FOR ANNUAL PERIODS

BEGINNING ON OR AFTER
Amendments to IFRS 7 Disclosures Transfers of Financial Assets increase the disclosure requirements for transactions involving transfers of financial assets. These
amendments are intended to provide greater transparency around risk exposures
of transactions when a financial asset is transferred but the transferor retains some
level of continuing exposure in the asset. The amendments also require disclosures
where transfers of financial assets are not evenly distributed throughout the period.
Currently, the Group has not entered into such transactions.
July 1, 2011
IFRS 9 Financial Instruments issued in November 2009 and amended in October 2010
introduces new requirements for the classification and measurement of financial
assets and financial liabilities and for derecognition. IFRS 9 requires all recognized
financial assets that are within the scope of IAS 39 to be subsequently measured at
amortized cost or fair value. Specifically, debt investments that are held within a
business model whose objective is to collect the contractual cash flows, and that
have contractual cash flows that are solely payments of principal and interest on
the principal outstanding are generally measured at amortized cost. All other debt
investments and equity investments are measured at their fair values. Financial assets representing equity securities designated at fair value through profit and loss
or fair value through other comprehensive income can not be reclassified after initial recognition. At initial recognition, an entity may make an irrevocable election
to present in other comprehensive income subsequent changes in the fair value of
an investment in an equity instrument that is not held for trading. The gain or loss
that is presented in other comprehensive income includes any related foreign exchange component. Dividends on such investments are recognized in profit or loss
in accordance with IAS 18 Revenue unless the dividend clearly represents a recovery of part of the cost of the investment. Amounts presented in other comprehensive income shall not be subsequently transferred to profit or loss. However, the
entity may transfer the cumulative gain or loss within equity.
January 1, 2015
IFRS 10 Consolidated Financial Statements* replaces the parts of IAS 27 Consolidated and
Separate Financial Statements that deal with consolidated financial statements, and SIC
12 Consolidation Special Purpose Entities. IFRS 10 uses control as the single basis for
consolidation, irrespective of the nature of the investee and includes a new definition
of control. IFRS 10 requires retrospective application subject to certain transitional
provisions providing an alternative treatment in certain circumstances. IAS 27 Consolidated and Separate Financial Statements* and IAS 28 Investments in Associates and Joint
Ventures* have been amended for the issuance of IFRS 10.
January 1, 2013
IFRS 11 Joint Arrangements* replaces IAS 31 Interests in Joint Ventures and SIC-13
Jointly Controlled Entities Non monetary Contributions by Venturers . IFRS 11 estab-
January 1, 2013
lishes two types of joint arrangements: Joint operations and joint ventures. The two
types of joint arrangements are distinguished by the rights and obligations of those
parties to the joint arrangement. In addition, joint ventures under IFRS 11 are required to be accounted for using the equity method of accounting, whereas jointly
controlled entities under IAS 31 can be accounted for using the equity method of
accounting or proportionate. IAS 28 Investments in Associates and Joint Ventures has
been amended for the issuance of IFRS 11.
148
EFFECTIVE FOR ANNUAL PERIODS

BEGINNING ON OR AFTER
IFRS 12 Disclosure of Interests in Other Entities* is a disclosure standard and is applicable to entities that have interests in subsidiaries, joint arrangements, associates
and/or unconsolidated structured entities. In general, the disclosure requirements
in IFRS 12 are more extensive than those in the current standards.
January 1, 2013
IFRS 13 Fair Value Measurement defines fair value, establishes a single framework for
measuring fair value, and requires disclosures about fair value measurement. The scope
of IFRS 13 is broad and applies to both financial and non-financial items for which
other IFRSs require or permit fair value measurement and disclosures about fair value
measurements, except in specified circumstances. In general, the disclosure requirements in IFRS 13 are more extensive than those required in the current standards.
January 1, 2013
Amendments to IAS 1 Presentation of Other Comprehensive Income. The amendments retain the option to present profit or loss and other comprehensive income
in either a single statement or in two separate statements. However, items of other
comprehensive income are required to be grouped into those that will and will not
subsequently be reclassified to profit or loss with tax on items of other comprehensive income required to be allocated on the same basis.
July 1, 2012
Amendments to IAS 12 Income Taxes provide an exception to the general principles

of IAS 12 for investment property measured using the fair value model in IAS 40
Investment Property by the introduction of a rebuttable presumption that the carrying
amount of the investment property will be recovered entirely through sale.
January 1, 2012
Amendments to IAS 19 Employee Benefits eliminate the corridor approach and

therefore require an entity to recognize changes in defined benefit plan obligations
and plan assets when they occur.
January 1, 2013
Amendments to IFRS 7 Financial Instruments: Disclosures enhancing disclosures about

offsetting of financial assets and liabilities.
January 1, 2013
Amendments to IAS 32 Financial Instruments: Presentation relating to application guidance on the offsetting of financial assets and financial liabilities.
January 1, 2013
IAS 28 Investment in Associates and Joint Ventures (as revised in 2011): As a consequence of the new IFRS 11 and 12, IAS 28 has been renamed IAS 28 Investments in
Associates and Joint Ventures, and describes the application of the equity method to
investments in joint ventures in addition to associates. The amendment becomes
effective for annual periods beginning on or after January 1, 2013.
* In May 2011, a package of five Standards on consolidation, joint arrangements, associates and disclosures was issued, consisting of IFRS 10, IFRS 11, IFRS 12, IAS 27 (as revised in 2011) and IAS
28 (as revised in 2011). These five standards are effective for annual periods beginning on or after 1
January 2013. Earlier application is permitted provided that all of these five standards are applied
early at the same time.
Management anticipates that the adoption of the above Standards and Interpretations will have no material impact on the financial statements of the Group in the
period of initial application, except for IFRS 9 and IFRS 13 which may affect the
amounts reported in the financial statements and result in more extensive disclosures in the financial statements.
149
Summary of Significant
Accounting Policies
The consolidated financial statements

have been prepared in accordance with International Financial Reporting Standards.
are presented in U.S. Dollars.
The consolidated financial statements are
prepared under the historical cost convention as modified for the measurement
SOLIDERE
ANNUAL
REPORT
2011
at fair value of available-for-sale financial

assets and derivatives, as applicable.
incorporate the financial statements of
The Lebanese Company for the Development and Reconstruction of Beirut
Central District s.a.l. and its controlled
subsidiaries drawn up to December 31
of each year. Control is achieved where
the Group has the power to govern the
financial and operating policies of an
entity so as to obtain benefits from its
activities.
COMPANY
Beirut Water Front Development s.a.l. (Joint Venture) (Proportionate consolidation)

Beirut Real Estate Management and Services s.a.l.
(Joint Venture), (Proportionate consolidation)
Solidere Management Services s.a.l.
Solidere Management Services (Offshore) s.a.l.
Solidere International Holdings s.a.l.
BHC Holding s.a.l.
Changes in the Groups ownership interests in subsidiaries that do not result

in the Group losing control over the
subsidiaries are accounted for as equity
transactions. The carrying amounts of
the Groups interests and the non-controlling interests are adjusted to reflect
the changes in their relative interests in
the subsidiaries. Any difference between
the amount by which the non-controlling interests are adjusted and the fair
value of the consideration paid or received is recognized directly in equity and
attributed to owners of the Company.
Upon the loss of control, the Group
derecognizes the assets and liabilities of
the subsidiary, any non-controlling interests and the other components of equity
related to the subsidiary. Any surplus or
deficit arising on the loss of control is
recognized in profit or loss. If the Group
retains any interest in the previous subsidiary, then such interest is measured
at fair value at the date that control is lost.
The significant accounting policies
adopted are set here below:
A. Basis of Presentation
In view of the long term nature and particulars of the Groups operations, the
consolidated financial statements are
presented on the basis that the operations have realization and liquidation
periods spread over the duration of the
Group and which are subject to market
conditions and other factors commonly
associated with development projects;
as such, the assets and liabilities are reflected in the statement of financial position without distinction between current
and long-term classifications.
B. Foreign Currencies
The functional and presentation currency is the U.S. Dollar, in accordance
with the applicable law, which reflects
the economic substance of the underlying events and circumstances of the
Group. Transactions denominated in
other currencies are translated into U.S.
Dollar at the exchange rates prevailing
at the dates of the transactions. Monetary assets and liabilities stated in currencies other than the U.S. Dollar are
translated at the rates of exchange prevailing at the end of the year. The result-
150
Where necessary, adjustments are made

to the financial statements of subsidiaries
to bring their accounting policies in line
with those used by other members of the
Group.
All intra-Group balances, transactions,
income and expenses and profits and
losses resulting from intra-Group transactions are eliminated in full.
Group entities comprise the following:
OWNERSHIP
SHARE
DATE OF
ESTABLISHMENT
50
April 2004
45
100
100
100
100
September 2005
June 2006
March 2007
May 2007
March 2010
ing exchange gain or loss which is not

material is reflected in the consolidated
statement of income.
For the purposes of presenting consolidated financial statements, the assets
and liabilities of the Groups foreign operations are translated into Lebanese
Pound using exchange rates prevailing
at the end of each reporting period. Income and expense items are translated
at the average exchange rates for the period, unless exchange rates fluctuate significantly during that period, in which
case the exchange rates at the dates of
the transactions are used. Exchange differences arising, if any, are recognized in
other comprehensive income and accumulated in equity (attributed to non-controlling interests as appropriate). Such
exchange differences are recognized in
profit or loss in the period in which the
foreign operation is disposed of.
C. Impairment and Uncollectibility of

Financial Assets
An assessment is made at each consolidated statement of financial position date
to determine whether there is objective
evidence that a financial asset or group

of financial assets may be impaired. If
such evidence exists, the estimated recoverable amount of that asset and any impairment loss are determined based on
the present value of expected future cash
flows. Impairment losses are recognized
in the consolidated statement of income.
D. Accounts and Notes Receivable

Accounts and notes receivable which are
originated by the Group are stated at
amortized cost less any amount written
off and provisions for impairment. An assessment is made at each consolidated
statement of financial position date to determine whether there is objective evidence that accounts or notes receivable
may be impaired. If such evidence exists,
the estimated recoverable amount of that
asset is determined and any impairment
loss, based on the net present value of future anticipated cash flows discounted at
original effective interest rates, is included
in the consolidated statement of income.
The carrying amount of the asset is adjusted through the use of an allowance
account.
E. Financial Instruments
Financial assets and financial liabilities
are recognized in the Groups consolidated statement of financial position
when the Group becomes a party to the
contractual provisions of the instrument.
When a financial instrument gives rise to
a contractual obligation on the part of the
Group to deliver cash or another financial
asset or to exchange another financial instrument under conditions that are potentially unfavorable, it is classified as a
financial liability. The instrument is an
equity instrument if, and only if, both
conditions (a) and (b) below are met:
(a) The instrument includes no contractual obligation to deliver cash or another financial asset to another entity;
or to exchange financial assets or financial liabilities with another entity under
conditions that are potentially unfavorable to the issuer.
(b) If the instrument will or may be settled from the Groups own equity instruments; it is a non-derivative that includes
SOLIDERE
ANNUAL
REPORT
2011
no contractual obligation for the Group to

deliver a variable number of its own equity instruments; or a derivative that will
be settled only by the Group exchanging
a fixed amount of cash or another financial asset for a fixed number of its own equity instruments.
techniques. Such techniques include

using recent arms length market transactions, reference to the current market
value of another instrument, which is
substantially the same, discounted cash
flow analysis and other pricing models.
Derecognition
Financial assets within the scope of IAS
39 are classified as financial assets at fair
value through profit or loss, loans and receivables, held-to-maturity investments or
available-for-sale financial assets, as appropriate. When financial assets are recognized initially, they are measured at fair
value, plus, in the case of investments not
at fair value through profit or loss, directly
attributable transaction costs.
The Group determines the classification of its financial assets on initial
recognition and, where allowed and appropriate, re-evaluates this designation
at each financial year end.
All regular way purchases and sales of
financial assets are recognised on the
trade date, which is the date that the
Group commits to purchase the asset.
Regular way purchases or sales are purchases or sales of financial assets that
require delivery of assets within the period generally established by regulation
or convention in the marketplace.
Loans and Receivables

Loans and receivables are non-derivative
financial assets with fixed or determinable payments that are not quoted in
an active market. After initial measurement, loans and receivables are carried
at amortized cost using the effective interest method less any allowance for
impairment. Gains and losses are recognized in profit and or loss when the
loans and receivables are derecognized
or impaired as well as through the amortization process.
Fair Value
The fair value of investments that are
actively traded in organized financial
markets is determined by reference to
quoted market bid prices at the close of
business on the consolidated statement
of financial position date. For investments where there is no active market,
fair value is determined using valuation
151
Financial assets
A financial asset (or where applicable, a
part of a financial asset or part of a
group of similar financial assets) is
derecognized where:
> The rights to receive cash flows from
the asset have expired, or
> The Group has transferred its rights
to receive cash flows from the asset,
or has assumed an obligation to pay
the received cash flow in full without
material delay to a third party under
a pass through arrangement, and
> Either (a) the Group has transferred
substantially all the risks and rewards
of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the
asset, but has transferred control of
the asset.
When the Group has transferred its rights
to receive cash flows from an asset and
has neither transferred nor retained substantially all the risks and rewards of the
asset nor transferred control of the asset,
the asset is derecognized to the extent of
the Groups continuing involvement in
the asset. Continuing involvement that
takes the form of a guarantee over the
transferred asset is measured at the lower
of the original carrying amount of the
asset and the maximum amount of consideration that the Group could be required to repay.
When continuing involvement takes
the form of a written and/or purchased
option (including a cash settled option
or similar provision) on the transferred
asset, the extent of the Groups continuing involvement is the amount of the
transferred asset that the Group may repurchase, except that in the case of a
written put option (including a cash settled option or similar provision) on an
asset measured at fair value, the extent
of the Groups continuing involvement
is limited to the lower of the fair value
of the transferred asset and the option
exercise price.
Financial liabilities
A financial liability is derecognized when
the obligation under the liability is discharged or cancelled or expires. Where an
existing financial liability is replaced by
another from the same lender on substantially different terms, or the terms of
an existing liability are substantially modified, such an exchange or modification is
treated as a derecognition of the original
liability and the recognition of a new liability and the difference in the respective
carrying amount is recognized in statement of income.
Offsetting
Financial assets and financial liabilities
are only offset and the net amount is reported in the consolidated statement of financial position when there is a legally
enforceable right to set-off the recognized
amounts and the Group intends to either
settle on a net basis, or to realize the asset
and the liability simultaneously.
F. Inventory of Land and Projects

in Progress
are stated at the lower of cost and estimated net realizable value. Costs include
appraisal values of real estate plots constituting the contributions in kind to
capital (A shares), in addition to capitalized costs. Capitalized costs comprise
the following:
> Project direct costs and overheads related to the properties development,
construction and project management
as a whole, as well as acquisition, zoning, and eviction costs.
> Indirect costs, such as overheads, which
were partially allocated to inventory of
land and projects in progress.
G. Investment Properties
Investment properties which represent
properties held to earn rent and/or for
capital appreciation are measured initially at cost and subsequent to initial
recognition are stated at their cost less
accumulated depreciation and any impairment in value.
Depreciation is computed using the
straight-line method over the estimated
SOLIDERE
ANNUAL
REPORT
2011
useful lives of the properties, excluding

the cost of land, based on the following
annual rates:
Buildings
2%
Furniture, fixtures, equipment

and other assets
4%-15%
The carrying amount includes the cost

of replacing part of an existing investment property at the time that cost is incurred if the recognition criteria are
met. Other subsequent expenditure is
capitalized only when it increases future economic benefits of the related
item of investment properties. All other
expenditure is recognized in the consolidated statement of income as the expense is incurred.
Transfers are made to investment properties when, and only when, there is a
change in use, evidenced by the end of
owner occupation, commencement of an
operating lease to another party or completion of construction or development.
Transfers are made from investment
properties when, and only when, there is
a change in use, evidenced by commencement of owner occupation or commencement of development with a view to sell.
H. Interest in Joint Ventures

The Group has interests in joint ventures. A joint venture is a contractual
arrangement whereby two or more parties undertake an economic activity that
is subject to joint control. The Group
recognizes its share in joint ventures by
using the proportionate consolidation
method.
Investments in joint ventures are accounted for in the standalone financial
statements using historical cost net of
any impairment loss. Impairment loss is
recognized in the statement of income.
The Group consolidates its share in assets, liabilities, revenues and expenses
with related captions in the consolidated financial statements.
Financial statements of joint ventures
are prepared for the same fiscal year,
using the same accounting policies.
152
When the Group contributes or sells assets to the joint venture, any portion of
gain or loss from the transaction is recognized based on the substance of the
transaction. When the Group sells assets
to the joint venture, the Group does not
recognize its share of the profits from
the transaction until the joint venture resells the assets to an independent party.
The joint venture is proportionately
consolidated until the date on which the
Group ceases to have joint control over
the joint venture.
I. Investments in Associates
The Groups investments in associates are
accounted for under the equity method of
accounting. These are entities over which
the Group exercises significant influence
and which are neither subsidiaries nor
joint ventures.
Under the equity method of accounting, the interest in the associate is carried in the consolidated statement of
financial position at cost as adjusted for
post acquisition changes in the Groups
share of the net assets of the associate,
less any impairment in the value of the
individual investment.
J. Fixed Assets
Fixed assets are stated at cost net of accumulated depreciation and any impairment in value. Depreciation is computed
using the straight-line method over the
estimated useful lives of the assets based
on the following annual rates:
Buildings
2%
Marina
2%
Furniture and fixtures
9%
Freehold improvements
Plant
Machines and equipment
9%
10%
15%-20%
Expenditure incurred to replace a component of an item of fixed assets that is

accounted for separately is capitalized
and the carrying amount of the component that is replaced is written off. Other
subsequent expenditure is capitalized
only when it increases future economic
benefits of the related item of fixed assets. All other expenditure is recognized
in the consolidated statement of income
as the expense is incurred.
SOLIDERE
ANNUAL
REPORT
2011
K. Impairment of Tangible Assets
M. Revenue Recognition
At each consolidated statement of financial position date, the carrying amounts

of tangible assets (investment properties
and fixed assets) are reviewed to determine whether there is any indication
that these assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset
is estimated in order to determine the
extent of the impairment loss, if any.
Revenue on land and real estate sales

transactions is recognized on the basis
of the full accrual method as and when
the following conditions are met:
> A sale is consummated and contracts
are signed.
> The buyers initial (in principle over
25% of sales price) and continuing investments are adequate to demonstrate
a commitment to pay for the property.
> The Groups receivable is not subject
to future subordination.
> The Group has transferred to the
buyer the usual risks and rewards of
ownership in a transaction that is in
substance a sale and the Group does
not have a substantial continuing involvement with the property.
Recoverable amount is defined as the

higher of:
> Fair value that reflects market conditions at the balance sheet date less
cost to sell, if any.
> Value in use assessed as the present
value of estimated future cash flows
expected to arise from the continuing
use of the asset and from its disposal
at the end of its useful life, only for
applicable assets with cash generation
units, as applicable.
Where an impairment loss subsequently
reverses, the carrying amount of the
asset is increased to the revised estimate of its recoverable amount, but so
that the increased carrying amount
does not exceed the carrying amount
that would have been determined had
no impairment loss been recognized
for the asset in prior years. A reversal of
an impairment loss is recognized immediately in statement of income, unless the relevant asset is carried at a
revalued amount, in which case the reversal of the impairment loss is treated
as a revaluation increase.
The impairment loss is recognized in
the consolidated statement of income.
L. Treasury Shares
Own equity instruments which are reacquired (treasury shares) are deducted
from equity. No gain or loss is recognized
in profit or loss on the purchase, sale,
issue or cancellation of the Groups own
equity instruments.
Gains on sale of treasury shares are
recorded under a reserve account in equity. Losses in excess of previously recognized gains are charged to retained
earnings.
the sales agreements. The cost of one

square meter of BUA is arrived at by dividing, total estimated cost of the land
development project over total available
BUA after deduction of the BUA relating to recuperated properties and those
relating to the religious and public administrations.
O. Cash and Cash Equivalents

For the purpose of the statement of
cash flows, cash and cash equivalents
consists of cash in hand, bank balances,
and short-term deposits with an original maturity of three months or less,
net of outstanding bank overdrafts and
short-term facilities with an original
maturity of three months or less.
P. Borrowing Costs
If any of the above conditions is not met,
the initial payments received from buyers
are recorded under deferred revenues
and other credit balances. Amounts are
released to revenue as and when the
above conditions are fulfilled.
Financial assets (including treasury
shares) received in return for the sale of
land and real estate are valued at fair
market value.
Rental income from operating leases is
recognized on a straight-line basis over
the term of the relevant lease.
Interest income is recognized as interest
accrues using the effective interest method,
by reference to the principal outstanding
and the applicable interest rate.
Revenue from rendering of services is
recognized when the outcome of the
transaction can be estimated reliably, by
reference to the stage of completion of
the transaction at the consolidated statement of financial position date.
Revenue from hospitality consist mainly
of foods and beverage revenue, are recognized when the related services are
provided.
N. Cost of Sales
Cost of properties sold is determined on
the basis of the built up area (BUA) - permitted right to build in square meters on the sold plots based on the terms of
153
Borrowing costs directly attributable to

the acquisition, construction or production of qualifying assets, which are assets
that necessarily take a substantial period
of time to be ready for their intended use,
are added to the cost of those assets, until
such time that the assets are substantially
ready for their intended use.
All other borrowing costs are reflected in
the consolidated statement of income in
the period in which they are incurred.
Q. Bank Borrowings
Interest-bearing bank loans and overdrafts are initially measured at the fair
value of the consideration received, less
directly attributable costs and are subsequently measured at amortized cost,
using the effective interest rate method.
Any difference between the proceeds
(net of transaction costs) and the settlement or redemption of borrowings is
recognized in profit or loss over the
term of the borrowings through the
amortization process, using the effective interest rate method.
R. Trade and other payables

Trade and other payables are initially
measured at fair value. Due to their
short-term nature, the carrying amount
of trade and other payables approximates their fair values as of the date of
the statement of financial position. Average maturity dates of trade payables
range between 30-90 days. Short duration
payables with no stated interest rate are

measured at original invoice amount unless the effect of imputing interest is significant.
S. Taxation
Current Tax
Income tax is determined and provided
for in accordance with the Lebanese tax
laws. Income tax expense is calculated
based on the taxable profit for the year.
Taxable profit differs from net profit as
reported in the consolidated statement
of income because it excludes items of
income or expense that are taxable or
deductible in future years and it further
excludes items that are never taxable or
deductible. The Groups liability for current tax is calculated using tax rates enacted at the consolidated statement of
financial position date. Provision for income tax is reflected in the consolidated
statement of financial position net of
taxes previously settled in the form of
withholding tax.
Tax on the holding subsidiary is provided
for in accordance with Article 6 of Legislative Decree number 45 dated June 24,
1983 (as adjusted in decree number 89
dated September 7, 1991). The tax is
capped at USD3,317 (LBP5million).
Tax on the offshore subsidiary is provided for in accordance by Legislative
Decree number 46 dated June 24, 1983
amended by Decree number 85 dated
September 7, 1991. The tax is set at a flat
rate of USD663 (LBP1million).
Rental income is subject to the built
property tax in accordance with the
Lebanese tax law.
SOLIDERE
ANNUAL
REPORT
2011
acted at the consolidated statement of

financial position date.
and a reliable estimate can be made of

the amount of the obligation.
Impairment of Accounts and Notes

Receivable
Deferred income tax assets are recognized for all deductible temporary differences and carry-forward of unused
tax assets and unused tax losses to the
extent that it is probable that taxable
profit will be available against which the
deductible temporary differences and
the carry-forward of unused tax assets
and unused tax losses can be utilized.
The amount recognized as a provision is

the best estimate of the consideration required to settle the present obligation at
the consolidated statement of financial
position date, taking into account the
risks and uncertainties surrounding the
obligation. Where a provision is measured using the cash flows estimated to
settle the present obligation, its carrying
amount is the present value of these
cash flows.
An estimate of the collectible amount of

accounts and notes receivable is made
when collection of the full amount is no
longer probable. For individually significant amounts, this estimation is performed on an individual basis. Amounts
which are not individually significant,
but which are past due, are assessed collectively and a provision is set up according to the length of time past due, based
on historical recovery rates.
U. Employees End-of-Service Benefits
Useful Lives of Fixed Assets and Investment Properties
The carrying amount of deferred income

tax assets is reviewed at each consolidated
statement of financial position date and
reduced to the extent that it is no longer
probable that sufficient taxable profit will
be available to allow all or part of the deferred income tax asset to be utilized.
Taxes payable on unrealized revenues
are deferred until the revenue is realized.
Current tax and deferred tax relating to
items that are credited or charged directly to other comprehensive income
are recognized directly in other comprehensive income.
Value added tax (VAT)
Revenues, expenses and assets are recognized net of the amount of VAT except:
> Where the VAT incurred on a purchase of assets or services is not recoverable from the taxation authority,
in which case the VAT is recognized
as part of the cost of acquisition of the
asset or as part of the expense item as
applicable; and
> Receivables and payables that are stated
with the amount of VAT included.
The net amount of VAT recoverable
from, or payable to the taxation authority is included as part of receivables or
payables in the consolidated statement
of financial position.
Deferred tax
Deferred income tax is provided, using
the liability method, on all temporary
differences at the consolidated statement of financial position date between
the tax bases of assets and liabilities and
their carrying amounts.
T. Provisions
Deferred income tax assets and liabilities are measured at the tax rates that
are expected to apply to the period when
the asset is realized or the liability is settled, based on laws that have been en-
Provisions are recognized when the

Group has a present obligation (legal or
constructive) as a result of a past event,
it is probable that an outflow of resources embodying economic benefits
will be required to settle the obligation
154
SOLIDERE
The Group provides end-of-service benefits to its employees. The entitlement to

these benefits is based upon the employees final salary and length of service,
subject to the completion of a minimum
service period. The expected costs of
these benefits are accrued over the period
of employment.
Critical Accounting Judgments

and Use of Estimates
In the application of the accounting policies described in Note 3 above, management is required to make judgments,
estimates and assumptions about the
carrying amounts of assets and liabilities
that are not readily apparent from other
sources. The estimates and associated
assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may
differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are
recognized in the period in which the estimate is revised if the revision affects
only that period, or in the period of the
revision and future periods if the revision
affects both current and future periods.
The Groups management determines the

estimated useful lives of its fixed assets for
calculating depreciation. The estimate is
determined after considering the expected
usage of the assets or physical wear and
tear. Management reviews the residual
value and useful lives annually and future
depreciation charge would be adjusted
where the management believes the useful lives differ from previous estimates.
ANNUAL
REPORT
2011
Interest in Joint Ventures
The Group has interest in joint ventures as follows:

(a) The Group entered into a joint venture agreement on February 11, 2004,
with Stow Waterfront s.a.l. (Holding) to
establish Beirut Waterfront Development s.a.l. with a 50% stake in the joint
ventures total capital amounting to
US$19,900. During the year 2006, the
capital of the joint venture was increased
to US$12,819,900 without changing the
Groups share. The main activity of the
joint venture is to develop, operate, manage, exploit and sell real estate properties in the Marina area in Beirut Central
District.
As per the terms of the agreement, on
December 31, 2005, the Group sold
properties with an aggregate cost of
US$ 10,100,000 from properties held
for development and sale, to the joint
DECEMBER 31,
venture for a total consideration of US$

31,600,000. The other venturer contributed in cash an amount of US$
31,600,000 to the joint venture.
(b) The Group entered into a joint venture
agreement on December 23, 2005, with
Aswaq Management and Services L.L.C.
to establish Beirut Real Estate Management and Services s.a.l. (BREMS), with a
45% stake in the joint ventures capital
amounting to US$19,900. The main activity of the joint venture is to manage
and market Beirut Souks which is
owned by the Lebanese Company for the
Development and Reconstruction of
Beirut Central District s.a.l. On December 7, 2011, the board of directors of
BREMS resolved to cease the operations
of the company as of January 2012.
The Groups share of the assets, liabilities, income and expenses of the jointly
controlled entities at December 31, 2011
and 2010, included in the consolidated
financial statements, are as follows:
2011
US$
2010
US$
1,467,201
3,330,744
14,222
46,225,752
97,835
51,135,754
2,155,460
2,647,528
28,842,511
86,955
33,732,454
221,749
9,098,683
2,716,288
20,095,747
32,132,467
644,338
3,193,528
64,524
8,248,520
12,150,910
ASSETS
Cash and bank balances

Accounts and notes receivables, net
Fixed assets, net
LIABILITIES

Deferred revenue and other credit balance
Loans from banks and financial institutions
The most significant estimate made by

the Group is the determination of the
aggregate cost of the Beirut Central District Project.
155
SOLIDERE
ANNUAL
REPORT
2011
INCOME AND EXPENSES
2011
US$
Revenues from consulting services

Depreciation
Other expenses
Other income
Other taxes
Interest income
Interest expense
Loss for the year before income tax
Income tax
Loss for the year
Operating Segment
For management purposes, the Group is

organized into business units according
to their operations and has three reportable segments as follows:
2011
Total assets
Total liabilities
2010
Total assets
Total liabilities
2011
Revenues
Cost of revenues
Share results from associates
Other taxes
Other expenses
Other income
Interest income
Interest expense
Profit before tax
Income tax expense
Profit for the year
103,090
(1,258,731)
(25,825)
(127,448)
49,966
(109,995)
141,259
(15,871)
(1,243,555)
(38,556)
(1,282,111)
> Real estate sales

> Real estate rental
> Hospitality
No operating segments have been aggregated to form the above reportable operating segments. Management monitors
the operating results of its business
2010
US$
259,179
(634,217)
(24,627)
2,150
(77,234)
143,539
(8,845)
(340,055)
(49,002)
(389,057)
units separately for the purpose of making decisions about resource allocation
and performance assessment. Segment
performance is evaluated based on operating profit and loss and is measured
consistently with operating profit or loss
in the consolidated financial statements.
REAL ESTATE
REAL ESTATE
SALES
RENTAL
HOSPITALITY
TOTAL
US$
US$
US$
US$
2,277,216,817
675,623,040
478,022,891
145,498,986
27,812,584
25,973,990
2,783,052,292
847,096,016
2,117,736,329
618,985,591
247,002,676
(45,246,516)
201,756,160
3,967,997
(36,519,310)
(5,124,270)
(2,703,534)
(5,054,664)
566,603
24,642,878
(20,988,686)
160,543,174
(24,691,842)
135,851,332
156
469,454,447
137,602,103
13,236,865
5,625,369
49,862,775
(21,166,871)
625,809
29,321,713
(601,766)
28,719,947
28,719,947
6,681,294
(9,896,404)
(3,215,110)
(1,075,066)
(1,297,803)
(171,009)
(11,740)
46,967
44,133
(93,279)
(5,772,907)
(5,772,907)
2,600,427,641
762,213,063
2010
Revenues
Cost of revenues
Share results from associates
Other taxes
Other expenses, net
Other income
Interest income
Interest expense
Profit/(loss) before tax
Income tax expense
Profit/(loss) for the year
SOLIDERE
ANNUAL
REPORT
2011
REAL ESTATE
REAL ESTATE
SALES
RENTAL
HOSPITALITY
TOTAL
US$
US$
US$
US$
341,184,749
(82,633,135)
258,551,614
2,670,655
(40,156,020)
(3,914,722)
(4,368,112)
(2,385,024)
204,175
21,328,852
(12,607,974)
219,323,444
(35,288,373)
184,035,071
41,249,180
(26,980,226)
14,268,954
(410,172)
13,858,782
13,858,782
(2,148,628)
(19,421)
(87,047)
(412,436)
275,048
(2,392,484)
(2,392,484)
382,433,929
(109,613,361)
272,820,568
2,670,655
(42,714,820)
(3,934,143)
(4,455,159)
(2,797,460)
204,175
21,603,900
(12,607,974)
230,789,742
(35,288,373)
195,501,369
The Groups revenues, profits, total assets and total liabilities are segregated by geographical area as follows:
LEBANON
MIDDLE EAST
EUROPE
TOTAL
US$
US$
US$
US$
2011
Revenues
Profit for the year
Total assets
Total liabilities
303,546,745
154,830,375
2,462,737,431
847,096,016
3,967,997
317,731,762
-
2,583,099
-
303,546,745
158,798,372
2,783,052,292
847,096,016
2010
Revenues
Profit for the year
Total assets
Total liabilities
382,433,929
192,830,714
2,280,094,509
762,213,063
2,670,655
313,904,171
-
6,428,961
-
382,433,929
195,501,369
2,600,427,641
762,213,063
303,546,745
(76,309,791)
625,809
227,862,763
3,967,997
(38,196,142)
(6,422,073)
(2,874,543)
(5,066,404)
613,570
24,687,011
(21,081,965)
183,490,214
(24,691,842)
158,798,372
157
SOLIDERE
ANNUAL
REPORT
2011
Cash and Bank Balances
DECEMBER 31,
Cash on hand
Current accounts
Short term deposits
Checks for collection
Pledged term deposits
2011
US$
2010
US$
176,840
19,307,100
154,157,060
440,680
174,081,680
57,000
174,138,680
124,451
14,407,283
154,976,023
169,507,757
56,981
169,564,738
Short term deposits mature between January and March 2012 (December 31, 2010: Short term deposits mature between January
and March 2011). The average yield on the term deposits for the year ended December 31, 2011 was approximately 4.16%
(4.57% for the year ended December 31, 2010).
SOLIDERE
ANNUAL
REPORT
2011
Accounts and Notes

Receivable, Net
DECEMBER 31,
2011
US$
Notes receivable
Accounts receivable
Receivables from tenants
Less: Unearned interest
Less: Provision for problematic receivables
Less: Provision for impairment on collectively assessed accounts receivable
494,877,861
119,989,346
33,393,731
(87,177,690)
(741,456)
(9,000,000)
551,341,792
2010
US$
424,524,580
109,644,463
26,487,808
(64,390,302)
(451,320)
(9,000,000)
486,815,229
The Groups credit risk exposure is spread mainly over 48 counter-parties; 10 customers constitute 93% of the total exposure
and 38 customers constitute the remaining 7% as of December 31, 2011 (as of December 31, 2010, 52 counter-parties; 5 customers constitute 82% of the total exposure and 47 customers constitute the remaining 18%).
Notes receivable, which resulted mainly from sales carry the following maturities:
Prepayments and
Other Debit Balances
DECEMBER 31,
DECEMBER 31,
Advance payments to contractors

Advances to employees
Accrued interest income (a)
Prepaid expenses
Deferred tax assets (b)
Due from related parties (c)
Other debit balances
2011
US$
2010
US$
17,161,217
2,714,195
11,583,120
6,677,383
1,612,500
1,488,505
5,309,094
46,546,014
16,481,850
3,116,885
10,714,454
4,255,998
1,612,500
946,484
6,549,673
43,677,844
2011
US$
2010
US$
1,099,991
10,483,129
11,583,120
1,070,533
9,643,921
10,714,454
(a) Accrued interest income consists of the following:

DECEMBER 31,
Interest on bank deposits

Interest on notes and accounts receivables
Doubtful balances
Overdue
2011
2012
2013
2014
2015 and above
2011
US$
Solidere International Limited

City Makers s.a.r.l
Brems International s.a.l. (Offshore)
Less: provision for doubtful balances
1,488,505
6,750
(6,750)
1,488,505
10
DECEMBER 31,
2010
US$
489,440
450,294
6,750
946,484
The above balances are interest free.
158
617,272
31,212,527
89,486,613
85,129,316
83,170,219
205,261,914
494,877,861
617,272
42,244,341
101,819,251
88,072,871
72,695,470
51,665,375
67,410,000
424,524,580
2011
US$
2010
US$
997,660,170
180,688,086
1,178,348,256
975,933,846
108,272,805
1,084,206,651
Inventory of Land and

Projects in Progress
(c) Due from related parties consists of the following:

DECEMBER 31,
2010
US$
The average yield on accounts and notes receivable is mainly dependent on the Libor rate.
Land and land development works, net (a)

Real estate development projects, net (b)
(b) This caption represents deferred tax assets on unrealized profits from sales to a joint venture Note 5 (a).
2011
US$
159
SOLIDERE
ANNUAL
REPORT
2011
(a) Land and land development works include the following cost items:
DECEMBER 31,
a.1 Acquired properties consist mainly of

the aggregate initial appraised value attributed to the plots included in the BCD area
of US$1,170,001,290 net of the recuperated properties. The aggregate appraised
value is determined in accordance with
Decree No. 2236 (dated February 19, 1992
based on the decision of the Higher Appraisal Committee, which was established
in accordance with Law No. 117/91). Acquired properties include the value of purchased and exchanged properties as well.
Law No. 117/91 stated the requirements
for property recuperation and exemption.
In this respect properties appraised at
US$255million were recuperated by original owners and properties appraised at
DECEMBER 31,
Sea front defense

Work executed in the traditional BCD area
Land reclamation and treatment
Electricity power station
Borrowing costs
Other costs
967,201,064
9,412,802
777,395,720
260,242,988
69,553,153
2,083,805,727
(946,936,702)
(132,855,734)
(6,353,121)
997,660,170
2010
US$
10% charge on recuperated properties

appraised values collected from original
owners other than religious and governmental recuperated properties.
a.5 Capitalized costs represent allocation of direct overheads. Costs capitalized during the year ended December
2011
967,608,697
9,412,802
723,490,635
260,242,988
62,056,340
2,022,811,462
(907,668,761)
(132,855,734)
(6,353,121)
975,933,846
US$133million were not claimed for recuperation.

a.2 Pre-acquisition costs include technical and master plan studies incurred
during the set up period of the Group.
a.3 Infrastructure costs consists of the
following:
2011
US$
2010
US$
288,886,655
160,248,695
98,314,581
42,270,889
43,305,585
144,369,315
777,395,720
277,938,625
153,974,364
91,741,772
41,920,403
42,147,789
115,767,682
723,490,635
2011
US$
Construction and rehabilitation of buildings

Cost of land
Cumulative costs
Less: Cost transferred to investment properties, net
Cost transferred to fixed assets
Cost of real estate sold
31, 2011 amounted to US$8.2million

(US$7.6million for the year ended December 31, 2010).
642,646,989
133,244,015
775,891,004
(521,379,645)
(29,659,018)
(44,164,255)
180,688,086
2010
US$
560,683,259
133,244,015
693,927,274
(511,831,196)
(29,659,018)
(44,164,255)
108,272,805
During 2011, the Group transferred an amount of US$9,548,449 (US$79,214,348 during 2010) to investment properties representing the cost of land, building and other assets of the Beirut Souks project (Note 11).
11
Investment
Properties, Net
DISPOSALS
BALANCE AS AT DECEMBER 31,
2010
US$
ADDITIONS
TRANSFERS
AND SALES
US$
US$
US$
2011
US$
92,450,011
350,937,563
34,676,699
478,064,273
898,452
1,161,197
2,059,649
9,548,449
43,320
9,591,769
(959,938)
(2,251,713)
(20,367)
(3,232,018)
91,490,073
359,132,751
35,860,849
486,483,673
29,842,158
5,244,500
35,086,658
442,977,615
5,378,602
1,738,059
7,116,661
(329,605)
(19,201)
(348,806)
34,891,155
6,963,358
41,854,513
444,629,160
2009
US$
ADDITIONS
TRANSFERS
AND SALES
US$
US$
US$
2010
US$
92,450,011
269,353,253
31,960,404
393,763,668
706,590
2,716,295
3,422,885
80,877,720
80,877,720
92,450,011
350,937,563
34,676,699
478,064,273
24,086,572
3,577,852
27,664,424
366,099,244
5,755,586
1,666,648
7,422,234
29,842,158
5,244,500
35,086,658
442,977,615
COST
Land
Buildings
Other assets
A C C U M U L AT E D D E P R E C I AT I O N
Buildings
Other assets
Net Book Value
DISPOSALS
COST
Land
Buildings
Other assets
Buildings
Other assets
Net Book Value
160
REPORT
DECEMBER 31,
a.4 Eviction costs represent the costs of

relocating previous settlers out of the
BCD area which were mainly paid
through the Central Fund for the Displaced (a public authority). This caption
is stated net of US$22.2million as of
December 31, 2011 (US$22.2million as
of December 31, 2010) representing a
ANNUAL
(b) Real estate development projects include the following:

2011
US$
Acquired properties (a.1)

Pre-acquisition costs (a.2)
Infrastructure costs (a.3)
Eviction costs (a.4)
Capitalized costs (a.5)
Cumulative costs
Less: Cost of land sold, net
Less: Cost of land transferred to real estate development projects
Less: Cost of infrastructure transferred to real estate development projects
SOLIDERE
161
SOLIDERE
Investment properties include rented

and available for rent properties. These
represent Beirut Souks, a property
leased out to the Ministry of Foreign Affairs and Emigrants, for use by an international agency, residential complexes,
an embassy complex, and other restored buildings.
During the year ended December 31, 2011,
the Group transferred US$9,548,449
from real estate development projects to
investment properties (US$79,214,348
for the year ended December 31, 2010)
representing the cost allocated to the
Beirut Souks project (Note 10 (b)).
During the year ended December 31,
2011, the Group transferred US$43,320
from fixed assets to investment proper-
12
ANNUAL
REPORT
2011
ties (US$1,663,372 for the year ended

December 31, 2010) (Note 13).
2011, the Group lost the ownership of a
property having an aggregate net book
value of US$1,693,234 for total proceeds
of US$1,002,330 which resulted in a loss
of US$690,904 recorded under Loss of
ownership of investment properties
under Other expenses caption in the
consolidated statement of income (Note
28). Furthermore, the Group recorded a
loss representing the net rental revenue
related to the property from June 2008 to
April 2011 amounting to US$583,121
recorded under Loss of ownership of investment properties under Other expenses caption in the consolidated
statement of income (Note 28).
SOLIDERE
Other disposals of other assets resulted

in a loss of US$1,194 recorded under
Loss of ownership of investment properties under Other expenses (Note 28).
Depreciation for investment properties
in the amount of US$7,116,661 for the
year 2011 (US$7,422,234 for the year
2010) is recorded under Charges on
rented properties in the consolidated
statement of income (Note 24).
The fair value of the investment properties is estimated by management at approximately US$1.26billion based on
current market prices (US$1.26billion as
of December 31, 2010). There has been no
valuation of these properties by an independent valuer.
During the first half of the year 2007,

Solidere established Solidere International Holdings s.a.l. (SIH) which in
turn established Solidere International
Limited (SI) in the Dubai International
Financial Center (DIFC) with an initial
capital of US$50,000. The main activity
of SI is to promote, invest in, develop,
market and manage, as well as provide
consulting services with respect to real
estate projects outside the Beirut Central
District area of Lebanon. During the
same year, SIH raised additional funds
for SI through a private placement.
13
ANNUAL
REPORT
2011
As a result of the private placement SIs

share capital and share premium
amounted to US$700,050,000 out of
which SIH settled US$216million against
an ownership percentage of 37.19%.
On June 7, 2007, the Group further subscribed into the capital of Solidere International Limited for an amount of
US$3,000,060 representing a 0.4286%
equity stake.
The private placement memorandum and

other signed agreements between Solidere
and SI stipulate that Solidere and Solidere
Management Services s.a.l. will transfer to
SI all the projects that they had outside the
Lebanese territories. In addition, Solidere
will grant SI the right to use the Solidere
brand name through a license agreement
and a none compete right.
During 2008, the Group increased its direct ownership in Solidere International
Limited to 38.18% by acquiring 66,849
shares for an amount of US$10,784,850.
During 2009, the Group increased its direct ownership in Solidere International
Limited to 38.98% by acquiring 86,900
shares for an amount of US$6,997,000.
Fixed Assets, Net
Fixed assets are composed of the following:
Investment in Associates
DISPOSALS
DECEMBER 31,
Solidere International Limited (SI)

Other
2011
US$
2010
US$
317,727,785
3,977
317,731,762
313,904,171
313,904,171
Details of the Groups associate SI are as follows:

2011
2010
GROUPS SHARE
GROUPS SHARE
COUNTRY OF
OWNERSHIP
INCORPORATION
INTEREST
COST
OF EQUITY
COST
OF EQUITY
US$
US$
US$
US$
38.98
237,209,580
317,727,785
237,209,580
313,904,171
Solidere International Limited
UAE
Summarized financial information in respect of the Groups associate is set out below:
DECEMBER 31,
2011
US$
2010
US$
Total assets
Total liabilities
Net assets
Groups share of net assets
875,440,867
(4,720,441)
(55,559,716)
815,160,710
317,727,785
868,047,357
(4,859,808)
(57,836,682)
805,350,867
313,904,170
Initial price of investment

Groups share of results
Groups share of comprehensive loss
Carrying amount of the investment
237,209,580
3,967,997
(144,383)
317,727,785
237,209,580
2,670,655
(231,795)
313,904,171
162
2010
US$
ADDITIONS
TRANSFERS
AND SALES
US$
US$
US$
2011
US$
5,722,047
20,580,049
7,866,624
5,565,204
12,685,396
33,969,107
4,180,894
2,487,918
93,057,239
3,098,069
4,470,894
7,770,200
2,161,465
17,500,628
5,722,047
23,678,118
7,866,624
10,036,098
26,716,862
36,130,572
364,226
110,514,547
2,915,757
704,456
2,845,147
3,331,787
23,978,699
33,775,846
59,281,393
316,894
157,457
569,561
1,370,014
4,008,147
6,422,073
3,232,651
861,913
3,414,708
4,701,801
27,986,846
40,197,919
70,316,628
COST
Land
Buildings
Marina
Furniture and fixture
Advances on fixed assets
Work in progress
6,261,266
(3,816,668)
(2,487,918)
(43,320)
Buildings
Marina
Net Book Value
163
SOLIDERE
ANNUAL
REPORT
2011
DISPOSALS
2009
US$
ADDITIONS
TRANSFERS
AND SALES
US$
US$
US$
5,080,192
13,180,361
7,866,624
3,471,137
4,536,819
31,995,531
66,130,664
5,889,767
2,094,067
9,811,949
1,973,576
4,180,894
2,487,918
26,438,171
2,590,442
704,456
2,646,462
3,150,621
20,837,804
29,929,785
36,200,879
413,397
198,685
181,166
3,140,895
3,934,143
2010
US$
COST
Land
Buildings
Marina
Advances on fixed assets
Work in progress
641,855
1,646,731
(1,663,372)
625,214
(136,810)
(136,810)
5,722,047
20,580,049
7,866,624
5,565,204
12,685,396
33,969,107
4,180,894
2,487,918
93,057,239
(88,082)
(88,082)
2,915,757
704,456
2,845,147
3,331,787
23,978,699
33,775,846
59,281,393
monthly. The covenants of the agreements stipulate that the Group maintain a maximum debt to equity ratio of
1:4 and a minimum equity balance of
US$1billion. The maturity of these loans
was extended from February 3, 2011 to
August 3, 2012.
On September 23, 2010, the Group
signed a US$100million short term facility with a local bank. This facility is
subject to a fixed interest rate of 4.125%
p.a. paid quarterly. The maturity of this
facility was extended from October 2011
to March 2012.
Buildings
Marina
Net Book Value
On August 9, 2010, the Group renewed,

with the same bank, its US$60million
15
SOLIDERE
ANNUAL
REPORT
2011
one year credit facility. The facility is subject to an interest rate of three-month
Libor plus 1.5% but not less than 4.5%
p.a paid quarterly. The covenants of the
agreement stipulate that the Group maintain a maximum debt to equity ratio and
banks loans, overdraft, and facilities to
equity ratio of 2:1 and 4:1 respectively.
The covenants of both facilities stipulate
that the Group maintain a minimum of
US$75million in notes and accounts receivables and maintain a minimum of
750,000 squared meters of built properties
and US$1billion in net tangible assets free
from any liens. The maturity of these facilities was extended to February 10, 2012
and February 17, 2012, respectively.
On July 31, 2009, the Group signed a

US$50 million credit facility with a local
bank subject to an interest rate of threemonth Libor plus 1.75% with a minimum of 5% p.a paid monthly. As of
December 31, 2009, the Group utilized
US$ 19.9million of this facility. This facility matured on July 31, 2010 but was
renewed for another year. On July 5, 2011
the Group signed a US$100million credit
facility (in replacement of the facility of
US$50million) subject to an interest rate
of three-months Libor plus 2% with a
minimum 5.25% p.a. paid quarterly. The
covenants of the facility stipulate a minimum equity of US$1billion, a minimum
equity to asset ratio of 40% and a minimum debt to equity ratio of 5%. The facility matures on July 31, 2012.
Accounts Payable
and Other Liabilities
Accounts payable and other liabilities consist of the following:

from fixed assets to investment properties (US$1,663,372 for the year ended
December 31, 2010) (Note 11).
14
During the year ended December 31, 2010,

the Group transferred US$2,288,586
from real estate development projects
to fixed assets.
The depreciation for the year ended December 31, 2011 and 2010 was charged
to the consolidated statement of income.
DECEMBER 31,
Accounts payable (a)

Accrued charges and other credit balances (b)
Taxes payable (c)
Provision for end-of-service indemnity and other charges (d)
Provision for previously recognized sales (e)
Due to related parties (f)
Accrued interest payable
Bank Overdrafts and

Short Term Facilities
2011
US$
2010
US$
68,969,445
18,820,774
33,420,163
13,608,683
7,007,910
482,155
1,387,508
143,696,638
69,945,629
18,071,578
41,282,024
11,394,853
7,007,910
216,970
1,020,557
148,939,521
Bank overdrafts and short term facilities consist of the following:

DECEMBER 31,
Bank overdrafts
Short term facilities
In 2011, the Group renewed its US$40

million credit facility with a local bank
(2010: US$40million). The facility is
subject to an interest rate of three-month
Libor plus 1.5% but not less than 4.25%
paid quarterly (2010: three-month Libor
plus 1.5% but not less than 4.25%). The

covenants of the agreement stipulate
that the Group maintain a maximum
debt to equity ratio and banks loans,
overdraft, and facilities to equity ratio of
2:1 and 4:1 respectively.
164
2011
US$
2010
US$
89,746,974
430,302,226
520,049,200
86,144,258
386,342,742
472,487,000
On September 27, 2010, the Group renewed two credit facility agreements,
amounting to US$75million and US$35
million respectively, signed in 2007 with
a local bank. These facilities are subject
to a fixed interest rate of 5% p.a paid
(a) Accounts payable as of December 31, 2011 and 2010 include balances in the aggregate amount of US$13.8million due to
the Lebanese Government in consideration of the exchange of assets agreement explained in Note 32(f).
(b) Accrued charges and other credit balances consists of the following:
DECEMBER 31,
Deposits from tenants

Accrued municipality expenses
Other
165
2011
US$
2010
US$
3,101,497
3,326,425
12,392,852
18,820,774
3,150,258
5,585,045
9,336,275
18,071,578
SOLIDERE
ANNUAL
REPORT
2011
(c) Taxes payable consist of the following:

DECEMBER 31,
Accrued income tax

VAT payable
Taxes withheld
Property tax payable
Other accrued taxes
2011
US$
2010
US$
24,402,559
81,686
3,175,779
5,752,935
7,204
33,420,163
33,851,555
48,139
2,466,611
4,908,515
7,204
41,282,024
Income Tax
SOLIDERE
ANNUAL
REPORT
2011
(e) During the year ended December 31, 2009, the Group booked a provision of US$7,007,910 to account for the effect of an
expected loss relating to a previously recognized sale where certain legal and regulatory conditions might lead to the cancellation
of this sale agreement.
(f) Due to related parties consists of the following:
DECEMBER 31,
Beirut Real Estate Management and Services s.a.l.

Mr. Selim El Zyr
Mr. Rami Ariss
City Markers s.a.r.l.
Loulyas Holding s.a.l.
The applicable tax rate in Lebanon is 15% according to the Lebanese tax laws.
The accrued income tax for the years 2011 and 2010 was estimated as follows:
Total accrued income tax

Add: Deferred tax assets expensed
Income tax expense
2010
US$
394,956
605
8,058
50,193
28,343
482,155
216,527
443
216,970
The above balances are interest free.

2011
US$
Profit before tax

Less: Income of subsidiaries
Add: Non-deductible provisions and charges
Less: Non-taxable revenues
Taxable income
Applicable tax rate
Accrued income tax
Add: Income tax provision for subsidiaries
Total accrued income tax
Less: Tax on interest previously settled
Accrued income tax payable
2011
US$
2010
US$
183,490,214
3,739,507
5,748,285
(28,622,769)
164,355,237
15%
24,653,286
38,556
24,691,842
(289,283)
24,402,559
230,789,742
933,580
9,868,205
(13,993,487)
227,598,040
15%
34,139,706
49,002
34,188,708
(337,153)
33,851,555
24,691,842
24,691,842
34,188,708
1,099,665
35,288,373
16
Dividends Payable
GENERAL ASSEMBLY
DATE
June 29, 1996

June 30, 1997
June 29, 1998
June 23, 2003
June 12, 2006
June 22, 2007
July 15, 2008
July 13, 2009
July 19, 2010
August 1, 2011
August 1, 2011
The tax returns for the years 2007 until 2011 are still subject to examination and final tax assessment by the tax authorities.
Any additional tax liability is subject to the results of this review.
DEC 31, 2011
DEC 31, 2010
PAYABLE
PAYABLE
US$
31, 2011
US$
US$
US$
30,918,413
40,367,172
39,351,753
19,625,550
94,831,106
155,093,702
155,090,832
176,479,957
175,228,434
60,912,291
85,987,850
1,033,887,060
29,379,759
37,562,073
35,974,007
19,606,235
89,854,575
144,615,509
136,989,358
160,768,716
157,227,962
51,725,153
85,987,850
949,691,197
1,538,654
2,805,099
3,377,746
19,315
4,976,531
10,478,193
18,101,474
15,711,241
18,000,472
9,187,138
84,195,863
1,569,502
2,847,134
3,424,334
19,315
5,349,617
11,227,744
19,306,641
17,360,213
25,223,377
86,327,877
DIVIDEND
SETTLED UP TO
PER SHARE
DECLARED
US$
0.20
0.25
0.25
Stock dividend
0.6
1.00
1.00
1.15
1.15
0.40
Stock dividend
DEC.
Value Added Tax (VAT)

The VAT declarations for the years 2005 until 2011 are still subject to examination and final tax assessment by the tax authorities. Any additional tax liability is subject to the results of this review.
(d) The movement of provision for end-of-service indemnity and other charges is as follows:
2011
US$
Balance at the beginning of the year

Additions
Settlements
Balance at the end of the year
11,394,853
2,298,404
(84,574)
13,608,683
166
2010
US$
8,752,141
2,947,202
(304,490)
11,394,853
The General Assembly held on August

1, 2011 decided to distribute dividends
on the basis of US$0.4 per share and to
distribute class (A) shares from its
treasury shares on the basis of 1 share
for every 30 shares for a total consideration of US$86million and issued the
related share certificates. Accordingly,
the Group recorded dividends payable
in the amount of US$53.6million net of
distribution tax in the amount of US$

7.3million. An amount of approximately
US$52million was settled up to December 31, 2011.
The General Assembly held on July 19,
2010 decided to distribute dividends on
the basis of US$1.15 per share. Accordingly the Group recorded dividends
payable in the amount of US$166million
167
net of distribution tax in the amount of

US$8.8million. An amount of approximately US$157million was settled up to
December 31, 2011 (US$150million was
settled up to December 31, 2010).
The outstanding balance of unpaid dividends relates mostly to unclaimed dividends and dividends pertaining to undelivered class (A) shares.
17
SOLIDERE
ANNUAL
REPORT
2011
Deferred Revenue and

Other Credit Balances
Class A and Class B shares have the

same rights and obligations.
DECEMBER 31,
Cash down payments and commitments on sale contracts

Deferred rental revenue and related deposits
Cash down payments and commitments

on sale contracts include balances aggregating to approximately US$4.6million
that relate to 4 sale contract with an aggregate potential gross sales value of
US$46million as of December 31, 2011
(US$23.6million relating to 2 sale contracts with an aggregate potential gross
sales value of US$77.5million as of December 31, 2010).
Deferred rental revenue and related deposits represent down payments on lease
and rental agreements and reservation
deposits for the rental of real estate properties.
18
Loans From Banks and

Financial Institutions
On October 12, 2011 the Company

signed a loan agreement with a resident
foreign bank for an amount of US$50million. The two years loan bears an interest
of 3-months Libor + 2.5% not exceeding
3.95% p.a. Interest is computed on a
quarterly basis starting the date of first
withdrawal. The loan was fully withdrawn
during the year 2011. The repayment of
the loan will be through 4 equal semi-annual installments of US$12.5million each
starting 6 months after the date of the
first withdrawal. The covenants of the
loan stipulate that the Company should
maintain a maximum debt to equity ratio
of 1:1 and a minimum current ratio of
1.2:1. Interest for the year 2011 in the
amount of USD394,999 was recorded
under Interest expense from banks in
the consolidated statement of income.
During 2009, a joint venture entity of the
Group signed a subsidized loan agreement with a local bank in the amount of
USD9,950,249. Total loan was fully with-
drawn during 2011 (US$8,883,899 as of

December 31, 2010) of which 50% was
reflected in the consolidated financial
statements (50% proportionate consolidation). The term of the loan is seven
years with 2 years, grace period, and
bears an annual interest rate of 3 months
Libor + 2.5% before the subsidy, not exceeding 6.5% per annum. Interest is
computed on a quarterly basis starting
the date of first withdrawal. Interest for
the year ended December 31, 2011 in the
amount of US$41 thousand (US$21
thousand for the year 2010) was capitalized under inventory of land and projects
in progress (Note 10). The repayment of
the entire loan will be through 19 equal
quarterly installments of USD500,000
each and one last installment of USD
450,249 beginning on December 31, 2011
and ending September 30, 2016.
Group signed another loan agreement
with the same local bank in the amount
of USD30,000,000. Total withdrawals as
of December 31, 2010 amounted to
USD7,613,141 of which 50% was reflected in the consolidated financial
statements (50% proportionate consolidation). The term of the loan is four
years with two years, grace period. The
loan bears an interest rate equivalent to
cost of funds + 2%, not to exceed 3.9%
annually. Interest is computed on a quarterly basis starting the date of the first
withdrawal. Interest for the year ended
December 31, 2011 in the amount of
US$240thousand (US$42.45thousand for
the year 2010) was capitalized under inventory of land and project in progress
(Note 11). The agreement was amended
during 2011 by decreasing the loan
amount by US$15,000.000 to be repaid
through 4 equal semi-annual repayments
of US$3,750,000 each starting on December 31, 2011 and ending on June 30,
168
SOLIDERE
2011
US$
2010
US$
5,841,989
23,216,579
29,058,568
24,767,197
21,442,948
46,210,145
2013. The loan was fully withdrawn during 2011.

Group signed another loan agreement
with the same local bank in the amount
of USD14.9million. The term of the loan
is ten years with a grace period starting
on the date of first withdrawal and ending on June 30, 2013. This loan bears a
fiscal annual interest rate of 2.7% per
annum which may increase in case of
change in the compulsory reserves requirements imposed by the Central
Bank of Lebanon. Interest is computed
on a quarterly basis at the end of each
quarter and starting the date of first
withdrawal. Interest for the year ended
December 31, 2011 in the amount of
US$158thousand was capitalized under
inventory of land and project in progress
(Note 11). The repayment of the loan will
be through 32 equal quarterly installments of USD466,418 each beginning
on September 30, 2013.
19
Capital
Capital consists of 165,000,000 shares

of US$10 par value, authorized and
fully paid and divided in accordance
with Law 117/91 into the following:
As of December 31, 2011, the Company

had 13,557,687 A shares listed on the
London Stock Exchange in the form
of Global Depository Receipts (GDR)
(10,796,073 A shares as of December 31,
2010).
20
Legal Reserve
In conformity with the Companys articles of incorporation and the Lebanese

Code of Commerce, 10 % of the annual
22
ANNUAL
REPORT
2011
net income is required to be transferred

to legal reserve until this reserve equals
one third of capital. This reserve is not
available for dividend distribution.
21
Treasury Shares
This caption includes 7,643,249 shares

class (A) and (B) as of December 31,
2011 out of which 396,344 shares represent Global Depository Receipts (GDR)
(12,719,273 shares out of which 396,344
shares represent Global Depository Receipts (GDR) as of December 31, 2010).
The treasury shares outstanding as of

December 31, 2011 and 2010 were stated
at the weighted average cost.
According to its articles of incorporation, the Group may purchase up to
10% of its share capital without the existence of free reserves, provided that it
shall resell these shares within a period
not exceeding eighteen months.
As of December 31, 2011 and 2010, this
caption includes 3,685,000 shares that
were acquired from sale of properties.
Non-Controlling Interest
Non-controlling interest consists of the following:

2011
US$
Issued capital
Retained earnings
Loss for the year
23
3,980
(86,660)
(231,296)
(313,976)
2010
US$
3,980
(86,660)
(82,680)
Revenues from Rendered

Services
Services rendered to related parties (Note 31)

Services rendered to clients
Broadband network revenues
> Class A, amounting to 100,000,000

shares represented contribution in kind
of properties in the BCD, based on the
resolutions of the High Appraisal Committee. All Class A shares were deemed
to have been issued and outstanding
since the establishment of the Group.
> Class B, amounting to 65,000,000
shares represented capital subscription
in cash and are all issued and fully paid
at the establishment of the Group.
169
2011
US$
2010
US$
1,904,854
922,293
2,452,981
5,280,128
923,361
848,825
2,182,858
3,955,044
24
SOLIDERE
ANNUAL
27
Depreciation expense (Note 11)

Property taxes
Electricity
Manpower
Advertising
Maintenance and other related expenses, net
2011
US$
2010
US$
7,116,661
5,752,935
2,786,725
3,563,243
1,628,560
318,747
21,166,871
7,422,234
5,100,343
2,221,973
1,418,954
5,934,902
4,881,820
26,980,226
SOLIDERE
ANNUAL
REPORT
2011
Interest income from notes and accounts receivable

Interest income from banks
28
Cost of services rendered to related parties

Cost of services rendered to clients
Broad band network cost of services rendered
2011
US$
2010
US$
1,927,253
763,421
3,211,278
5,901,952
944,744
539,691
2,483,473
3,967,908
General and Administrative

Expenses
Salaries, benefits and related charges

Board of directors remuneration
Professional services
Promotion and advertising
Utilities, office, maintenance and other similar expenses
Travel and accommodation
Establishment expenses
Other expenses
2011
US$
2010
US$
22,503,521
275,000
2,419,556
5,880,820
4,200,682
1,350,451
1,566,112
38,196,142
25,668,493
284,917
2,657,697
6,210,439
3,675,875
2,039,713
235,375
1,942,311
42,714,820
During 2011, the Group settled an

amount of US$3.4million (US$60thousand during 2010) representing amicable settlements as a goodwill gesture for
the withdrawal of claims concerning offers regarding the Beirut Souks.
During 2010, the Group settled an
amount of US$1.79million representing
amicable settlements for cancellation of
a rent contract.
29
Basic/Diluted Earnings
per Share
The computation of earnings per share

is based on net income for the period
and the weighted average number of
outstanding class (A) and (B) shares during each period net of treasury shares
held by the Group.
170
2010
US$
19,186,689
5,500,322
24,687,011
15,024,611
6,579,289
21,603,900
2011
US$
2010
US$
3,414,155
1,275,219
377,030
5,066,404
1,849,913
48,728
898,819
2,797,460
The weighted average number of shares

to compute basic and diluted earnings
per share is 154,395,737 shares for the
year 2011 (152,182,097 shares for the
year 2010).
Notes to the Cash Flow

Statement
(a) Depreciation was applied as follows:

The Group reallocated salaries, benefits and related charges and administrative expenses amounting to US$8.5million to construction cost during the year ended December 31, 2011 (US$7.6million during the year ended December 31, 2010).
2011
US$
Other Expenses
Amicable settlements
Loss on sales of fixed assets
Loss of ownership of investment properties (Note 11)
Other
30
Interest Income
Cost of Services
Rendered
26
2011
Charges on
Rented Properties
25
REPORT
Depreciation of fixed assets - Note 13

Depreciation of investment properties - Note 11 & 24
Depreciation charge for the year
171
2011
US$
2010
US$
6,422,073
7,116,661
13,538,734
3,934,143
7,422,234
11,356,377
SOLIDERE
ANNUAL
REPORT
2011
(b) Interest expense consists of the following:

Interest charged as period cost

Interest expense allocated to inventory of land and projects in progress Note 10
Total interest expense
(c) Non-cash transactions in operating

and investing activities include transfers
from inventory of land and projects
in progress to investment properties
in the amount of US$9,548,449 for
the year ended December 31, 2011
(US$79,214,347 for the year ended December 31, 2010).
(d) During the year ended December 31,

from fixed assets to investment properties (US$1,663,372 for the year ended
December 31, 2010).
These represent transactions with related parties, i.e. significant shareholders, directors and senior management of
the Group, and companies of which they
are principal owners and entities controlled, jointly controlled or significantly
influenced by such parties. Pricing policies and terms of these transactions are
approved by the Groups management.
Cash and bank balances include US$
59,908,080 as of December 31, 2011
(US$53,640,840 as of December 31, 2010)
representing current bank accounts with
a local bank who is a significant but minority shareholder of the Group.
Bank overdraft and short term facilities
include US$115,629,936 as of December 31, 2011 (US$146,802,712 as of December 31, 2010) representing short
term facilities with a local bank who is
21,081,965
3,271,593
24,353,558
12,607,974
2,926,646
15,534,620
(e) During the year ended December

31, 2010, the Group transferred US$
2,288,586 from real estate development
projects to fixed assets.
2011
US$
Cash
Current accounts
Short term deposits
Bank overdrafts
31
2010
US$
(f) Cash and cash equivalents comprise of the following:
Related Party
Transactions
2011
US$
621,452
19,303,168
152,803,252
(520,049,200)
(347,321,328)
a significant but minority shareholder

of the Group.
Certain directors are members of the
boards of directors of banks with whom
the Group has various banking activities.
include legal fees in the amount of
US$125,000 for the year ended December 31, 2011 related to one of the firms
legal counselors who is also a member
in the Companys board of directors
(US$120,000 for the year ended December 31, 2010).
The Group incurred various expenses
on behalf of its related parties whose
total net balances due from amounted
to US$1,006,350 as of December 31,
2011 (US$729,514 as of December 31,
2010) (Note 8 and 15).
During 2011, the Group charged Solidere International Limited, an associate,
administrative expenses amounting to
172
2010
US$
124,451
14,407,283
153,891,533
(472,487,000)
(304,063,733)
US$1,904,854 (US$467,961 for the year

2010) (Note 23), in addition to an
amount of US$29,459 (US$58,909 for
the year 2010) representing payments
on its behalf.
During 2010, the Group rendered services to City Makers s.a.r.l., a subsidiary,
for an aggregate amount of US$455,400
(Note 23).
Total benefits paid to executives and
members of the Board of Directors (including salary, bonus and others),
included within General and administrative expenses, for the year ended December 31, 2011 amounted to US$3,781,100
(US$4,287,222 for the year ended December 31, 2010).
Income arising and expenses incurred
from the Groups transactions with
other related parties, other than those
disclosed in the financial statements, do
not form a significant portion of the
Groups operations.
32
Commitments and
Contingencies
(a) An agreement between the Company

and the Council for Development and
Reconstruction (CDR) was promulgated through Decree No. 5665 dated
September 21, 1994, duly approved by the
Council of Ministers. By virtue of this
agreement, the Company was granted
291,800m of the reclaimed land surface
(totaling 608,000 sqm) against the execution by the Company of the sea landfill
and infrastructure works.
(b) The total projected cost for completion of the BCD project has been estimated by management to be approximately US$2billion. This amount is used
as a base for the determination of cost of
sales.
(c) Commitments for contracted works
not executed as of December 31, 2011
amounted to approximately US$144million (US160million as of December 31,
2010).
(d) A lawsuit was raised in 1999 against
the Group by the CDR claiming reimbursement of an amount of LL5.4billion
(US$3.6million) plus interest. This balance represents payments previously
made by the CDR in connection with
the appraisal of the properties in the BCD
area and other tender documents. No
provision was set up against this claim
since, on the basis of the advice received
from the Groups legal advisor, the directors are of the opinion that this claim is
not based on sound legal grounds. During 2011, the Group paid an amount of
LBP11.5billion (US$7.6million) in settlement of the above claims recorded under
infrastructure costs (Note 10a).
The Group has submitted to the CDR
claims aggregating US$13.6million
representing mainly change orders to
infrastructure works in the traditional
BCD which were incurred by the Group
on behalf of the Government. These
claims were neither approved nor confirmed by the concerned party nor
recorded as receivables in the accompanying financial statements.
SOLIDERE
ANNUAL
REPORT
2011
(e) The Group is a defendant in various

legal proceedings and has litigations
pending before the courts and faces several claims raised by contractors. On
the basis of advice received from the external legal counsel and the Groups
technical department, the directors are
of the opinion that any negative outcome thereof, if any, would not have a
material adverse effect on the financial
condition of the Group.
(f) On June 7, 1997, the Group signed an
exchange agreement with the Lebanese
Government. By virtue of this agreement,
the Group acquired additional built up
area of approximately 58,000m and
556,340 Class A shares in exchange for
approximately 15,000m and the payment of US$38.7million to restore governmental buildings. US$25million has
already been paid and accounted for and
the balance of US$13.8million continues to be included under accounts
payable. According to the terms of the
agreement, the Group undertook to build
a governmental building and to conclude ten finance leases over seven years
for certain buildings belonging to the
Lebanese Government. In 1999, the government canceled the exchange and finance lease agreement. The implementation and the effect of cancellation is not
yet determined and has not been reflected
in the accompanying financial statements.
(g) In prior periods, the Group submitted
to the Ministry of Culture and Higher
Education claims totaling US$17.7million representing compensation for delays that resulted from excavation works.
These claims were not yet approved nor
confirmed by the concerned authorities
nor recorded as receivables in the accompanying financial statements.
(h) For the purpose of enhancing and
improving land value in Zokak Al Blat
area and to settle the recuperation of a
lot in that area, the Group signed in 2002
an agreement with the Armenian Orthodox prelacy to demolish the building on
the recuperated lot and to transfer corresponding building rights to another adjacent lot with minimum building rights
of 4,900m against ceding of owners
shares from both lots. Additionally, a
173
built up area of 5,335m (US$2,700,000)

remains as a contingent loss to the Group
in case the prelacy decides to build this
area within the next 10 years following
this agreement.
(i) The Group has commitments and contingencies in the form of letters of guarantee in the amount of US$11,275,811
as at December 31, 2011 (as at December
31, 2010 commitments and contingencies in the form of letters of guarantee
and letters of credit in the amount of
US$7,660,661 and US$803,656, respectively).
33
Capital Management
The primary objective of the Groups capital management is to ensure that it maintains a strong credit rating and healthy
capital ratios in order to support its business and maximize shareholder value.
The Group manages its capital structure
and makes adjustments to it in light of
changes in economic conditions. No
changes were made in the objectives,
policies or processes during the years
ended December 31, 2011 and 2010.
The capital structure of the company consists of debt and equity. Debt consists of
total liabilities less cash and bank balances. Equity comprises capital, reserves,
retained earnings, cumulative foreign
currency transactions, cumulative change
in fair value and surplus on treasury
shares activity less treasury shares.
The Group monitors capital on the basis
of the debt-to-capital ratio (gearing ratio).
The gearing ratio as at December 31,
2011 and 2010 was as follows:
SOLIDERE
ANNUAL
REPORT
2011
DECEMBER 31,
2011
US$
Total consolidated liabilities

Less: Cash and bank balances
Total debt
847,096,016
(174,138,680)
672,957,336
Total equity
Gearing ratio
34
1,936,270,252
35%
Risk Management
The Groups principal financial liabilities,

other than derivatives, comprise bank
loans and overdrafts, deferred revenues
and other credit balances, dividends
payable and accounts payable and other
liabilities. The main purpose of these financial liabilities is to raise finance for
the Groups operations. The Group has

various assets such as accounts and notes
receivable and cash and bank balances,
which arise directly from its operations.
The main risks arising from the Groups
financial instruments are interest rate
risk, liquidity risk, foreign currency risk
and credit risk. The Board of Directors
reviews and approves policies for managing each of these risks which are summarized below:
2010
US$
762,213,063
(169,564,738)
592,648,325
1,838,297,258
32%
(a) Interest Rate Risk

The Groups exposure to the risk of
changes in market interest rates relates
primarily to the Groups long-term debt
obligations with floating interest rates.
The following table demonstrates the
sensitivity to a reasonably possible
change in interest rates, with all other
conditions held constant, of the Groups
profit before tax.
INCREASE/
EFFECT ON
DECREASE IN
PROFIT BEFORE
BASIS POINTS
SOLIDERE
ANNUAL
REPORT
2011
3-12
1 TO 5
MONTHS
YEARS
TOTAL
USD
3 MONTHS
USD
USD
USD
USD
8,240,809
84,195,863
62,160,704
-
520,049,200
28,500,664
-
32,085,386
-
520,049,200
130,987,563
84,195,863
29,058,568
29,058,568
12,709,075
134,204,315
62,160,704
17,000,000
565,549,864
53,095,747
85,181,133
70,095,747
12,709,075
847,096,016
8,173,926
86,327,877
63,849,342
-
472,487,000
37,207,303
-
29,213,705
-
472,487,000
138,444,276
86,327,877
46,210,145
46,210,145
10,495,245
151,207,193
63,849,342
509,694,303
8,248,520
37,462,225
8,248,520
10,495,245
762,213,063
LESS THAN
NO MATURITY
December 31, 2011

Dividends payable
Deferred revenues and other
credit balances
Loans from banks and financial
institutions
Non-financial liabilities
December 31, 2010

Dividends payable
Deferred revenues and other
credit balances
Loans from banks and financial
institutions
Non-financial liabilities
TAX
USD
2011
US Dollars
US Dollars
2010
US Dollars
US Dollars
(b) Foreign Currency Risk

Currency risk is the risk that the value
of a financial instrument will fluctuate
due to changes in foreign exchange
rates. The Group is not materially exposed to currency risk since the majority of its financial assets and liabilities
are denominated in U.S. Dollar or in
currencies pegged to the U.S. Dollar.
(c) Credit Risk

The Groups credit risk is primarily attributable to its liquid funds receivables,
other debit balances and investments in
securities. The amounts presented in the
balance sheet are stated at net realizable
value, estimated by the Groups management based on prior experience and the
current economic conditions.
The Groups liquid funds are placed

with prime banks. Investments in securities are not covered by collaterals.
Other debit balances consist mainly of
amounts due from related parties.
The Group trades mostly with recognized, credit worthy third parties and
monitors receivable balances and collection on an ongoing basis.
The Groups credit risk exposure is spread
over 48 counter-parties; 5 customers constitute 93% of the total exposure and 38
customers constitute the remaining 7%.
The maximum exposure is the carrying
amount as disclosed in Note 9.
The Groups revenues, profits, total assets and total liabilities segregated by
174
+20
-15
508,918
381,688
+20
-15
589,920
442,440
geographical area is disclosed under

Note 6.
35
Fair Value of Financial

Instruments
The fair values of financial instruments are not materially different

from their carrying values.
Market value has been used to determine the fair value of listed availablefor-sale assets. The fair values of loans,
notes and other financial assets, and
borrowings and other financial liabilities have been calculated by discounting the expected future cash flows at
prevailing market interest rates.
(d) Liquidity Risk

Liquidity risk is the risk that an institution
will be unable to meet its net funding requirements. Liquidity risk can be caused
by market disruptions or credit downgrades, which may cause certain sources
of funding to dry up immediately.
The Groups objective is to maintain a
balance between continuity of funding
and flexibility through the use of bank
overdrafts and bank loans.
The table below summarizes the maturity profile of the Groups liabilities as
of December 31, based on contractual
undiscounted liabilities:
175
36
Approval of Financial
Statements
The Board of Directors approved the

financial statements for the year
ended December 31, 2011,
on May 2, 2012.
COLOPHON
Design, Editing, and Production

Multidisciplinary Design Department
Prepress
Leogravure s.a.l.
Printing
Anis Commercial Printing Press s.a.l.
Binding
Fouad Beaino Book Bindary s.a.r.l.
Copyright 2012 Solidere
All rights reserved. No part of this publication can be reproduced or transmitted

in any form or by any means, whether by
photocopying, recording or facsimile machine or otherwise howsoever without
prior written permission from Solidere.
Printed in Lebanon
Auditors
Deloitte & Touche
Arabia House, 131 Phoenicia Street
PO Box 961, Beirut, Lebanon
T 00961 1 364 700, F 00961 1 367 087
Ernst & Young p.c.c.
Commerce and Finance Bldg, Kantari
PO Box 11-1639, Beirut 1107 2090, Lebanon
T 00961 1 360 640, F 00961 1 360 634
Corporate Legal Counsel

Sami Nahas
Attorney-at-Law
34 Clemenceau Street, BBAC bldg
PO Box 11-4570, Beirut, Lebanon
T 00961 1 364 990, 00961 1 374 990
F 00961 1 369 663
Solidere
Registered Office
Solidere Bldg 149, Saad Zaghloul Street
PO Box 11 9493, Beirut 2012 7305, Lebanon
T 00961 1 980 650, 00961 1 980 660
F 00961 1 980 661, 00961 1 980 662
177
AWARDS
AWARDS
Solidere Annual Report 2009

Beirut City Center received two prestigious
communication design awards:
The iF International Forum
Design Award 2011 Germany and
The German Design Council
Gold Award 2012.

City in Layers received a prestigious
communication design award:
The Red Dot Design Award:
Best of the Best 2012 Germany.
Beirut City Center

City in Layers
Solideres prominent aim is to reemphasize Beirut city centers role after the war. The concept reveals the culmination
of 15 years of reconstruction and development efforts, outlined in primary numbers, photo essays and call-outs. The
reports tactile feel white silk screen on black background
with a silver overprint of Solideres construction lines, reflects the urban intervention on the city and the contrasts of
Beiruts social fabric. The combination of old style serif with
bold non-serif typeface alludes to the multifaceted city that
builds on various layers of time and civilizations, portraying
the memory of a space and the emergence of a place.
16 years of destruction. 16 years of reconstruction.

The Annual Report 2010 occasions a moment of reflection.
In its dedication to the lens of a single photographer, City
in Layers reflects time, seasons, corridors and city portraits.
Beirut city center is narrated through Gabriele Basilicos
1991, 2003, and 2011 images, labeled by archive numbers
and punctuated by inserts. Translucent paper overlays text
and image. Tranquil white terrains echo Basilicos introspection, whose work contemplates stillness while capturing urban transformation. Cotton cover wrapped with tissue
suggests layers of city fabric.
The report explores a new approach to documenting Solideres work in Beirut, a place where history, present, and future emerge and evolve in unexpected ways.
178
179
Beirut City Center
2011
CITY IN PORTRAITS
MOMENTUM OF PLACE,
PEOPLE IN MOTION:
CITY
IN
PORTRAITS
2011
Beirut City Center
After all anybody is as their land and air is. Anybody is as the sky is low or
high, the air heavy or clear, anybody is as there is wind or no wind there. It is
that which makes them and the arts they make and the work they do and the
way they eat and the way they drink and the way they learn and everything.
- Gertrude Stein -
Foreword
People reveal as much about a city as architecture and

landscape. They are its soul and its reason for being, and the
city reflects their culture, traditions, and aspirations.
Acclaimed photographer Miguel ngel Snchez journeyed
to Lebanon in April 2012 and photographed more than sixty
people who live and work in Beirut city center. Renowned
for using the 17th century Old Masters techniques of
dramatic light and shadow within intimate studio settings,
Snchezs photographs become works of art that delve deep
into the subjects and capture their essence. The resulting
images are a constellation of identities that refract the city.
A portrait of the city through its people.
***
City in Portraits
The Greengrocer
The garden beds in his hometown grew sunflowers,

cucumbers, squash, tomatoes, and eggplants. He was raised
in Qasr Nabaa, an old village perched atop a hill overlooking
the Bekaa Valley.
Then came the day when Ali had to leave his village to reap
the fruits of all the years spent learning about earth and
harvesting. It was a seasonal start when he found the job that
garnered his aspirations. Today, Ali tends to the fruits of the
earth in the city. Fresh from the field and bursting with flavor,
the crops of the growing seasons are Alis everyday celebration,
an invitation to taste the harvest in full swing.
***
A LI D IRANI
Fruit and Vegetable Counter
TSC Signature Beirut Souks
The Greengrocer
04
Miguel ngel Snchez, April 2012
City in Portraits
The Scarf
Weaver
If the city were one of her scarves, it would be oddly beautiful,

never harmonious, endearingly eccentric, and seductive.
Left with empty spaces and fragmented holes, it would have
a permanently unfinished look.
The colors
Soft, like the locals timid smile and tone of voice;
Blue, fading away into the sky under the sea;
Pallid yellow for the winter sun peeking through the skys
Plush robe of gray; and green for the memory of the star
Jasmine and topiaries dripping from the balconies.
***
D INA K HALIFE
Accessory and Textile Designer
STARCH Saifi
The Scarf Weaver
06
City in Portraits
Les Petits
Parisiens
It was his first visit to Beirut in 20 years, a visit that made him
fall in love with the city and find his missing piece in Maya.
Skilled at creating and acting upon chance opportunities, Fadi
adopted a relaxed attitude to a major life decision: to leave all
the years spent in Paris behind and settle with the family in
his country of origin.
Establishing a small family business in a quiet and safe
environment was the goal. Thats when the concept of Les
Petits Parisiens took root, and Saifi Village was the ground
where these roots grew stronger and deeper.
***
M AYA
AND
F ADI M ROUEH
WITH
YASMINE , L ILA ,
AND
J AD
Owners
Les Petits Parisiens Saifi
Les Petits Parisiens
08
City in Portraits
The Warden
Abou Saddam embraces his beliefs about upholding rules and

regulations. He follows the same regimented and ordered way of
doing things rising early, making the rounds, and supervising
work. Under his command, nothing is left out of place.
If a person abides by what is good, life gives him goodness
back in return, says Abou Saddam.
***
H USSEIN A LI M OHAMAD
Janitorial Team Leader
Siyana Beirut Souks
The Warden
10
City in Portraits
The Flutist
Everyday from 1:00pm to 3:00pm, in a cafe with friends,

sounds of old places echo hazily in his ears. They feel so
distant and faint as he gathers the voices of today, in a city
rich with artistic expressions and fine-tuned environments.
Between the rhythms, he swings; his flute strives to express
what the place means to him. Home to the Lebanese National
Higher Conservatory of Music and by association with his
artistry, it communicates an intense beauty, when music
becomes a healer, a powerful expression of rebirth, a
manifestation of hope and renewal.
It wasnt so long ago! It seems we are still overtaken by these
expressions of grace and beauty. The city is unrealistically
idolized that sometimes she is left too lonely. As a citizen and
a musician, Nabils flute laments the fact that the creative and
artistic side of the individual is often ignored or suppressed. He
says, I am a foreigner touring my native city. Maybe, one day,
the place will grow to become a safe haven for creative
initiatives and a fertile ground for self-expression.
***
N ABIL M ROUE
Musician / Flutist
Lebanese National Higher Conservatory of Music Zokak El Blatt
The Flutist
12
City in Portraits
The Earthly
Veil
Threads intertwine in patterns to weave the fabric of the city.

Young and spontaneous, Audrey is one of the threads that weave
this fabric. The earthly colors of her veil conceal what flows like
an undercurrent beneath all the stratified layers of her dreams
and ambitions. Like the city she has adopted, she knew her life
could not be defined by the past. She added the yarns of today,
the aspirations of tomorrow, and went on weaving.
***
A UDREY A SLY
Interior Architect
Dada & Associates Bab Idriss
The Earthly Veil
14
City in Portraits
The Student
His relationship with the place has always been too visual.
As a child, he once visited Riad El Solh Street with his father.
The buildings looked too tall and empty; they were bullet
ridden. In Wadi Abou Jamil where he used to visit relatives,
walls appeared thick, windows too narrow, and the planters
mounted on the wall came off as stubborn.
Slightly older, Adam rode the bus to school past Martyrs Square
to Gemmayze. Another element that impacted Adams
relationship with the city was the sea. It had become too far to
reach: The land has drawn the city away from the sea, he says.
***
A DAM A BOUALEIWI
Lebanese University Architecture Student
Beirut City Center
The Student
16
City in Portraits
The Writer
He slightly knew the pre-war city center. Before he left to

London, he used to go to Roxy and Metropole cinemas and
meet friends at Automatique and La Ronda cafes. His
recollections of old Beirut are so fragmented that the city of
today does not seem to evoke too many distant memories.
Memories of destruction, however, seem to strike: The image
of ruin engrains itself in ones mind more than the vision of
prosperity, or normality. War images are too resilient.
Working in the city center was the beginning of a discovery
period, a discovery of the place that has deliberately moved past
the old picture, a place synonymous with novelty and glamour.
The very new, the perpetual new, is against any continuity,
memory, and history, he says. For something new to have
meaning it must be connected to a certain past, but it should
not be the victim of that past. Its the march towards
reconciliation.
The writer thinks that the city center holds a visitor in high
esteem; it is definitely an attractive place, but it would have
been even more engaging had it been more casual and
spontaneous. Maybe a public library or a newspaper kiosk,
a sandwich cabin or a juice bar would have added the feel
of a more common place. It is a transitional city center, very
much so, and its identity is growing on a daily basis. Bit by bit,
the new generation who knew little about the old city center
will feel more and more integrated. Its the balance between
continuity on the one hand and novelty, growth, reconstruction,
and development on the other.
***
H AZEM S AGHIEH
Writer and Columnist
Al Hayat Newspaper Etoile-Maarad
The Writer
18
City in Portraits
The Art
Director
Drawn to images and stories, Laurent alludes to the relationship

between colors, forms, and language as he tries to exemplify
their affinity in his productions.
Inspiration starts with a tingling feeling that blossoms into
a ripe idea for the picking. It needs time and space to grow,
contemplation and variety to formulate. I find all that at the
terraces of the cafes that are strewn around the city center,
he says. It is a sensorial experience.
***
L AURENT E L K HOURY
Art Director
Gossip Magazine ASHTI Foch-Allenby
The Art Director
20
City in Portraits
Wled
El Balad
Each comes with a different musical background: a blues

guitarist, indie-rock drummer, grunge lyricist, and concerttrained bassist.
They play a hybrid of rock with Arabic lyrics and electric guitar
with Arabic poetry. They are the offspring as their name
suggests, and they believe their beats will induce social
change in the heart of the city. Their lyrics, rich with black
comedy, convey the struggles of Lebanese youth, suggesting
endless layers of social grievances. Cynical and sarcastic,
they master the use of figurative language and local allegories.
***
S AAD M ALAEB , M AHMOUD R AMADAN ,
AND
M OHAMAD H ODEIB
Lebanese Band
Waterfront
Wled El Balad
22
City in Portraits
The Chefs
He is the shokunin (sushi technician or artisan), and she is the

itamae, (the trained chef, literally with a chopping board in
front). From behind the sushi counter, they display culinary
dexterity while exchanging banter. You see them wet their
hands lightly with tezu (vinegar-water) and pick up almost the
same amount of grains of rice each time they make the perfect
piece of sushi.
***
G ERALDINE R AMOS M EJES
AND
H ERNANIE L AZARA
Sushi Chefs
The Chefs
24
City in Portraits
The Gardener
Originally from Deir El Zor, a fertile farming area in Syria on

the banks of the Euphrates River, Ghazi lives in a calm and
green area near the Solidere nursery. He tends to the trees
and flowers in the city center every day watering, planting,
and pruning. He believes that flora not only beautifies an
urban environment, but that they are also beneficial to
peoples mental health and outlook on life.
***
G HAZI A L A BED
Gardener
Solidere Tree Nursery Waterfront
The Gardener
26
City in Portraits
The Host
Having grown up in Saudi Arabia, Moe would come to

Lebanon on short visits during summer vacations. His affinity
with the place grew stronger year after year, until he finally
landed in the city center in 2009 with the most attractive and
powerful weapon, his warm smile. The secret of his smile is
behind his eyes; it puts everyone at ease, something that has
added to his success in a job that relies on charisma.
***
M OE E L A BED
Head Host
St. Elmos Seaside Brasserie Zaitunay Bay
The Host
28
City in Portraits
The Cheesemonger
Marc intertwines his career story with an ongoing love affair

with cheese. He offers cheese-lovers recommendations on
their favorite wedge of fromage from around the world.
Given his appreciation for the skill and tradition that go into
a good slice of antique gruyre, Marc is delighted to have the
chance to practice such a passion in a delicate surrounding
that reflects his careful and meticulous approach. He says,
Every day, I welcome regular and new clientele, and every
day I make sure I have something new, something to surprise
them with.
***
M ARC K ANAAN
Cheese Counter
The Cheesemonger
30
City in Portraits
The Priest
Father Richard is a son of Beirut. He walks his way from

St Maroun Maronite Church in Gemmayze to the city
center every day. While enjoying a quiet moment in a cafe,
he observes passersby, their behavior, the social diversity in
public spaces, and the unique religious amalgamation.
In 1990, the city center was in ruins, and the St George
Maronite Cathedral was heavily shelled and without a roof.
Father Richard organized an outdoor event for a cause.
It was the ordination of a priest. People came. They were
happy to return after so many years of forced interruption,
explains Father Richard.
Following reconstruction, Beirut has become an exemplar
of modernity and innovation, he says. Cities are places that
have innovative and dynamic aspects to them as well as
challenges and barriers. Beirut is one of those places.
What I come to appreciate about it is that it is not stuck in
a romanticized vision of its own past. Because of its history,
it can't be. The vibe I get, very strongly, is of a place in the
process of remaking itself, on the edge of change, where
people look to the future as much as to the past.
***
F ATHER R ICHARD A BI S ALEH

Priest
St Maroun Maronite Church - Saifi
The Priest
32
City in Portraits
The Expert
A meat aficionado and skilled butcher, Mahmoud, or Ray as he

is affectionately known, cuts, trims, portions, and dry ages the
prime grain-fed Black Angus Beef served at Cro Magnon
Steakhouse.
Ray keeps a vigilant eye on the dry ageing lockers, making sure
that every piece is properly labeled, stored, and aged for up to
40 days at times. From behind the retail meat counter at Cro,
he personally chooses every cut that goes out to guests.
Striving for quality is how he describes it: I am proud that the
city has set high standards in its development and is now able
to compete with large cities in the world. I admire the vibe of
modern buildings, the organization, and the professionalism
that almost everyone is striving for.
***
R AY S AAD
Master Butcher
CRO MAGNON Steakhouse & Bar Zaitunay Bay
The Expert
34
City in Portraits
The Disc
Jockey
When she was an optometrist in Badaro, Caline began to itch

for a creative career. Her professional journey shifted when
she took a job in Saifi Village with designer Nada Debs,
whose hybrid aesthetic captured her interest. Colors, forms,
and textures also began to cultivate her passion for music.
From Saifi Village to Beirut Souks to private parties, the
unbridled thirst for music fueled by design tendencies
merged into one world. She sometimes works as a DJ at
Momo at the Souks and other hot spots, where she infuses
the soundscape with unique riffs, tones, and motifs.
***
C ALINE C HIDIAC
Public Relations
Nada Debs Designs Saifi
The Disc Jockey
36
City in Portraits
The Booksellers
You see them constantly looking over to the shelves. They

never resist the smell of the pages, even if they have become
worn and tattered. Customers spend hours in their bookshop,
browsing and examining, before they purchase their favorite
book for their private libraries.
Bookstores or libraries are one of the citys greatest possessions,
Michel states. Its the intellectual infrastructure of any city, and it
is as important as the physical infrastructure.
***
M ICHEL C HOUEIRI
General Manager
C HANTAL S FEIR
Assistant Manager
Librairie El Bourj An-Nahar Building
The Booksellers
38
City in Portraits
The Chief
Legend has it that Indians drop hot chillies around doorways to

keep away evil spirits. Perhaps an outlandish claim, but it wont
do any harm to toss a handful of them every now and then.
It was in Holland where Ali discovered a whole world of
cuisine and the effect of food on lifting the spirits. Cayenne
or cascabel spices, sweet or chili, are all highly prized
condiments serving to enhance the spells of magic.
***
A LI S ALMAN
F&B Captain Waiter
Jaipur Restaurant Markazia Monroe Suites
The Chief
40
City in Portraits
The Visitor
The story follows Emma Rubin, just as she was gazing

at The Visitor in Beirut Souks, when she was suddenly
captured by the spirit of an unforgettable scene. It is like
nothing I have expected, she says, a little bit more than
anything I have expected.
Drenched with sunlight, Emma trekked through the dense
history of the once-upon-a-time Paris of East: the intriguing
cultural heritage, the social diversity, the exotic food
experience, the young spirit of the whole surrounding, and
mostly the untouched bullet holes etched into some of the
restored building faades. As a theatre student, Emmas
imagination migrated to those scenes of war that have marked
the place.
The Visitor is a public art installation by Arne Quinze (Belgium)
in Beirut Souks.
***
E MMA R UBIN
Danish Tourist
Beirut City Center
The Visitor
42
City in Portraits
The Spirits
It is about the spirit that seeps into the wood while aging
and never evaporates from the barrel. Smoky and bold, it holds
a splendid blend of aromas, liquid colors of gold, and fortified
tastes as old as a city.
Inspired by the place and the layers of history it accumulates,
Zucca formulates recipes with the most spirited layering and
fragrances, something to do with the gravity of the different
liquids. From the heaviest to the lightest, liquors are garnered
with a dash of perfume, crushed sage or mint, and served in
copper cups. The result is multi-colored and multi-layered
cocktail that filters through the soul and dissolves into the spirit.
***
E LIE A BI K HALIL
AND
Z AHI R IZKALLAH
Partners
Zucca Mixology Bar Uruguay Street
The Spirits
44
City in Portraits
The Dweller
It was an intimate and outgoing conversation with Marcel.

As a resident of Saifi Village, he openly reflected about the city
center as an urban phenomenon and the rise of a multifaceted
cultural arena that mirrors the many facets of Lebanon.
Regardless of the controversies, the end result is an oasis that
other areas should emulate, he says.
Known for his sociopolitical commentary, Marcels interviewbased television program Kalam Ennass always exposes
current and critical topics. Its constantly the latest and most
important events that inspire his opening monologues.
However, this time, it was the ongoing enduring story of the
city, her heart, and the rest of the nation that triggered his
emotional sensitivity.
More images of Beirut will be reflected in the city center when
people extend their horizons beyond local boundaries and when
the notion of a center for gathering becomes publicized, he
says. Only then, will we learn about the achievements of local
and international architects, and only then will we value those
world-renowned artists visiting our shores, leaving traces and
imprints for generations to come.
***
M ARCEL G HANEM
Television Anchor
Resident Saifi
The Dweller
46
City in Portraits
The Planner
He used to visit the city center as a child with his father who
owned a business off Foch Street. Today, Maher commutes to
his workplace from Saida, carpooling with three others as his
contribution to saving energy and reducing pollution.
As part of his job, he moves around the city center during
the day. He always spots something new, a flower budding,
a building completed, and a shop opening. It is time to enjoy
the city anew, time to cherish the past and appreciate the
present, he says. The essence is not in comparing the present
with the past; what matters is the huge effort that we have
spared, beyond the feelings of regret, to bring the city back.
***
M AHER N AKIB
Operations, Maintenance, and Technical Services Division Manager
Solidere Beirut City Center
The Planner
48
City in Portraits
The Architects
They meet in the middle of the impossible, equal partners

standing at opposite poles.
Obsessed with their space but terrified of becoming
pigeonholed, they are tied by one conflicting quest: success.
They are the constant interplay between forces: feeling and
reason, vision and reality, permanence and flux, fact and trivia.
At the collision of the two architects, a new space of endless
possibilities will emerge.
***
T OUFIC A L -A YYASH
Interior Architect
T EDDY H AJJAR
Interior Designer
The Architects
50
City in Portraits
The Guard
He molded him into a reliable guard dog: finely bred, faithful,

and athletic. Together, they patrol the city sites all day long.
Understanding the importance of security and safety control,
Mohamad operates within his assigned zones with high
commitment.
Long shifts and emergency calls are routine, and he knows
how to deal with unfamiliar situations. While everyone enjoys
the day-and-night safe environment, he remains the watchful
eye that detects threats and warnings.
***
M OHAMAD B ADER
Dog Handler
S9 Unit Beirut City Center
The Guard
52
City in Portraits
The Lady
of Turath
For as long as she can remember, it has been the place of

a dear old memory and the time that has elapsed.
Her affiliation with the city center goes back a long way, and
she holds it dear to her heart. It is the place where she served
for years with her late husband, when he headed a department
at the Municipality.
Managing Turath since 2004, Samira showcases handmade
needlework and vintage embroideries of the Shouf region.
Our aim is to empower women in our region by giving
them a chance to use their skills and generate income for
their families.
***
S AMIRA TALHOUK TAKIEDDINE

Shop Manager
Turath (NGO created by May Jumblat) Saifi
The Lady of Turath
54
City in Portraits
The Urban
Girl
Between the Johnny Farah ateliers in Bourj Hammoud and

Mar Mikhael, and the boutique in Saifi Village, Kristina is
constantly struck by the charm and complexity of the urban
contrast. The soulful, chaotic, and intense street movement in
Bourj Hammoud juxtaposes with the serene, idyllic order in
Saifi Village. The richness of this contrast invites her to step
outside the box and take a chance on exploring new insights
and perceptions.
A designer and a production manager, Kristina recognizes the
value of an accessory that has been crafted by the hand of a
dedicated artisan. Skill and workmanship require a great deal
of time and patience, a commitment to the continuous
development of the craft.
***
K RISTINA Z OUEIN
Production Manager and Designer
Johnny Farah Bags, Belts, and Accessories Saifi
The Urban Girl
56
City in Portraits
The Correspondent
Personal memories tying her to the place take her back to the
mid-nineties, when as a fresh college graduate, she guided
visitors who came to witness the resurrection of the city.
Artists, photographers, writers, architects, comedians,
students, archeologists, investors, expats, and even former
hostages visited, and I took them on a stroll along Beiruts
history and its future, she says. There were plenty of wounds,
but it was a time for healing. It was a magnificent time.
After a summer of tour guiding, Alia pursued journalism,
and over two decades later the city is still her base. Her job as a
correspondent takes her to the worlds of politics, discrimination,
and injustice across Lebanon and far beyond. It always brings
her back to an office, a coffee shop, and other routines that have
become essential in her life and that of her family.
I have a great deal of affection for the place. Sometimes I am
irritated by how orderly and inaccessible it is; it feels too unreal.
Yet I feel I am being too harsh; I know the city is growing, it is
accumulating time, stories, and experience. Home can be a
turbulent place, but this is the only place Id call home.
***
A LIA I BRAHIM
Senior Correspondent
L OUIS A L A CHKAR
Cameraman
Al Arabiya TV Riad El Solh
The Correspondent
58
City in Portraits
The Educator
Early in 2000, Dalia embarked on a mission of discovery,

a journey of a lifelong learning.
Acting as an educational guide and a co-learner at the same
time, her relationship with children took the form of a new
concept of instruction, one which challenges children to take
an active role in learning. Dalia was inspired by the words of
Colombian novelist Gabriel Garca Marquz, who was an avid
supporter of the principles of Montessori. He said, I do not
believe there is a method better than Montessori for making
children sensitive to the beauties of the world and awakening
their curiosity regarding the secrets of life. Dalia remains
faithful to the same philosophy of seeking the release of
human potential.
Under her wings, children grow. She offers them a space rich
with love and inspiration, an environment that extends beyond
the classroom and opens up to the wide horizon.
***
D ALIA M URAD H AMDAN

Director
Lebanese Montessori School (Lemonts) Saifi
The Educator
60
City in Portraits
The Moroccan Flair
With degrees in Nutrition and Food Technology under her belt,

Sabine landed at Momos after exploring other poles of Beirut.
The French and North African destination is an exotic oasis,
a blend of vintage and modern, and a gourmet experience,
she says. In those same exact terms, Sabine describes the
city center.
The finest of Moroccan arts is its cuisine, and tea remains a
drink of pure hospitality. It has to be poured from a distance to
produce the foam on top of it. Served la marocaine all
through the day, it is said that the first glass is as gentle as life,
the second as strong as love, the third as bitter as goodbye.
***
S ABINE J ABBOUR
Operation Manager
Momo at the Souks Beirut Souks
The Moroccan Flair
62
City in Portraits
The Entrepreneur
For many, Cuba brings to mind cigars, old cars, and sunny
beaches. After he spent almost two years on the Caribbean
island, it is revolution and the passionate Latin rhythm that
swayed his soul and awakened his entrepreneurial instincts.
Upon his return to Lebanon, Michel went into a few music
industry-related ventures the founding and running of the
Byblos Mediterraneo Festival, the Amor y Libertad club in
Kaslik, and ElefRecords, a Warner record label until a vision
directed his focus to the city center.
Equipped with a plan, in which he fervently believed and upon
which he acted, he followed a route of success a dreamer
consumed with the need to communicate with his words,
music, writing, voice, art, and actions. With observational skills
and flair, he hunted for people overflowing with latent
potential and hidden talents, and he perceived opportunities
and saw potential developments in a groundbreaking concept
the now mythical MusicHall, a cultural showbiz hub for local
and international acts.
***
M ICHEL E LEFTERIADES
Founder and Co-owner
MusicHall and ElefRecords Hotel District
The Entrepreneur
64
City in Portraits
The Pearl
Fisher
His day starts before dawn, when he leaves Almoun, a seaside

village in North Lebanon, to take the bus to the city center. Back
home in Al Mansoura, an Egyptian city resting on the east bank
of the Nile, Wahba was a jeweler. In Lebanon, he fishes for
pearls as a purveyor of fruits de mer and fresh fish. His regular
customers have come to trust his recommendations just as he
has grown to know their expectations.
Whenever he gets the chance, Wahba visits Mohammad Al
Amine Mosque. He says, It reminds me of Al Hussein
Mosque in Cairo, especially during the month of Ramadan
and Eid holidays, a place that makes me feel at home.
***
E L H USSEINI W AHBA E L H ADARI

Fish Counter
The Pearl Fisher
66
City in Portraits
The Coffee
Seller
When coffee plants were first tasted by monk Chadely,* he had

to crush them into powder and pour boiling water over them.
The effect was heavenly. It helped him stay awake during his
long hours of prayer.
From monastery to monastery amongst fellow monks, coffee
shrubs were believed to be the divine gift brought by an angel
from heaven to the faithful.
From a humble seedling with religious roots to rituals of
freshly brewed cups in cities around the world, coffee culture
has become an increasingly dominant form of social behavior.
Skilled at distinguishing flavors, bodies, and aromas, Tarek
religiously practices the rituals of coffee marketing. He knows
which blends leave a dry aftertaste and which ones give off a
floral taste.
* Chadely is a monk from a monastery in Eastern Africa
(modern day Ethiopia), the first to try the effects of coffee beans
after a shepherd named Kaldi introduced the shrubs to him.
***
TAREK G HANEM
Salesman
Illy Boutique Foch-Allenby
The Coffee Seller
68
City in Portraits
The Strategist
For the past three or four years, the city, which she used to visit
for shopping and social gatherings, has also become her place
of work.
The contemporary milieu housing her office, with high ceilings,
green corners, and water features, is an inspiring and productive
environment for the dynamic and ambitious strategist.
From time to time, Krystel enjoys a break from her routine:
she fancies a cup of coffee with friends, shopping, or an
evening out, all within walking distance. This accessibility
is both practical and pleasant, she says.
***
K RYSTEL K ILO
Senior Marketing Strategy Officer
Bank Audi Bab Idriss
The Strategist
70
City in Portraits
The Lawyer
Another city face! A tailored suit and a black gown! Not quite.
Another city voice who irrevocably declares that all statements
made herein of my own knowledge are true and Barely!
Its the discreet voice of Chadia, a mother who seeks to declare
and advocate no more than a culture of peace, justice, and
harmony.
Chadia lived most of her life abroad. As a lawyer and a mother,
civic order remains her primary quest. She chose to work and
live in Saifi Village. Happy, as she says, to feel safe and
secure, in a multicultural community and a clean unpolluted
environment.
***
C HADIA E L M EOUCHI N AOUM
WITH
A VA
Managing Partner
Badri and Salim El Meouchi Law Firm Saifi
The Lawyer
72
City in Portraits
The Ballerina
One day, she will get her own curtain call, and she will dance
center stage under the spotlights. She is the prima ballerina
who dances in graceful harmony.
A few more minutes to curtain, Mia impatiently taps her foot.
She twirls to join the corps de ballet. Lifted off her feet, a surge
of applause rushes through the crowded hall. Yasma, her sister
and idol, and her friends, Cybelle, Makram, and Yasmina, are
watching from their velvet-cushioned seats. They are yelling,
incessantly yelling, and Mia wakes up.
She awakens to join them at the ice-skating arena, Planet
Discovery, around the Christmas tree, and the doughnut kiosk.
Then she returns to the stage and throws herself again into her
spontaneous dancing.
***
M IA A WAYDA
Visitor
Beirut City Center
The Ballerina
74
City in Portraits
The Pigeon
Keeper
Pigeons are easy to breed and their behavior has always been
an intriguing theme in the urban environment. They call to
each other and fly close to one another. One can spend a whole
afternoon watching them.
It was during our early years in Jerusalem when the world
of pigeons drew us in. Another world, another realm. There is
the Baghdadi , rare, colored and quite large; the Egyptian, with
a narrow body and a long sloping back; the Polish, which is
small and has a flower design on its chest; the qallab that flips
over while flying, and a hundred different species, says Farid.
Years later, down the road in Etoile Square, Farid introduced
the wonderful kingdom of pigeons to his son. This amazing
bird never forgets a face. It roams endless lands and always
finds the way back home.
***
F ARID C HEHADE
Singer and Musician
MusicHall Hotel District
The Pigeon Keeper
76
City in Portraits
The Academic
Traveler
Bolivia is his country of birth. His travels carried him to

Granada, then Madrid, Algiers, Vienna, Tangiers, Rabat and
Beijing, before he came to Beirut. Where one comes from is
merely a location. On the eve of his departure, after five years
of residency, he will be from Beirut at his next destination.
Perplexed by his feeling for Lebanon yet certain he will miss it,
Federico holds dear to his heart how the people of this country,
despite their deep and long uncertainties, still live from day to
day and always to the fullest. They anticipate tomorrow without
planning it, they dont hang onto the past, they maintain family
and make friends, they clear their minds and laugh a lot, and
they seize the day, every day, as if its their last.
In his briefcase, Federico will carry all such stories. Places
of the city will chase him through the maze of memories
the once-upon-a-time happiness he encountered in Etoile
Square, the children playing and pigeons flying amid military
police with machine guns and armored official vehicles, the
friendly taxi driver sharing his life story on a 10-minute drive,
the smell of bread, the chaotic order, the sea and the passionate
longing deep within the heart of the city.
***
F EDERICO L OSADA C ARRIN

Academic Director
Cervantes Institute Etoile-Maarad
The Academic Traveler
78
City in Portraits
The Sheikh
Dr. Mohammed Anis Al-Arwadi has been teaching and giving

speeches at different mosques in the city center and other parts
of Beirut, as assigned by the General Directorate of Dar Al
Awqaf of Mosques and Endowments, for nearly fifteen years.
Sheikh Mohammed grew up in the Aicha Bakkar neighborhood
just fifteen minutes from the city center. As a child, he used to
take a five-piastre (unit of currency) train trip to downtown. He
remembers Al Majidiyyeh and Abou Bakr al-Siddiq (Dabbagha)
mosques that, decades ago, stood on the edge of the Beirut
peninsula, overlooking the sea. With his uncles, he used to
visit the Emir Munzer Mosque, and Al Amin Mosque when it
was operating as a zawiya (prayer corner) since the mid
nineteenth century.
He pursued his studies in Italy, where he lived for ten years,
and came back to Lebanon in 1984 with a PhD in internal
medicine. Later on in his career, he pursued degrees in Islamic
Sharia and Comparative Islamic Jurisprudence.
Sheikh Mohammed hails the restoration and reconstruction
efforts that have enriched the mosques architectural details
and brought valuable additions, such as Hadiqat Al Quran
(Quran Garden) at Al Omari Mosque, as he says.
Sheikh Mohammed often roams the city center with his family.
He has a soft spot in his heart for the Emir Munzer Mosque
his late uncle used to preach there. He finds refuge in nature
and in the sea. He says, I still do this with my son. We enjoy
the time when we leave the city behind and go fishing.
***
S HEIKH D R . M OHAMMED A NIS A L -A RWADI

Member of the Muslim Council of Forensic Top of the Dar Al-Fatwa in Beirut
Beirut City Center
The Sheikh
80
City in Portraits
The Barber
He wanted to reinvent the golden age of hair salons.

Narrow places with stunning surroundings, marble counters,
chandeliers hanging from frescoed ceilings, wintergreenflavored tobacco smoke, hair pomades, and powders.
Bachir is the barber who knows how to fashion a style and an
atmosphere. With kits and tools as old as the profession itself,
the warm and relaxing ambiance envelops his customers with
a welcoming familiarity: a story to share, a conversation about
politics, fashion, sports, a celebrity magazine, and careless
comments about serious events.
***
B ACHIR B AHRI
Hairdresser
M OHAMAD A BU E L H ASSAN
Assistant Hairdresser
Day Spa Ashti Foch-Allenby
The Barber
82
City in Portraits
The Bread
Maker
Mona, known as Imm Ali, hails from Majdel Zoun, a village in

southern Lebanon. She supports her family of four children by
baking saj bread (flat bread) at Souk El Tayeb, the weekly
outdoor farmers market in the city center.
Since 2002, visitors to the market follow the warm scent of
freshly baked bread and watch her prepare loaves with the
precision of an artisan.
Imm Alis bread follows the paths of old generations: she
spreads the flattened dough on a round piece of cloth, places it
over the saj fire, and turns it into a primitive form of flatbread.
By cultivating the folklore of tailored recipes and techniques,
her hands perform the majority of labor, revealing the tact of
the human craft, and the strong roots of an old tradition.
***
M ONA E L D URR
Saj Bread Maker
Souk El Tayyeb Beirut Souks
The Bread Maker
84
City in Portraits
The Archeologist
As a child, he accompanied his father to the printing services

company he owned in Bab Idriss area. Childhood memories
seem to resurface every time he visits those places. He never
thought that some day he would uncover buried cities, hidden
pathways, and veiled realities.
The Ancient Tell northeast of Martyrs Square was his
first intervention on the conservation of archaeological sites.
The site yielded a series of fortification walls from the Bronze
Age to the medieval period, which made it a long and complex
project. When working on other sites in the city center,
archaeological features dating back to the Neolithic to Medieval
times were salvaged.
By preserving those remains we conserve their historical
value, and consequently the evidence of our important
civilization, says Michel. Some of these were put aside to be
later integrated within the modern developments, others were
preserved in situ, but the Phoenico-Persian Quarter museum
on the northeast side of the Souks is an exemplary in situ
preservation of archeological finds.
***
M ICHEL D AOUD
Architect, Restorer, and Archeologist
Beirut City Center
The Archeologist
86
City in Portraits
The Merchants
In 1927, Ahmad Jawad established a carpet business on

Allenby Street in Beirut city center, a business that has
contributed to the growth and prosperity of the neighborhood.
The second generation joined the league of furnishing homes
in Lebanon and around the world, where carpet patterns find
roots in legends and popular culture. Each design is the
weaving of a particular civilization, a particular time in a life,
a path, and a meaning. They age with their owners, and they
keep silent memories of their lives, Maher says.
The early nineties witnessed the end of the war and the
recovery of the citys old role and identity. The Jawad family
joined forces in endeavoring to recover their building and
breathe new life into a prominent trademark and business
location. Today, the third-generation merchants carry on the
family legacy.
***
G HAZI , K AMEL , M AHER ,
AND
F AYSAL J AWAD
Carpet Wholesalers and Retailers

Ahmad Jawad & Sons Foch-Allenby
The Merchants
88
City in Portraits
The Pastor
American missionaries arrived in Beirut in 1823 and established

a church for themselves as foreigners in 1826 (now the
International Community Church).
In 1848 the National Evangelical Church was organized, and in
1869 a church edifice was built. It is located on the hillside of
Zokak El Blatt near the Grand Serail.
Reverend Habib Badr grew up in this church. It is where he
was baptized and where he got married, but the civil war,
which lasted from 1975 until 1990, left the church in ruins.
Following the reconstruction of the National Evangelical
Church and completion of restoration works in 1998, Pastor
Habib Badr resumed services and has since revived the
community, reaching people from all walks of life who join
in worship on Sundays, religious holidays, and other events.
***
R EVEREND D R . H ABIB B ADR

Senior Pastor
National Evangelical Church of Beirut Zokak El Blatt
The Pastor
90
City in Portraits
The Trend
Trailer
One of the things she likes most is to stroll through the narrow
streets of the city and hang out at an outdoor cafe after a long
shopping spree. The city looks too picturesque. I love that its
different than anywhere else. Everything about it is related, you
feel it is one space, she says.
Rhea is an interior architect with an eye for details. She values
the built environment as a whole: the discrete blend of colors,
the religious amalgamation, and the archeological remains
deep-seated in the city fabric.
***
R HEA S HIBLEY
Interior Architect
The Trend Trailer
92
City in Portraits
The Salesman
Dressed neatly and professionally, Sami wears a casual,

sincere smile that comes to him naturally. He offers his
clientele friendly greetings while his sense of humor
lightens the atmosphere.
The Saifi Village location has its own demographics of
customers, he says, and Sami has learned what works for
them. What he aims for is to make their experience pleasant
so that they come back again soon.
***
S AMI A ZKOUL
Salesman
Nada Debs Saifi
The Salesman
94
City in Portraits
The Caricaturist
Beirut is MY capital, I see her with my own lens, says Stavro.

The city is satirically depicted through an insatiable and
passionate camera lens before, during, and after the war.
At every turn, moments of old Beirut resurface. He recalls
every face, street, and building. While he travels between the
past and the present, a scan of an old remaining landmark is
always in the background, a proof of how the place has been
restlessly travelling through time.
The quotidian life of the city remains in focus. All the vices,
abuses, and shortcomings are held up to ridicule in his
images insolites, a photo-caricature in the Lebanese Frenchlanguage daily newspaper LOrient-Le Jour. And while
he is known for drawing endless smiles on the faces of the city,
his light-hearted satire has always swallowed the most seriously
bitter after-tastes.
***
S TAVRO J ABRA
Caricature Artist and Photographer
Beirut City Center
The Caricaturist
96
City in Portraits
The Beiruti
A narguileh waiter for many, many years, the 75-year-old Abou

Khaled has met people from all over the world and has taken
pictures with most for keepsake. He says, People stop to
admire my folkloric clothing, the cherwal. My picture gets
taken at least 20 times a day with locals and tourists, without
exaggeration. I was told my photos have reached as far as
China!
Certain in his adoption of the new vision of the city center,
Abou Khaled has crystal clear and fond memories of the past:
the Singer sewing machine shop, the one lira store, the Bafka
chocolate factory, and the tramway that used to circle the whole
city. With a voice filled with warmth and longing, he chants,
Rizkallah ala iyyamak ya tramway Beirut hail to the days of
the Beirut tramway!
***
A BOU K HALED
Narguileh Waiter
Petit Caf Etoile-Maarad
The Beiruti
98
***
The Making
City in Portraits
Following thorough planning and logistics, the team relocated to the

black box in Beirut Souks. The portraits were photographed in
sequence according to a clear call-sheet. Under carefully selected
studio lights and with the necessary props for each scene, the
randomly selected characters posed under the photographers
influences, following short conversations that inspired the stories.
COLOPHON
Design and Production

Writing and Editing
Coordination
Chairmans Office
and Business Development Unit
Studio Setup
Communications and Public Relations
Division
Photography
Miguel ngel Snchez
Photography Assistance
Nuria Tesn
Special thanks to
ABBAS BASSAM
ALI HAMED
ANTHONY NAOUM
BACHAR MAKTABI
CAROLE HAKIM
CECILE FARAH
CHARIF BADIH
DIVINA ABOU JAOUDE
GAELLE IRANI
IMAD ANTOUN
KHALED AL NAFIS
LEILA HAMED
MAJIDA AZAR
MOHAMAD IBRAHIM
NIZAR SONBOL
OMAR KHATTAB
RABIH EZZO
RAMI CHEHADE
SHEREEN SALEH
SUHEIL SOLRANA
WALID ABI MERCHED
WALID BERJAWI
YASMA AWAYDA
YASMINE ABOU ASSAF MAKAROUN
Copyright 2012 Solidere
All rights reserved. No part of this publication can be reproduced

or transmitted in any form or by any means, whether by
photocopying, recording or facsimile machine or otherwise
howsoever without prior written permission from Solidere.
Printed in Lebanon
102

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Beirut City Center

SOLIDERE ANNUAL REPORT

Beirut City Center

SOLIDERE ANNUAL REPORT

Cities are made of scenes. Scenes that reflect

Characters make entrances and exits from the stage of

Beirut City Center

In the 1960s and early 1970s, Beirut stood as a beacon of

There have been drastic changes in the world of real estate

Solideres ambition and success focus on creating unique

The Lebanese Company for the Development and Reconstruction

Solidere is a joint-stock company with an initial capitalization of

of Beirut Central District s.a.l. (Solidere) was founded in 1994 and

US$ 1.82 billion, of which US$ 1.17 billion were contributions in

initially given a 25-year life span. The Companys duration was

extended by decree in 2005 to 35 years from the date of registra-

tions following an oversubscribed Initial Public Offering (IPO).

tion, May 10, 1994, in Lebanons Commercial Registry.

After the retirement of some 17 million shares in 1997, the

According to financial results, the total net asset value of

Beirut Souks, now in its second year of operation, has

Rental income increased as anticipated to US$ 49.9

Accounts and notes receivable rose by 13% to US$ 551.3

Furthermore, the Heritage Trail, which links the city's

As we assess all these achievements, we remain diligent

Cities are made of scenes. Scenes that reflect how people

Towards the Mediterranean Horizon

Heritage, Art, and Culture

Conversation with Renzo Piano

Pinwheel Project and Martyrs Square

Gustafson Porter on Zeytouneh Square

Design and Development Control

Master Plan for the Regeneration

Leisure by Night, Al Fresco by Day

Nabil Gholam on Architecture

Hospitality in the City Center

Yannick Allno on S.T.A.Y and Sweet Tea

Where Enterprise Prospers

Twenty-First Century Modern Bazaar

Bookstore and Literary Platform

page 113 - 125

page 127 - 175

Consolidated Financial Highlights

The epigraph is based on an excerpt from the preface to

Urban Code, 100 Lessons for Understanding the City

The city accumulates with time

Solideres distinct interdisciplinary team pioneered a

The master planning task that

The city center is conceived

To enable reconstruction and new real estate development,

A vibrant, well maintained city center has emerged, one

Design and Development Control

Operation, Maintenance, and Property Management

Regulations prepared for the city center are designed to

In that regard, Solidere extends professional facility

In 2010, Solidere was invited to join a network of urban

Furthermore, two regulations were issued to improve

Bank and Caisse des Dpots, the network aims to develop

With regard to the built environment, the Company plans

Solidere has also formulated sustainability strategies