ADIH launches Beirut Gate

Privately owned Abu Dhabi Investment House (ADIH) has launched a real estate project in central Beirut worth around $600 million. Beirut Gate will feature buildings housing luxury residential and business accomodation, ADIH chief executive officer Rashed Janahi told a news conference on Friday.

The United Arab Emirates firm launched a $160 million private stock placement earlier this year to fund the first stage of the project, including the initial cost of the land and master plan.

The company has said it had expected the placement to offer a return on investment of 37.5 percent over an 18-month period.