Hariri sets to attract Gulf capital for Beirut’s construction
Lebanese Prime Minister Rafiq Al-Hariri has laid the corner stone last week for the Marina Towers, a luxury apartment complex in Beirut’s renovated center, reported Assafir. Saudi and Lebanese investors will finance and manage the $150 million project, whose completion is expected by mid-2004.
Hariri stressed the "importance of such a project in the context of reduced investment since the September 11 attacks.” He expressed his hope that the tense financial environment in the West would turn inwards the financial interest of estranged Arab investors.
The residential project aims to attract rich Gulf nationals and Lebanese expatriates, who may be interested in purchasing a 580-square meter flat for $1.8 million, or a 1,500-square meter penthouse for over seven million dollars, according to Reuters.
One tower will be rise 31-floors, to reach 150 meters in height, while the second will be a nine-stories high-rise. The two Marina Towers, the largest and highest in the area, will be built on 7,100 square meters of land and will overlook Beirut’s seafront. They are located next to the capital's largest marina and adjacent to the Four Seasons Hotel, a new and luxurious project owned by Saudi mogul, Prince Walid Bin Talal.
The Marina Towers project is financed by the Saudi Khaled Ben Moussaied Al-Seif, Juraisi, Al-Hajjaj, Al-Rashed, Omran and Tok groups, as well as the Lebanese Safai and Stow Market groups. — (menareport.com)
© 2001 Mena Report (www.menareport.com)