Political unrest in Syria is weighing on Lebanon's biggest developer. Solidere has lost almost 14 per cent of its market value in the past six months after the tourism and hospitality industry in Lebanon contracted.
The country's economy grew by just 2 per cent last year compared with 7.5 per cent in 2010.
Solidere's shares have declined from US$16.16 in mid-August to $13.90 on the Beirut Stock Exchange amid expectations of disappointing fourth-quarter results.
"Tourism in the Arab world has seen a shift from traditional destinations like Lebanon, Egypt and Tunis, with visitors preferring to travel to the Gulf region instead," said Wadah Al Taha, the chief investment officer at Al Zarooni Group, an investment company in Dubai.
Solidere, also known as the Lebanese company for the Development and Reconstruction of the Beirut Central District, was launched in 1994 with the aim of rebuilding infrastructure that was destroyed in the country's civil war.
Beirut Central District, which spans 190 hectares, has a commercial souq, in addition to hospitality and residential units.
But property sales, the mainstay of Solidere's business, slowed after the Arab Spring, with prices down 2.7 per cent in real terms, according to research by Bank Audi.
Property values had been steadily increasing from 2008 until the start of last year. Tourism revenue, which has a direct impact on the company's rental income, declined 24.4 per cent last year, according to figures from the UN's World Tourism Organization.
The IMF this month warned that the country's economy was at risk if the unrest in neighbouring Syria escalated.
"Downside risks are high due to the uprising in Syria," the agency said on February 10.
Solidere has sought to diversify out of Lebanon. It launched its associate Solidere International in 2007 in the UAE and prepared the master plan of Al Zorah for Ajman. The company pre-sold 30 per cent of the project, and was in the tendering phase when local markets crashed in 2008.
halsayegh@thenational.ae
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The specs
Engine: 3.0-litre six-cylinder MHEV
Power: 360bhp
Torque: 500Nm
Transmission: eight-speed automatic
Price: from Dh282,870
On sale: now
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The flights
Emirates, Etihad and Swiss fly direct from the UAE to Zurich from Dh2,855 return, including taxes.
The chalet
Chalet N is currently open in winter only, between now and April 21. During the ski season, starting on December 11, a week’s rental costs from €210,000 (Dh898,431) per week for the whole property, which has 22 beds in total, across six suites, three double rooms and a children’s suite. The price includes all scheduled meals, a week’s ski pass, Wi-Fi, parking, transfers between Munich, Innsbruck or Zurich airports and one 50-minute massage per person. Private ski lessons cost from €360 (Dh1,541) per day. Halal food is available on request.
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- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Company%20Profile
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T20 World Cup Qualifier
Final: Netherlands beat PNG by seven wickets
Qualified teams
1. Netherlands
2. PNG
3. Ireland
4. Namibia
5. Scotland
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T20 World Cup 2020, Australia
Group A: Sri Lanka, PNG, Ireland, Oman
Group B: Bangladesh, Netherlands, Namibia, Scotland
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Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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