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Solidere s.a.l. is a Lebanese
Lebanon

Lebanon , officially the Republic of Lebanon or Lebanese Republic , is a country in Western Asia, on the eastern shore of the Mediterranean Sea....
 joint-stock company
Société anonyme libanaise

?Soci?t? anonyme libanaise,? abbreviated s.a.l., is the French language term for a joint stock company in Lebanon. Its main characteristic is the intuitus pecuniae?the financial involvement of each associate....
 in charge of planning and redeveloping
Urban planning

Urban, city, and town planning is the integration of the disciplines of land use planning and transport planning, to explore a very wide range of aspects of the built and social environments of urbanized municipalities and communities....
 Beirut Central District
Beirut Central District

The Beirut Central District , popularly known as Centre Ville, is the name given to Beirut?s historical and geographical central business district, the ?vibrant financial, commercial, and administrative hub of the country.?...
 following the conclusion, in 1990, of the country’s devastating civil war
Lebanese Civil War

conflict=Lebanese Civil War |date=1984 - 1990|place=Lebanon|result=Taif Agreement|combatant1=|combatant2=|commander1=|commander2=|strength1=|strength2=...
. By agreement with the government, Solidere enjoys special powers of eminent domain
Eminent domain

Eminent domain , compulsory purchase , resumption/compulsory acquisition or expropriation in common law legal systems is the inherent power of the state to seize a citizen's Property, expropriation property, or seize a citizen's rights in property with due monetary compensation, but without the owner's consent....
 as well as a limited regulatory authority codified in law, making the company a unique form of public-private partnership
Public-private partnership

Public-private partnership describes a government service or private business venture which is funded and operated through a partnership of government and one or more private sector companies....
.

Solidere was founded on May 5, 1994 by then-Prime Minister Rafik Hariri
Rafik Hariri

Rafik Bahaa El Deen Al-Hariri — , was a self-made billionaire and business tycoon, was List of Prime Ministers of Lebanon of Lebanon from 1992 to 1998 and again from 2000 until his resignation, 20 October 2004....
 and was incorporated as a privately owned company listed on the stock exchange.






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Solidere s.a.l. is a Lebanese
Lebanon

Lebanon , officially the Republic of Lebanon or Lebanese Republic , is a country in Western Asia, on the eastern shore of the Mediterranean Sea....
 joint-stock company
Société anonyme libanaise

?Soci?t? anonyme libanaise,? abbreviated s.a.l., is the French language term for a joint stock company in Lebanon. Its main characteristic is the intuitus pecuniae?the financial involvement of each associate....
 in charge of planning and redeveloping
Urban planning

Urban, city, and town planning is the integration of the disciplines of land use planning and transport planning, to explore a very wide range of aspects of the built and social environments of urbanized municipalities and communities....
 Beirut Central District
Beirut Central District

The Beirut Central District , popularly known as Centre Ville, is the name given to Beirut?s historical and geographical central business district, the ?vibrant financial, commercial, and administrative hub of the country.?...
 following the conclusion, in 1990, of the country’s devastating civil war
Lebanese Civil War

conflict=Lebanese Civil War |date=1984 - 1990|place=Lebanon|result=Taif Agreement|combatant1=|combatant2=|commander1=|commander2=|strength1=|strength2=...
. By agreement with the government, Solidere enjoys special powers of eminent domain
Eminent domain

Eminent domain , compulsory purchase , resumption/compulsory acquisition or expropriation in common law legal systems is the inherent power of the state to seize a citizen's Property, expropriation property, or seize a citizen's rights in property with due monetary compensation, but without the owner's consent....
 as well as a limited regulatory authority codified in law, making the company a unique form of public-private partnership
Public-private partnership

Public-private partnership describes a government service or private business venture which is funded and operated through a partnership of government and one or more private sector companies....
.

Solidere was founded on May 5, 1994 by then-Prime Minister Rafik Hariri
Rafik Hariri

Rafik Bahaa El Deen Al-Hariri — , was a self-made billionaire and business tycoon, was List of Prime Ministers of Lebanon of Lebanon from 1992 to 1998 and again from 2000 until his resignation, 20 October 2004....
 and was incorporated as a privately owned company listed on the stock exchange. The name “Solidere” stands for Société libanaise pour le développement et la reconstruction de Beyrouth, French for “The Lebanese Company for the Development and Reconstruction of Beirut.”

Projects

Solidere is widely credited as the most important force behind Beirut’s reemergence, in recent years, as a bustling urban destination with a chance to earn back its ancient title of “Paris of the Middle East.” Besides directly engaging in development of infrastructure
Infrastructure

Infrastructure can be defined as the basic physical and organizational structures needed for the operation of a society or enterprise , or the services and facilities necessary for an economy to function....
, new construction, rehabilitation of war-torn structures, and urban landscaping
Landscape architecture

Landscape architecture is the most modern of the environment professions and represents a synthesis of arts, science and technical philosphies and practices that seek to care for the Earth's landscapes in a truly holistic, creative and sustainable manner....
, Solidere has worked to attract global retailers such as Virgin Megastores to Beirut Central District. The company’s most significant single project to date has been The Souks, a 100,000 m2 retail center that is scheduled to open by year 2008. Other ongoing developments include the Hadiqat As-Samah (Garden of Forgiveness
Garden of Forgiveness

The Garden of Forgiveness, , is under development in the heart of Beirut, Lebanon, where it straddles the Green Line , once the battle line where much of the heaviest fighting took place during the Lebanese Civil War ....
), Platinum Tower
Platinum Tower (Beirut)

Platinum Tower is a highrise residential building currently under construction in Beirut, Lebanon. When it is completed in 2008, it will be the tallest building in Beirut at 153 m height....
 and the Marina Towers
Marina Towers (Beirut)

Marina Towers project is a residential complex in Beirut, Lebanon. It is located near the Beirut Marina and consists of a high-rise apartment building, Marina Tower, and two mid-rise apartment buildings, Marina Court and Marina Garden....
 luxury residential complex.

Financials


Solidere’s shares are listed on the Beirut
Beirut Stock Exchange

The Beirut Stock Exchange is the principal stock exchange of Lebanon. Located in Beirut, it is a public institution run by a committee including a Chairman, a Vice-Chairman and eight members appointed via a decree issued by the Council of Ministers, in accordance with a proposal by the Minister of Finance....
 and Kuwait Stock Exchange
Kuwait Stock Exchange

File:KSE.jpgThe Kuwait Stock Exchange is the national stock market of The State of Kuwait. Although several share holding companies existed in Kuwait prior to the creation of the KSE, it was not until October 1962 that a law was passed to organize the country's stock market....
, and its Global Depository Receipt
Global Depository Receipt

A Global Depository Receipt or Global Depositary Receipt is a certificate issued by a depository bank, which purchases shares of foreign companies and deposits it on the account....
s trade on the London
London Stock Exchange

The London Stock Exchange or LSE is a stock exchange located in London, United Kingdom. Founded in 1801, it is one of the largest stock exchanges in the world, with many overseas listings as well as British companies....
, Frankfurt
Frankfurt Stock Exchange

File:Boerse-ffm021.jpgThe Frankfurt Stock Exchange is a stock exchange located in Frankfurt, Germany.The Frankfurt Stock Exchange is one of the biggest and most efficient exchange places in the world....
 and Luxembourg Stock Exchange
Luxembourg Stock Exchange

The Luxembourg Stock Exchange is a stock exchange based in Luxembourg City, in southern Luxembourg.The Exchange is located on avenue de la Porte-Neuve, which connects Boulevard Royal to Boulevard Robert Schuman ....
s. Its share price on the Beirut exchange has risen sharply in recent years, from about US$5 in early 2004 to a high of US$26 in February 2006. In June 2006, Solidere approved a US$100M dividends payout to its shareholders.

Most of Solidere’s investors are European and North American investment firms or Arab investors from the Gulf. Rafik Hariri himself owned a majority stake in Solidere before his assassination in 2005, and the Hariri family continues to be a principal shareholder. .

External links

  • – Solidere’s homepage
  • – Information about the reconstruction of Beirut Central District