Solidere Annual Report 2009
Foreword - Mediterranean Gateway
Beirut city center is an urban area thousands of years old. Traditionally a focus of business, finance, government, culture and leisure, it has now become a preferred location for city living, with extensive hospitality facilities.
As it continues to spearhead and oversee this project, Solidere has brought life to Beirut’s central district, turning it into the finest city center in the Middle East.
The Lebanese Company for the Development and Reconstruction of the Beirut Central District s.a.l. (Solidere) is a joint-stock company established on May 5, 1994. It is based on Law 117 of 1991, which regulates Lebanese real estate companies aiming at the reconstruction of war-damaged areas, in accordance with an officially approved master plan. Its share capital is US$1.65 billion.
The Company issues annual reports to its shareholders. Solidere’s activities throughout 2009 are summarized in its fifteenth Annual Report. This annual report includes consolidated financial statements, which consolidate the accounts of Solidere’s subsidiaries depending on its shareholdings. Solidere’s shareholdings in subsidiaries at end 2009 were as follows: Beirut Waterfront Development s.a.l. 50%; Beirut Real Estate Management and Services s.a.l. (BREMS) 45%; Solidere Management Services s.a.l. fully owned; Solidere Management Services s.a.l. (Offshore) fully owned; Beirut Hospitality Company s.a.l. (Holding) fully owned; Solidere International Holdings s.a.l. (Holding) fullyowned; Solidere International Limited, DIFC, 1.79%.
Furthermore, Solidere International Holdings s.a.l. owns 37.19% of Solidere International Limited; and Solidere International Limited in turn owns shares in companies involved in several prime real estate projects, notably in the Emirate of Ajman (U.A.E), in Egypt, in the Kingdom of Saudi Arabia and in Lebanon. The consolidated financial statements are prepared and audited in accordance with international financial reporting standards.