on June 27, 2001 SOLIDERE's annual shareholders' ordinary general meeting,
presided over by chairman and general manager Nasser Chammaa and attended
by the Board of Directors, took the following resolutions:
|Share Performance during the 2nd quarter|
year 2000 was not easy. The unfavorable investment climate exacerbated the
sale slowdown to a critical point and took its toll on SOLIDERE's growth,
financial results and share prices. We have reason to hope for an
improvement of the situation, thanks to the current government's
comprehensive approach to economic revival and its positive attitude
towards the investment community.
The results showed a US$31.8 million loss, breaking away from the Company's profitability record since inception. The bad results were mostly due to the poor sale performance.
However we have scored well on other fronts. We have satisfactorily completed an important phase of infrastructure works falling within our agreement with the State. A new city center has emerged, functional, modern and enhanced by quality landscaping and street furniture. On the waterfront, a major milestone was the completion of marine works, comprising the western marina, a breakwater and a two-line defense structure protecting the marina and the new land. This was accompanied by significant progress in the environmental cleanup operation involving 18 hectares.
Adapted to modern needs and tastes, while offering a specific architecture and finish in a quality environment, our real estate products are capturing a growing market niche in spite of the difficult times. Two major new developments were delivered in the last year, in addition to a number of apartments, offices and retail space in restored buildings.
In Saifi Village, 122 of the 136 apartments have been leased, sold, or leased with an option to buy. Near the Serail hill, the complex dedicated for embassies lives up to the reputation of UN House, delivered in 1997. The Japanese embassy has already moved in, with three other embassies soon to follow. Nearby, a mixed-use development, comprising an office building and apartment buildings with a health club, is due for delivery by the turn of this year.
The Council of Ministers approved
on May 24 the proposed amendment and updating of the BCD detailed
Master Plan and regulations, accompanied by detailed 1/500 maps with
specifications as to the locations and areas of the reconstituted public
domain. This approval, soon to be issued in the form of a decree, is
expected to release a number of real estate projects by SOLIDERE and other
developers, notably the Souks of Beirut, causing a turnaround in the BCD
market and boosting property sales and development.