July - September 2001
NEWCOMERS to the CITY CENTER
Virgin Megastore

The Virgin Megastore opening on July 3 was attended by Prime Minister Rafic Hariri as well as Virgin's founder Richard Branson.
Located in Martyr's Square in the former Opera building, the four-level store offers a large choice of music, DVD's and videos, books, computers and other electronic equipment. Facilities also include a coffee shop and a roof restaurant.

Other Openings

Al-Ahli International Bank
Actuel Boutique
Al Balad local cuisine
Asia restaurant
Bank of Beirut
Casanova
Felucca sea food restaurant
Instituto Cervantes
La Maison du Café
Lina's Sandwiches
Monroe hotel
Myshu
QuanTech (IBM)
Zilli men's wear

Moving in soon

Aïshti boutique
Aziz gourmet foodstore
Bacalao Spanich bar and tapas
Cutrus bar and restaurant
Computer Associates
Cyprus Airways
Dunkin Donuts
Kiub's international food
Le Cinq French food
Morgan clothing
Noodles Bar
Petit Café
Pizza's

Banking News

On July 24, Prime Minsiter Rafic Hariri, accompanied by the president and members of the Association of Banks, inaugurated the Association's headquarters in Saifi.
41 banks are established in the city center. Banque Audi is putting the last touches on its new headquarters before moving in. Facing it in Bab Idriss, Al-Ahli International Bank was inaugurated on September 19. Bank of Beirut opened on September 24.



Solidere shares continued their slow retreat during this quarter on lower volume. With the downward drift aggravated by the US events, the shares reached new lows of US$4 for share A and US$41/8 for share B.
Share prices turned around decisively around the end of the quarter as new buy orders were witnessed around these lows. Share A closed at US$41/2, 21.7% lower than the previous quarter.
Trading activity was lower, with around 1,292,913 shares exchanging hands.
The GDRs, which are traded in the London Stock Exchange, moved to a new low of US$3 1/8. Buying interest towards the end of the quarter pushed them back higher, and they closed at US$35/8.