October - December 2001
Aïshti opening

Aïshti boutique held its grand opening on December 7. The new department store is situated at 71 Moutran street. More than 50 well-known brands are available on four floors, covering cosmetics, jewellery, menswear, ladies fashion, shoes, accessories, children's wear, lingerie and sportswear. Two upper floors, expected to open in March 2002, will include a restaurant and a beauty treatment spa.

Other retail openings

Action Sport
Aziz delicatessen
Citrus fusion cuisine
De Castellane gifts
Diva Bar
Di Maggio café
Don Eduardo steak house
Dunkin Donuts
Florsheim shoes
Goofy gifts
Grimani handbags
Island Butterfly chocolates
Kindara shoes
Kiub's restaurant
La Posta restaurant
Le 5 brasserie
La Maison du Saumon-Salmontini
Liquid bar
Mabrouk artisanat St Vincent de Paul
Mahfouz fashions
Momento computers
Morgan clothing
Nabil Ammache & Salon Isis
Petit Café
Pizzazz famous pizza
Prémaman children's wear
Prima Luce restaurant
Pulse bar
Ramzi Zeidan & Co jewellers
Rectangle Jaune clothing
Rosana restaurant
Safadi snack
Springfield clothing
Swarovski crystalware
Scoozi restaurant
Strange Fruit nightclub
Tant qu'il y aura des femmes lingerie
Timberland clothing
Tod's shoes & bags
3 pas children's shoes
Zone gadgets

Moving in soon

Bacalao Spanish restaurant
Body One lingerie
Façonnable clothing
Geoffrey's café
Kababji restaurant
Ladurée restaurant
La Camiceria Italiana
Les Deux Magots restaurant
Mahmoud Kabalan carpets
Nakhlé ladies fashion
O mi-centre snack
Paper Moon coffee shop
Paul coffee shop
San Raphael beauty institute
Wardé furnishing fabrics


Parsons Brickerhoff engineers and planners, headquartered in New York, have moved their Lebanese operations to Astral building Maarad street.

Other newcomers include: Lido Master, representing Universal for music, at 157 Saad Zaghloul street; Fidus financial services at 1166 Riad El Solh Street; Siemens at 200 Hussein El Ahdab street; Intermarkets advertising at 201 Maarad street; and Pharaon Holding at Asseily building, Riad El Solh Square.


Marina Towers foundation stone

On October 30, Prime Minister Rafic Hariri placed the foundation stone for the Marina Towers project, in the presence of the Marina Towers s.a.l board of directors, and many guests.
The luxury residential complex overlooking the Beirut Marina consists of a 150-meter tower incorporating 31 storeys, and another nine-storey building. Based on a concept by Kohn Pedersen Fox Associates (USA), the design was implemented by Buro Happold (UK).

Half-year accounts

Solidere published its audited half-yearly financial statements. The results show a loss of US$4.3 million, mostly due to delays in closing sales, as the impact of decree 5714 of June 19, 2001 amending the master plan had not been felt by mid-year. Sales revenues were US$9.5 million, rental revenues US$4.8 million. Despite the poor results, the Company fulfilled its financial commitments, including a debt repayment of US$11 million. The Company expects to have substantially improved results by year-end.
Solidere shares managed to close the quarter higher on renewed optimism regarding the local economy and the Company's expected turnaround.
The quarter started with a worsening of the downward drift after the US events. By end October, share A moved back to its low of US$4 and share B reached a new low of US$3
7/8. November witnessed a reversal and the positive mood was boosted beginning December by two large Special Orders: 500,000 A shares and 500,000 B shares were traded off the market floor at a US$5 price.
Share A closed the quarter at US$4
5/8, 2.8% higher than the previous quarter. Share B closed slightly upbeat, also at US$45/8, 2.8% above the previous quarter.
Trading activity turned higher, with around 1,975,550 shares exchanging hands.
The GDRs, which are traded in the London Stock Exchange, also moved higher during the quarter, closing at $4