Rusd Bank launches USD326 million real estate development project

Marina City is one of Lebanon's most important real estate development projects with a capital of USD 190 million. The Bank will introduce 1,169,230 shares at a share price of US$100 and that subscriptions will close end of September or till target shares have been met.

The Marina City project will be built on a total area of 81,000 square meters, across the Al Maten coastline, north of Beirut. The project will include a residential complex of 150 units and 170 furnished apartments, a complex of 200 public timeshare units and a hotel of 270 rooms with a banquet hall capacity of 1,000 persons.

The 74,000 square meter project will also include a three-level shopping mall overlooking the marina that can hold up to 700 yachts and is set to bring in 32% annually to investors. This unique venture is the only one in Lebanon to offer timeshare rooms on a total of 60,000 square meters.

Marina Joseph Khoury Beirut is the largest marina in the Middle East and will be the main platform of the entire project; it services luxurious yachts and sailboats roaming the Mediterranean seas year round, and has become a main tourist attraction.

Project units are attracting international hotel and timeshare companies, many of which have already invested in the project. Rusd Bank officials expect the entire project to be sold out within the first 4 years of completion.

The minimum shareholding will be set at US$ 2,500 per share for individuals and one million dollars for institutions.

The venture answers to the increase in demand for real estate properties in Beirut, particularly in hotels and leisure facilities and will boost the country in its efforts to regain its position as one of the most important cities in the Middle East region. Arab investors have already shown a growing interest in Lebanon following the completion of major projects such as Solidaire.

Dr. Saleh Jamil Malaekah, Chairman of the Board of Directors of Rusd Bank, stated: "Marina City Lebanon is a unique real estate investment opportunity in the region and in Lebanon in particular, in view of the fact that it directly overlooks the beach of Greater Beirut, which currently lacks area big enough for large projects. Marina City is looked at as the last of these opportunities because of its distinctive characteristics that make it attractive to persons wishing to own luxurious residential apartments on the quay of Joseph Khoury Marina the number one tourist destination in Beirut."

Mr. Malaekah added that Marina City project is the largest real estate investment project in Beirut with a total constructed area of 344,000 square meters.

The shopping centre that forms part of the Marina City project will be the future shopping area of Beirut with a total of 74,000 square meters, the biggest shopping area in all of Lebanon. The centre is comprised of three levels and includes a number of leisure and service facilities that overlook the Joseph Khoury Marina and the beach area.

The project also contains a number of restaurants, cafeterias, three of the most well known department stores in Lebanon, a cinema complex with more than 12 luxurious cinema halls and a number of fast food kiosks. The shopping centre will also house stores of the most well known international brands and trademarks, information centre and internal and external playgrounds for children. Marina City's car park will have a capacity of 2,700 cars in addition to other areas that will be used as car parks with a capacity of more than 800 cars to service other areas of the project.

In order to ensure the success of the tourist aspect of the project, it is strategically located in Dbayeh, the most luxurious area in Beirut where 18% of the wealthiest Lebanese families reside. According to the International Tourism Organization, tourism in Beirut is growing at the rate of 8% per year. The project is a unique addition to the huge projects that have recently appeared in Beirut within the last few years and is the last of the projects to be carried out on Beirut coastline in a luxurious modern design.