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Solidere to spend $200m on projects this year
- Lebanon: Tuesday, February 26 - 2013 at 03:28
Lebanon's largest property developer, Solidere, has said it expects to spend up to $200m on real estate projects in the country in 2013, even as civil war in neighbouring Syria threatens to slow building works, Bloomberg has reported. "There is a high probability we might slow down projects if things worsened politically," said the general manager of Solidere, Mounir Douaidy. Spending this year will be at least $150m, he said. The conflict in Syria is hurting demand for properties in Lebanon, prompting Solidere to postpone new projects including an office block, Douaidy said. The developer plans to fund ongoing work from its own revenue without raising money, he said.
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