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Solidere seen to post higher profits in 2013, 2014

Lebanon's FFA Private Bank has said real estate developer Solidere is expected to post an increase in profits to $52m in 2013 and $61m in 2014, compared to with $18m in 2012, The Daily Star has reported. "Solidere management mentioned that there are currently some deals under serious negotiations. The company expects to sell these before year end," FFA said. Solidere's net profits in 2012 plunged to $18m from $159m in 2011, as the company cited poor land sales and rents.