VOL. XLV

No 21

27-May-2002

LEBANON

Lebanons Solidere Moves Back To Profitability In2001

The Lebanese Company for the Development andReconstruction of Beirut Central District (known as Solidere)announced on 19 May that it had moved back into profitability in 2001 with anet income of $1.9mn, compared to a loss of $31.7mn in 2000 (MEES, 21 May, 2001). In 1999 the companyrecorded a $3.72mn profit. The 2001 profits were generated by a rise inreal-estate demand and the June 2001 decree that allowed...