16
biannual January-June 2013 Photo Lane Barden
biannualJanuary-June 2013
Phot
o La
ne B
arde
n
2
BUSINESS & FINANCE
CONSOLIDATED STATEMENT OF INCOME DECEMBER 31 2012 2011 US$ US$
Revenues from land sales 49,580,377 241,722,548Revenues from rented properties 58,132,896 49,862,775Revenues from rendered services 6,141,662 5,280,128Revenues from hospitality 6,593,970 6,681,294Cost of land sales (7,122,763) (39,344,564)Charges on rented properties (27,541,099) (21,166,871)Cost of rendered services (6,855,684) (5,901,952)Cost of hospitality (10,590,675) (9,896,404) Gain on sale and disposal of investment properties 4,376,528 625,809 Net revenues from operations 72,715,212 227,862,763Share result from associates 3,266,683 3,967,997General and administrative expenses (37,960,180) (38,196,142)Depreciation of fixed assets (8,160,418) (6,422,073) Provision for contingencies (7,986,410) -Other expenses (233,877) (5,066,404)Other income 587,656 613,570Taxes, fees and stamps (3,956,465) (2,874,543)Interest income 29,077,466 24,687,011 Interest expense (27,496,818) (21,081,965)Profit before tax 19,852,849 183,490,214Income tax expense (2,322,812) (24,691,842)PROFIT FOR THE YEAR 17,530,037 158,798,372Basic/diluted earnings per share 0.1104 1.0285
Attributable to: Equity owners of the parent 17,945,447 159,029,668 Non-Controlling interest (415,410) (231,296)PROFIT FOR THE YEAR 17,530,037 158,798,372
CONSOLIDATED STATEMENT OF FINANCIAL POSITION DECEMBER 31 2012 2011
US$ US$
ASSETSCash and bank balances 163,463,816 174,138,680Prepayments and other debit balances 55,628,848 47,658,853Accounts and notes receivable, net 554,078,045 551,341,792Inventory of land and projects in progress 1,248,961,424 1,178,348,256Investment properties, net 457,015,039 444,629,160Investment in associates 314,965,852 317,731,762Fixed assets, net 72,181,096 70,316,628TOTAL ASSETS 2,866,294,120 2,784,165,131
LIABILITIESBank overdrafts and short term facilities 646,886,436 520,049,200Accounts payable and other liabilities 121,132,130 144,809,477Dividends payable 78,776,194 84,195,863Deferred revenues and other credit balances 40,835,805 29,058,568Loans from banks and financial institutions 69,320,670 70,095,747TOTAL LIABILITIES 956,951,235 848,208,855
SHAREHOLDERS’ EQUITYIssued capital at par value US$10 per share: 100,000,000 class A shares 1,000,000,000 1,000,000,000 65,000,000 class B shares 650,000,000 650,000,000 1,650,000,000 1,650,000,000Legal reserve 150,411,796 144,809,477Retained earnings 196,787,910 263,104,931Cumulative foreign currency translation reserve (470,351) (295,169)(Deficit) / surplus on treasury shares’ activity ( 2,446,798) 10,166,079Less: Treasury shares ( 84,210,286) (134,915,772) Total equity attributable to the owners of the parent 1,910,072,271 1,936,270,252Non-controlling interest (729,386) (313,976) Total equity 1,909,342,885 1,935,956,276TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 2,866,294,120 2,783,165,131
CONSOLIDATED FINANCIAL HIGHLIGHTSDECEMBER 31 2012 2011
SUMMARY OF OPERATIONS IN US$ MILLIONGross land sales 49.6 241.7Gross rental income 58.1 49.9 General and administrative expenses 38.0 38.2Sales backlog 17.5 158.8
FINANCIAL RATIOS % Gross profit margin - land sales 85.63 83.72Return on liquid assets 4.11 4.16Debt to equity 37.51 30.48
ANNUAL GENERAL MEETING Solidere held its Ordinary General Meeting on July 29 in Biel. Shareholders representing more than 37% of total shares attended the meeting which was presided by Chairman Nasser Chammaa. The Meeting resolved to approve the Audited Stand Alone and Consolidated Financial Statements of the Company for fiscal year 2012, and the proposal of its Board of Directors to carry forward the profits of 2012; give the Chairman and the Board of Direc-tors the authorizations stipulated for in Articles 158 and 159 of the Lebanese Commercial code, clear the Chairman and members of the Board of Directors quitus for their management of the Company in the year 2012.
SECURITISATION A US$185 million securitization deal for Solidere was closed in April 2013. The transaction, concluded by BLC Bank and BSEC, constituted the largest ever asset backed issuance in the local capital markets. It involved the setting up of a securitization fund under Lebanese law for the purpose of liquidating at face value a portion of the Solidere land sales receivable portfolio representing financing granted to its clients. The proceeds are to provide part of the financing needed by Solidere for pursuing its real estate development activity and implementing infrastructure on the waterfront. The fund issued three tranches of securities: a senior Class A of US$130 million, subscribed mainly by local banks; a mezzanine Class B of US$45 million retained by Solidere, which may be resold after the redemption of the Class A notes; a junior Class C of US$10 million, to be retained by Solidere for the life of the transaction. The securities are linked to high credit clients and to a solid credit structure. The fund, having purchased mortgage backed notes with a weighted average loan to value of 53.3% on the closing date, provided Class A noteholders with circa 3x worth the value of their investment in realty security, since the first rank mortgage on the land was transferred to the fund for the benefit of the noteholders. Investors in Class A notes are paid a fixed coupon of 5.0% over a duration of 1.33 year whereas the expected final maturity is 2.5 years.
SHARE PERFORMANCE | 1ST SEMESTER 2013
PRICE
$14.0
$13.0
$12.0
$11.0
$10.0
PRICE
$14.0
$13.0
$12.0
$11.0
$10.0
VOLUME
80,000
60,000
40,000
20,000
0
VOLUME
80,000
60,000
40,000
20,000
0
January 2 February 14 March 29 May 16 June 28
January 2 February 14 March 29 May 16 June 28
SHARE B | DAILY CLOSING PRICES
Share price (US dollars) Trading volume
SHARE A | DAILY CLOSING PRICES
With the geopolitical instability intensifying in the region, most market participants in the Beirut Stock Exchange stayed on the sidelines. However, both classes of shares saw a sudden push upwards around the beginning of April, with the appoint-ment of a new Prime Minister that helped improve the political outlook in the country. But, with the delays in forming the Ministerial Cabinet, Solidere shares continued their slow drift downwards, especially around the beginning of June, after the company issued its audited financials that unveiled lower profits for the year, mainly due to the gen-eral economic slowdown and the tense political environment in Lebanon and the region, which had a restraining effect on land sales, the investment climate and commercial activities in general.
During the first half of the year, share A fluctu-ated between a low of US$11.00 and a high of US$13.83, closing the semester at US$11.21, a 14% decrease from the previous semester. Share B traded between a low of US$11.00 and a high of US$13.75, closing the semester at US$11.21, a 13% decrease from the previous semester.
Trading activity increased slightly during the first half of the year, with around 4 million shares of both classes trading in the local market. GDRs traded on the London Stock Exchange, closed the period lower at around US$10.95, a 16% decrease from the previous semester.
110,250 161,184 101,312 132,446
187,352
CONFERENCES & REPORTSSolidere participated in three equity investor conferences: The 9th EFG Hermes One on One Conference (Dubai) February 24-27; Lebanon Capital Markets Day 2013 (New York) May 4-5; HSBC’s 7th MENAT Business Leaders Equity Forum (Istanbul) May 20-22.
The Company also welcomed several local, regional, and international fund managers and analysts at its premises and held conference calls with various others to communicate and update them on the latest developments.
Angus Gavin was an invited speaker at the Yale Arab Alumni Association (YAAA) regional conference entitled: “Navigating the Tides: Urban Transfor-mations in the Arab World” (Doha) May 5-7.
DEVELOPMENT NEWS A total of 394 projects representing close to 3 million sq m BUA are in various stages of development.
STATUS PROJECTS BUA SQ M
Completed 274 1,420,977Under restoration 6 12,543Under construction 45 488,867Awaiting permit 23 373,448Under study 25 361,778No activity 7 16,632Awaiting submission 14 407,835TOTAL 394 3,072,005
SOLIDERE SALES Two development lots were sold by Solidere in the last semester:Lot 1408 in Mina El Hosn, covering a land area of 2,938 sq m was purchased by Mina El Hosn 1408 s.a.l. to be developed into a residential building totaling 16,500 sq m of floor area.
Lot 1106 in Zokak El Blatt, covering a land area of 903 sq m was purchased by A.T.A. s.a.l. to be developed into a residential and/or offices building totaling 3,700 sq m of floor area.
LAND SWAP Solidere signed a land swap with the Ministry of Foreign Affairs (MoFA) and the Ministry of Finance involving lots 1076 and 1085 Saifi, where a new MoFA building will be constructed on lot 1076 Saifi. The land plot is located at the eastern entrance of Beirut, between George Haddad Street and Martyrs’ Square. The deal gives the State a land of 5,300 sq m surface area with 13,000 sq m building rights for the prestigious building in a traditional architectural style eccoing the “Petit Serail”.
4
DESIGN & SHOPPING
BEIRUT SOUKSNEWCOMERSJoanna Laura Constantine Little RoomPlaisirs d’ArianeSugarfree Superdry Le Temps des Cerises
OPENING SOON Mike Sport PIZZA Co Virgin Megastore
EVENTS A romantic getaway this Valentine, February 14 Mothers’ day, photoshoot, March 21 Hoor al-Mumtaz couture show (Pakistan), March 23 Harley Davidson, Trablous Street, March 24 Emilio Pucci, spring/summer 2013 collection, April 11 La Maison Chloé, retrospective, June 5 New Mouawad watch launch, Jewelry Souk, June 13 Afkart, Lebanese designers, the Platform, June 26-30
CITY CENTERNEWCOMERSAntoine Hakim Antoine Karam House Linen Bang & Olufsen Blue Black Bonja Signature Bronx Summer Terrace Chic Nails CLVII Copla Façonnable H2 Gentleman Junior Gilt Kidzmondo The Kooples Long Time Liner Main Street Metropole Pallmia Pronovias Revolver Resto Bar Versace Home V roro
BUSINESS & SERVICES Al Mawarid Bank U Energy Beirut
OPENING SOON Gatsby John Lobb Meissen New Yorkers Nanokeratin System NU The One Pal Zileri Patrizia Pepe Robert Abi Nader Shamballa Cult Tufenkjian
BIEL Wedding Folies, February 7-10 Horeca, April 9-12 Forward Forum, April 18-21 Project Lebanon, June 4-7 Outdoor Lebanon, June 26-30
ZAITUNAY BAY Beirut Designers’ Week, May 23-26
BEIRUT DESIGN WEEK SAIFI VILLAGE Milia M, talk and screening in collaboration with Director Soniya Kirpalani The Making Of, Nada Debs Randa Tabbah Starch Ancient Japanese Art of Maki-e on Pearls, Purrl The Future of Fashion, silent auction by The Creative Space Beirut, Bokja
OUTBOX FILM FESTIVAL Taking place in the historic Roman Baths in its fourth edition from June 27 through June 30 this outdoor cinema welcomes a dynamic audience of all ages and backgrounds to view a number of local and international short films and vote for their favorite. This year’s recipients: Best Foreign Director: Rupert Reid, Boo Best Animation: Kasia Wilk, Bear Me Best Lebanese Director: Hiba Tawaji, The Rope
Phot
o La
ne B
arde
n
BOOKS & FESTIVALS
MOUAWAD MUSEUM RECTO VERSO The Electoral Laws in Lebanon, Rabih El Chaer, February 4 You Are Immortal - Take Control of Legacy, John Antonios, February 11 Low Level Reforms in the Public Sector Will Succeed, Akram Najjar, February 18 From Garbage with Love, Ziad Abichaker, February 25 Your Rights as a Lebanese Consumer, Fouad Fleifel, March 4 Ecology and House Care in Lebanon, Nathalie Amy, March 11 Dance and Body Movements, Omar Rajeh, March 18
MONDAY TALKS Names and Significances, Tony Naufal, March 25
How our Choices are Hijacked by Media and Architecture, Fay Niewiadomski, April 8
BEIRUT SPRING FESTIVAL Wajdi Mouawad Canadian play-wright and actor, born in Lebanon, was the guest of honour of the fifth edition, at which he gave a talk moderated by Lebanese writer and art critic Paul Chaoul, Banque Audi Headquarters, May 29
PRIX PHOENIX DE LITTERATURE Awarded to Wajdi Mouawad by Anima and Banque Audi, January 17
ARCHIVES DAY 2013 Open doors to discover the preserved heritage in institutions such as An-Nahar and Instituto Cervantes, June 8- 10
ANTOINE ID Il pleut aussi sur Beyrouth, Caroline Bourgeret, May 24
INDIGO ON THE ROOF Lebanon – Beauty Beyond Belief, Jamal Saidi, Ayman Saidi and Karah Byrns, March 20
VIRGIN MEGASTORE Alsamt Loughati, Mary Abou-Jaoudé, May 2
EL BOURJ BOOKSHOP Fleur de Sel, Nada Skaff, Dar An-Nahar, February 25 Celle que tu es devenue 1910-1920: Un destin libanais, Nayla Aoun Chkaiban, Tamyras, April 4 Ma vie en 3D, Désir, Discipline, Détermination, Antoine Aoun, éditions Elzévir, May 9 L’islam et la femme, Zeina el Tibi, éditions DDB - Paris, May 17 La cantatrice chauve, adapté par Stéphanie Achkouti; Belle des cèdres, Anne Sorlut Haddad, illustrated book, éditions Alba, May 28 Azma fi Souriya, Kamal Diab, Dar An Nahar, June 11
HAY FESTIVAL BEIRUT Imagine the World, three days celebrating the dialog of cultures between international writers, think-ers and artists, May 8-10.
LECTURES The art of collecting and the art market, with Christie’s, Beirut Exhibition Center, April 4 Living environments: restoration, architecture and Public Space, round table with Nabil Gholam, Hala Younes and Imad Gemayel, June 26
BEIRUT WATERFRONT Bike for Peace, Bikeathon, April 14
10Km Women’s Challenge, organized by the Beirut Marathon Association, May 26
BEIRUT SOUKS Big Dance, organized by the British Council in the presence of Ambassador Tom Fletcher, May 18
13th Autism fun day, May 18
Toufoula charity, Platform, June 4-5
The ICRC: 150 years of humanitar-ian action, a photography exhibition celebrating the Red Cross; also the finish line of a four day awareness run across the country by Lebanese athlete Ali Wehbi, Trablous Street, June 29 – July 7
Recollections: Portraits of Syrian Refugees, organized by UNHCR, photos by Marc Deville, in the presence of António Guterres, High Commissioner for Refugees. June 20 being world refugee day, Jewelry Souks, June 18 – July 7
6
EXHIBITIONS
BEIRUT EXHIBITION CENTERHuguette Caland 1944 – present, curated by Nadine Begdache and Brigitte Caland, January 16 – February 24 The art and life of Chaouki Chamoun, curated by Amal Traboulsi, March 7 – April 21 Air Wall, Jean-Marc Nahas, the artist painted on walls throughout the exhibition, May 8 – June 2 Prix Pictet Power, global award in photography and sustainability, with the following themes: power, growth, earth and water, June 6-30
BEIRUT SOUKS The Jewelry Souks Golden Years, April 3 – May 6 Luminarium Mirazozo, May 1-9 British Union Flags, May 18 – June 2
THE VENUE Children and Wall, Riyad Ne’mah, March 22 – April 4 ACS baccalaureate visual art show, April 16-21 Zardman, April 25-27 Nicki’s Adventures around the world, Nicole Debbas, June 7-9 H. Chantout, paintings, June 19-30
PIÈCE UNIQUE Savage Waves, Sami Hamaoui, January 30 – February 9 Cerfs-volants, Assia Hobeika, April 11-20 Infusions of color, reality and imagi-nation, Adonis Tohmé, May 9-25 London 2012 Olympic Legacy, Lena Kelekian, Hagop Sulahian, May 27
AIDA CHERFAN J’ai des idées plein la tête, Rita Kazan, March 1-22 Paintings, Aïda Halloum, April 5-26
Collages, Hussein Madi, May 10-31
ALWANE Mouvances Lumineuses, Thierry Van Biesen, March 19 – April 2 Emotions, Assumpció Mateu, April 4-18 Hoda Baalbaki, April 23 – May 7
AYYAM Depths, Lara Zankoul, January 10 – February 15 Inner Self, Walid el-Masri, February 21 – April 4 Afterimage, Ginane Makki Bacho, April 11 – June 15
MARK HACHEM Beirut Mutations, Samer Mohdad, January 15 – February 25 Karakouz, Raouf Rifai, February 7-23 Atfal Souriyah, fund raising for Syrian children refugee, March 4 Omar Khayyam à l’Heure de la Sieste, Mona Trad Dabaji, March 21 – April 6 Soufan, Drowned in black reality, April 16 – May 4 Twelve Artists, paintings and sculptures, May 7-22
LE GRAY Jabal, group show, with Fransabank, May 8-12 A game of hide and seek, Rima Khatib, June 24 – July 7
MOUAWAD MUSEUM Le printemps des bijoux, March 1-17 Art from the heart: beauty and the horses, Fouad Tomb, April 3-14
AFAK GALLERY Gharib fi Makha Al Nawfara, Boutros Al Maari, June 12-29
MONA TRAD DABAJI
THE JEWELRY SOUKS GOLDEN YEARS INAUGURATION
H. CHANTOUT, THE VENUE
LARA ZANKOUL
GINANE MAKKI BACHO
NICKI’S ADVENTURES AROUND THE WORLD
8
BEIRUT EXHIBITION CENTER
PICTET PRIZE
CHAOUKI CHAMOUN
HUGUETTE CALAND
HUGUETTE CALAND JEAN-MARC NAHAS
JEAN-MARC NAHAS
10
WORKSHOPS FOR THE YOUNG
CHAOUKI CHAMOUN WITH THE KIDS
CHAOUKI CHAMOUN
JEAN-MARC NAHAS
12
FÊTE DE LA MUSIQUE 2013
SAMIR KASSIR GARDENThe Lowhighs Blue YeastNachaz PostcardsCamille And LoryThe CoolcumbersMurphey LawlessThe Banana CognacsAl 3Arabi Mo5
ZAITUNAY BAYAl Kamandjati Bl 3Arabe Ribal Raya Twins Ag Audiyat Rojo Del Libano Massar Egbari (Egypt) Meen Rasta Beirut
ROMAN BATHSJoy FayadLara Eidi (Greece)Pochette SurpriseDalele (France)The Jj’s (Belgium) Segundo Bloco (Brazil) Console (Germany)
BEIRUT SOUKSSnowslash ChamplainBruno TabbalThe Missing PixelsSandmoonNourGilbert SimonSilverageAlbatross (Pink Floyd Tribute)
SOUK EL TAWILEBlue Lace Jebebara (Africa - Guinea) Adrien Mikel Aoun and The Country Boys Afrobeat Collective Episode Shadowalls Impulse Audio Traffic
Fête de la Musique persisted with its key values in its 13th edition 2013 celebrating international musical and cultural diversity interpreted by professionnals and amateurs, free for all and uniting the crowd. The stages were set all over Beirut central district in the Roman Baths, Martyrs’ Square, Samir Kassir Garden, Beirut Souks, Zaitunay Bay and several churches.
WATERFRONTMqube Mad Cottonmouth David Maouad Vanclod Jandam Ronin & Nesta Ramzy Shaar - Stellar Phonics Recordings Alterra
FRENCH AMBASSADOR DENIS PIETON PERFORMING AT THE ROMAN BATHS
SAINT ELIE KANTARI Trio de Fleurs opera Al Bustan Festival Choir
CAPUCHIN CHURCH Coralino children’s choir Lebanese Music School Citicantores choir
EVANGELICAL CHURCH Ghassan Yammine Chamber orchestra trio flute, clarinet, bassoon interpreting Mozart, Vivaldi, Ferenc Farkas, F.R Gebauer and arias by Puccini, Donizetti, Tchaikovsky and Rimsky-Korsakov
EL BOURJ BOOKSHOP In collaboration with École des arts Ghassan Yammine and Revolver Quatuor de guitares, Jana Choufani, José Khawand, Majd Osseiran and Alexandre Sayegh Christophe Corm, guitare Big hits, Ryan Idriss, saxophone Tango Nocturno with the Fabian Bertero Tango Quartet
CROUD AND STAGE AT ZAITUNAY BAY
14
PERFORMANCE
INTERNATIONAL JAZZ DAY 2013
URUGUAY STREET BY NIGHT
INTERNATIONAL JAZZ DAY Under the patronage of Unesco, Uruguay Street, April 30
BEIRUT SPRING FESTIVAL Chababeek Beirut, concert by Tania Saleh, Samir Qassir Square, May 26 The Sentinel, written and directed by Wajdi Mouawad, Cie Au Carré de l’Hypoténuse, Jane Birkin (France), May 29
MUSIC HALL Michel Portal Quartet, February 24 Mashrou3 Leila, sponsored by BLF, March 6 The Something Rain, Tindersticks on tour, April 2 Tango y Nada Mas, April 23 Rover, May 12
BEIRUT SPRING FESTIVAL 2013
WAJDI MOUAWAD JANE BIRKIN
TANIA SALEH
16
OFFICIALS Uruguay ambassador Marta Inés Pizzanelli and first secretary chief of consular section Nicolas Rodriguez; German ambassador Botschafter Christian Clages with head of property management to the German Ministry of Foreign Affairs Volker Pellet, executive board and head of port authority in Duisburg member Thomas Schlipkother and MVW Lechtenberg & Partner managing director Dirk Lechtenberg; Ministry of Justice in Khartoum undersecretary Essam Abdel Kader and advisor to the governor Ali Khadr with a Ministry of Justice delegation and General Consul at Sudanese Embassy to Beirut Samir Babatout; 17 rep-resentatives of European municipalities; eight high Kurdistan responsible; Bucarest municipality president Nicolas Omtanou with 12 members; deputy director of Innovation, Science and Technology Division at the Foreign Affairs and International Trade in Canada Rene Wassill with senior commercial officer Grace Dib and trade commissioner Nathalie Nercessian at the Canadian Embassy to Beirut; Cyprus chairman state fairs authority Loizos Constantinou with member of the board of directors Ninos Phrantzias.
BUSINESS DELEGATIONSCiti Global Markets Limited MENA CEO Jim Cowles; American Airlines regional sales and marketing manager Parviz Ladha offline sales for Africa, Middle-East, India, Russia, Pakistan and Sri Lanka; WSP Cantor Seinuk director Kamran Moazami and technical director Mark O’Connor with Rodolpho and Salim Matar (UK); Daikin chief regional officer Hiroshi Fujioka and department sales manager Afif Arien with regional manager Amal Halime (Japan); CommerzBank Group chairman of the board of managing directors Martin Blessing and head of financial institutions Peter Werner (Middle East, Africa, Latin America) with senior representative in Beirut Hans Pirner (Netherlands); Operations Management Consultancy (OMC) chairman Mario Abela with TAG and other firms’ chairman, Cheikh Sabah Fahd el Salem al Sabah; UBI France director Henri Castores with commercial companies representatives and export consultant at the French Embassy Arlette Nehmé (France); Mokhiber & Moretti LLC attorney at law Albert Mokhiber and KADCON Corporation in Washington president Riad Kadissi; four Egyptian investors; four Malaysian investors. PROFESSIONALS Architect Oktay Nayman and urban planner Ahmad Kaya with Souheil Khoury (Turkey); 25 International and Lebanese participants to the Seminar of Chede Med (Cercle de Hautes Etudes pour le Développement Economique en Méditerranée); Rotary consultant Bernard Ziadé, architect Andry Rakotoarisoa, art historian and Architecture et Patrimoine animator David Gadanho, engineer Benjamin Deny and Angry Rakotoarisoa (France); Atelier Bruckner Architecture Exhibition design and Scenography professor Uwe Bruckner with head of marketing and acquisition Stephanie Klinge; three Iraki engineers and planners; three French artists with one American.
ACADEMICSLondon Southbank University 15 postgraduates architecture students with their professor Alexander Graef; 19 Bartlett School of Planning UCL students with their professors, University of Cambridge architecture professor Dr. Wendy Pullan with student Konstantin Kastrissianakis (UK); Queens University professor James Anderson (Belfast); Columbia University student Melissa Amin (US); Cracow University of Technology architect PhD. Kazimierz Butelski and Kecoco’s Monica Butelska (Keen Concept Corporation) (Poland); 12 Lebanese Amerincan University (LAU) architecture students with professor Erhard Schutz; six Amer-ican University of Technology (AUT) students with Masculin Magazine journalist Aida Kassab; three Université Saint-Joseph students (USJ); 40 Alba students.
MEDIAGerman photographer Enrico Grunert.
Left to right
Peter Werner with GM Mounir Douaidy Jim Cowles and Parvis Ladha with Maher Beydoun
OBITUARYGabriele Basilico, 1944 – 2013
COPYRIGHT © 2013 SOLIDEREThe Lebanese Company for the Development and Reconstruction of Beirut Central District s.a.l.
PO Box 119493 Beirut 2012 7305 Lebanon
Tel 961 1 980650 - 980660Fax 961 1 980661 - 980662
www.solidere.com
PHOTOGRAPHERS
Lane Barden | Mosbah Assi | Ahmad Azakir
VISITORS
SQUARE INAUGURATION Amin al Hafez Square located between Riad El Solh street and the Roman Baths was inaugurated with government officials and family members, June 10.
CELEBRATING TWO DECADES OF GRAPHIC DESIGN The Beirut Chants Festival Season 5 logo designed by Sibylle Tarazi for Solidere was featured in Revolution/Evolution Two Decades and Four Hundred Designers Later, published by the American University of Beirut, Graphic Design Department.
COVER Photo Lane Barden, 2012Public Art: Music Girl, sculpture by Nadim Karam, 1997 located on the Waterfront.
