ADIH in joint venture to develop $1.2bn Beirut Gate project

Beirut, Lebanon: Strategic partnership deals were signed on Thursday between Abu Dhabi Investment House, Sayfco Holdings (a Lebanese real estate development firm) and Roads Holdings (a Qatari development firm) to develop Beirut Gate, the multi-facetted project located in downtown Beirut.

Beirut Gate, managed by Abu Dhabi Investment House, is a development project comprised of 8 plots strategically located in downtown Beirut. The project will ultimately represent the new style district within Beirut where it includes residential, commercial and entertainment components.

ADIH and Sayfco Holdings will be developing a total area of over 26,000 sqm of the project, which will include luxury living and shopping. A total of 76,000 sqm of the project will also be co-developed by ADIH and Roads Holdings.

The components of this particular area will include luxurious residential and commercial units, in addition to implementing the infamous 'Bulgari Hotel'.

Rashad Y. Janahi, Board Member and Managing Director Abu Dhabi Investment House (ADIH), owner of the project and main developer of Beirut Gate said: "ADIH aims to establish strategic partnerships with renowned and reputable firms in the region. Sayfco Holdings and Roads Holdings are both highly professional organizations who have the capabilities to execute and develop important projects such as Beirut Gate."

Total investment in the Beirut Gate project will reach up to $1.2 billion. Expected date of completion of the project is 2014 where first phase is aimed to be completed by end of 2009.