Solidere Quarterly 4 2010

Quarterly
October-December 2010
FrançoisElHajjandOmarDaoukaxestakingshape.Westerncorner:ThePalladium,KevinDash,UK,withR&KConsultants
Easterncorner:TwoParkAvenue,SamirKhairallahandPartners
BUSINESS & FINANCE
SHARE PERFORMANCE DURING THE 4TH QUARTER 2010
Share A
Daily Closing Prices
PRICE
EXCHANGE LISTING
DESIGN COMPETITIONS
DowJones(DJ)hasincludedLebanon
initsnewDJMENABroadStock
MarketIndex,whichmeasures
thestockperformanceof129 listed
regionalcompanies,including
SolidereAandBshares.
SolidereselectedPeterMarino
Architect(US)forBlock46-08Mina
ElHosnmixed-usedevelopment;and
ChrisBlandfordAssociates(UK)for
theNewWaterfrontDistrict
InfrastructureLandscape.
CONFERENCES
AWARDS
DEVELOPMENT NEWS
SolideregeneralmanagerMounir
Douaidyandhisteamspokeabout
theimpactoftheeconomiccrisis,the
strategygoingforward,governance
andshareholderprotectionatthe
followingconferences:
AttheMiddleEastInvestorRelations
Society’sawards,Solidere’sSamer
SoukkariehreceivedBestCompany
RepresentativefortheLevant.
Closeto2,961,537 millionsqmofbuilt-uparea,representing
closeto388 projects,areinvariousstagesofdevelopment
inBeirutcitycenter.
Solidere’sHadiElMurrand
YasminaChamiwontheOmrania/
CSBEStudentAwardforExcellence
inArchitecturalDesignfortheir
universitygraduationprojects.
Bahrain,November28.
Status
L.E.FT,architectsoftheBeirut
ExhibitionCenter,wererecognizedby
theArchitecturalLeagueofNewYork,
ArchitecturalRecordMagazineand
theIakovChernikhovInternational
PrizeforYoungArchitects.
HSBCMENABusinessLeadersEquity
InvestorForum,Dubai,October11-13
MiddleEastInvestorRelations
SocietyAnnualConferenceand
Awards,Beirut,October20-21
UnionofArabStockExchanges
Conference,Beirut,October25-26
EFGHermesandAuerbachGrayson
ManhattanMENAConference,New
York,November4-5.
2
Projects
BUA sq m
263
1,277,573
Underfinishing
24
211,567
Underconstruction
15
122,198
5
11,207
Awaitingpermit
24
226,829
Understudy
39
743,384
Noactivity
9
23,201
Sold
9
345,578
388
2,961,537
Completed
Underrestoration
Total
TheSolideresharestradedsideways
throughoutthequarter,withlocal
politicalbickeringaffectinginvestors’
mood.Volumeremainedsubduedas
mostinvestorsstayedaway,awaiting
signsofapoliticalresolution.Share
pricesshowedstrongresistancearound
theUS$18 level,atwhichpointthere
wasclearbuyinginterest.
ShareAfluctuatedbetweenalow
ofUS$18.00 andahighofUS$19.03,
closingatUS$18.53,a2% decreasefrom
thepreviousquarter.ShareBtraded
betweenalowofUS$17.89 andahighof
US$19.05,closingatUS$18.63,a0.37%
decreasefromthepreviousquarter.
Tradingactivitydecreasedduringthe
quarter,witharound2.2 millionshares
ofbothclassestradinginthelocal
market,12% lessthanintheprevious
quarter.
TheGDRstradedontheLondonStock
ExchangeclosedataroundUS$19.13,
a2.19% increasefromtheprevious
quarter.
$20
VOLUME
125,274
100,000
$19
75,000
$18
50,000
$17
25,000
$16
0
Oct1
Nov11
Dec31
Share B
Daily Closing Prices
PRICE
VOLUME
$20
100,000
$19
75,000
$18
50,000
$17
25,000
$16
0
Oct1
Nov11
Shareprice(USdollars) Tradingvolume
Dec31
3
DESIGN& STYLE
CITY CENTER
Newcomers
AgaJewelry
AlMokhtar
AlQurashi
BankofBaghdad
Crocus
Dreemcom
HaremliqueIstanbul
HouseofLalique
IssaLondon
JuicyCouture
LuisaCerano
MauriceAbouMalhab
Mrs.Robinson
PrinceHolidays
RiverWoods
TomFord
Waed
City Center Events
HervéLéger
Koukjian
Ladurée
ReemAcra
4
Opening Soon
3ezzCafé
AlHakim
AnthonyBonja
AntoineHakim
AntoineKaramHouseLinen
AssayelEventPlanner
BanqueLibano-Française
Fransabank
IsabelMarant
IshtarHomeCollection
LanvinWomen
MagicIn
ManassehJewelry
MaxMara
RelaisFoch
Santiago
SirajHindiCarpets
SportetLoisir
Subway
VanCleef&Arpels
ZougheibJewelry
BEIRUT SOUKS
Newcomers
Jewellery Souk
AzarJewelry
DiamondCreations
FarahShanal
Finecraft
ImadBaadarani
J.F.Gioielli
JuicyDiamonds
N.Mouzannar
NadaG
PierreGermani
RamiAbboud
Voyageur
YessayanJewelry
Fakhry Bey
Balenciaga
RodeoDrive
Opening Soon
AntoineWadih
Salamoun
CalvinKlein
LeStay
Momo’s
Samsung
SweetTea
ThierryMugler
Beirut Souks Events
GiftforLife,Children’s
CancerCenter
LanvinforH&M
Balenciagaopening
NadaG,Azar,Yessayan
Jewelersredcarpet
openings
Allenby Street
BottegaVeneta
Souk Ayass
BaliBalima
CaféM
Piquadro
5
ART SCENE
Souk Arwam Gallery
Jamãl photography exhibition,
RogerMoukarzel,December10-21.
Pièce Unique
Sérénité,Abdel-MawlaOweini,
October6-23
Mémoires et images,AssiaMassabki,
November1-11
Melting Pot,CathyAthanassiadès
El-Tabbah,November12-20
Emile Azar,November25–
December18
Collection de peintures,
December20– January 8.
6
Aida Cherfan
Bahram Hajou,
November12– December3
Les sculpteurs et peintres de la nuit,
AmalMuraywed,SergioZanni,Puccio
Pucciandothers,December10-31.
Alwane
Exposition collective,40 Lebanese
andinternationalartists,through
November30.
Ayyam
Dances in the Canal,SamiaHalaby,
October7 –November27
Masks, Kings and Other Things
Revisited,OussamaDiab,
December2– January15
Shabab Uprising,PlatinumTower,
December2.
FFA Private Bank
Hanibal Srouji,
October7– November5.
Rochane
Signalitiques,GhassanZard
AbouJaoude,November4-13.
Maqam
My Father: Reflections,AfafZurayk
bookwithphotographyexhibition
byNoelNasr,October22-29
Al-Burak I,MohammedSaidBaalbaki,
November18–December31.
Mark Hachem
Mona Trad Dabaji,
October 19 – November16
Youri Leroux and Dirk De Keyser,
November18–December9
Histrionic,NourElKhazen,
December17 –January4.
Mouawad Museum
Phoenician Rêveries Métamorphoses,
MonaJabbour,
October22– November1.
Q Contemporary
Q Calling the Shots,architectural
photography,
November11–December24.
Sanduq El Ferji
UFA3Dmappingeventand
competitionforbestanimators
andvisualartistsinLebanon,
Martyrs’Square,December22-31.
7
BEIRUT
EXHIBITION
CENTER
ThethirtiethSalond’Automne
crownedtheyearatthisart
spaceonBeirutWaterfront.
Arabicity,throughOctober31
La nature dans tous ses états,
LilianeTyanforHelpLebanon
30thanniversary,November4
XXXe Salon d’Automne,
NicolasSursockMuseum,
December2– January4.
8
9
BEIRUT
CELEBRATES
The city center sparkled with joy during the end
of year holiday season. Boutiques decked the halls
with festive window displays, and Solidere adorned
the streets with decorations and celebrated the
holidays with activities.
BEIRUT SOUKS
AdhaKidsandChristmasshowwithMiniStudio
Christmasparadeandtreeillumination,with
marchingband,SantaClausfloatandMiniStudio
Santa’sHouse,picturetakingwithSantaClaus
andhiselves
ChristmasWorkshops,children’sactivities.
QUARTIER DES ARTS EN FÊTE
SaifiVillagehostedayoungdesigners’exhibition
andacompetitionforbestwindowdisplay.
NEW YEAR CELEBRATIONS
Acountdownlightshow,confettirainandfireworks
announcedtheNewYear.
ST ELIE INAUGURATION
BishopYoussefKallassledtheinaugurationmassat
StElieGreek-CatholicCathedralonNejmehSquare,
inthepresenceofNuncioGabrieleCacciaandother
religiousandofficialfigures,December11.
SACRED MUSIC FESTIVAL
St George Orthodox Cathedral
ChoraleStRomanos
MountLebanonByzantine
Orthodoxchoir
St Nichan Armenian Orthodox Cathedral
LaChanteriedeBeyrouth
children’schoir
St Louis Capuchin Church
LebaneseSchooloftheBlind
inBaabdachoir
GhadaGhanem
GhadaShbeir
ChoralelaVoixd’Antan
St Elie Maronite Church
GraceMedawar
AbeerNehmé
TaniaKassisOrientalChristmas
Garagatchchildren’schoirofHamazkayin
National Evangelical Church
KamilaandZakarKechichian
ChristianCommunitychoir
FourKnights
All Saints Church
ChristmasCarols
St George Maronite Cathedral
TheHolySpiritUniversitychoir
St Elie Catholic Cathedral
NotreDameUniversitychoir
SamarSaleme
10
11
PERFORMING ARTS
A live performance by legendary
Lebanese diva Fayrouz and an
international Jazz Festival were
the highlights of the season.
BEIRUT SOUKS
Jazz Festival
CharbelRouhana’sBigBand,October14
PattiAustin,October15
RandyCrawfordandJoeSampleTrio,
October16.
GRAND SERAIL
SopranoDilettaRizzoMarinandbaritone
TouficMaatoukwiththeLebanese
PhilharmonicOrchestradirectedby
FrancescoLanzillotta,ItalianEmbassy,
November13
Une Soirée Frédéric Chopin,withsoprano
NadineNassarandpianistPrzemyslaw
Lechowski,PolishEmbassyandAmicaledes
AnciensÉlèvesdeJamhour,November26.
MUSIC HALL
Liban Jazz
TrioJoubran,tributetoMahmoudDarwich,
November22.
BIEL
12
Fayrouz,liveinconcert,October7-8
RobinGibb,liveinconcert,
November20
DJMarkusSchulz,October16
DJLethalSkills,November18.
13
BEIRUT BOOK CAPITAL
INTERNATIONAL ARAB BOOKFAIR
SALON DU LIVRE
TheBeirutInternationalArabBookfairinits54thedition,organized
bytheArabCulturalClubwiththecollaborationoftheLebanese
Publishers’Union,broughttogetheralargenumberoflocaland
regionalliterarypublishers,authorsandaudiences.Eventsduring
thetwelve-daybookfairincludedbooksignings,booklaunches,
lecturesandforums.
Faten,byFatimaSharafeddine(Kalimate)wonthe2010 BestBook
prize,andthecollectionToufoulati Kanzi (DarElMakassed)wonBest
Children’sBookprize.
Biel,December 3-16.
The17theditionoftheFrancophonebookfairinBeirutbroughttogether
morethan130 internationalauthors,publishers,booksellersandthousands
ofLebanesereadersfortendaysofintellectualexchange.Theevent,
organizedbytheLebanesesyndicateofbookimportersinpartnership
withtheFrenchCulturalMission,isthethirdlargestFrancophonebookfair
intheworldafterParisandMontreal.
ThehighlightofthefairistheannualPrixPhénix,awardedtoaLebanese
FrancophoneauthorortoaFrenchauthorwhoseworkrelatestoLebanon.
The2010 prizewasawardedtoPercyKempforhisnewnovelNoon Moon.
Biel,October28 – November7.
BOOKSIGNINGS
Georges Schéhadé ou la poésie du réel,
MahaBadr,L'Harmattan
Le nouveau gouvernement du monde,
GeorgesCorm,LaDécouverte
Cent quatre-vingts crépuscules,Hassan
Daoud,ActesSud
Noon Moon,PercyKemp,Seuil
L’Olympe des infortunes,Yasmina
Khadra,Julliard
Noir Beyrouth,EmilieThomas
Mansour,Tamyras
Sarkozy au Proche-Orient,Farouk
MardamBey,ActesSud
Beyrouth by Day,TaniaHadjithomas
Mehanna,Tamyras
Les écureuils de Central Park sont tristes
le lundi,KatherinePancol,AlbinMichel
Albert Camus, fils d’Alger,Alain
Vircondelet,Fayard
Bye bye Babylone : Beyrouth 1975-1979,
LamiaZiadé,Denoël
La fille aux cendres : contes du Liban,
NathalieZoghaib,L'Harmattan.
LECTURES AND
ROUNDTABLES
Beyrouth sans Beyrouth : peut-on
encore sauver notre ville? Ministerof
CultureSelimWardé,LadyYvonne
SursockCochrane,SergeYazigi,
AntoineMessarra,GiorgioGuyTarraf
andTaniaHadjithomasMehanna,
moderatedbyGeorgesRabbath
Faits et méfaits de la globalisation,
GeorgesCorm,moderatedby
ElisabethLonguenesse
Un patrimoine, un héritage : la langue
française et la Méditerranée withEzza
AghaMalak,RomainVignest,Sophie
SalloumandNadiaSkandarani
L’aménagement des paysages libanais,
RajaChoueiri
Les mille et une nuits, source
d'inspiration pour les écrivains
d’aujourd’hui,MalekChebel,Elias
14
KhouryandRobertSolé,moderated
byGeorgiaMakhlouf
L'appauvrissement linguistique, un
phénomène mondial,PercyKemp,
CharifMajdalaniandCherif
Choubachy,moderatedbyGeorgia
Makhlouf
Naissance d'une musicologie générale
des traditions entre Beyrouth et Paris,
PèreAntoineRajeh,NidaaAbou
Mrad,JeanLambert,Bouchra
BechealanyandFaresSassine
Les médiathèques et la conservation du
patrimoine libanais,MarietteAtallah
Abdelhay,PhilippeVezie,Nadine
Meouchy,BasileKhoury,Essine
GemayelandMohammadAlDbiyat
Comment le ‘hi kifak ça va’ peut aider
l'apprentissage des langues en classe,
IsabelleGrappe.
ACTIVITIES AND CONCERTS
Slam Poetry Performance,withhigh
schoolstudentsandLaurélineKuntz
Beirut Fresco,interactivemuralofthe
Beirutcoastline,MichèleStandjovski
Chaque jour un conte,children’s
storytelling,RandaAbulHusnand
VéroniqueNader
Toute la musique dont vous rêvez,
performancesbystudentsfrom
theLebaneseNationalHigher
ConservatoryofMusic.
LECTURES, FILMS, FORUMS
BOOKSIGNINGS
Mohammed Hassan Fadlallah,
Jurisprudence and Thought,George
Massouh,RadwanAlSayedandHani
Fahs,presentedbyGeorgeNassif
Tarikh Al Qossa Alsaudia Wa Jouzouraha
Fi Al Jazira Al Arabia,Abdallah
BinMohammedAlNasser
How Can We Make the New Generation
Like Arabic Grammar, Sultan
NasserElDin
Beirut Fi Ouyoun Al Che’ar Al Saoudi,
AbdallahBinSalemAlma’tani
The Role of the International Red Cross
in Improving Human Rights Laws,
SharifAtlam
Al Dars Al Awal, afilmbyArinAlOmari
Jabbour Douwaihi’s Charrid Al Manazel,
MonaFayad,HazemSaghia,
MelhemChaoulandGeorgeDorlian
Honoring Palestinian Artists Hani
Alsaidi, MahmoudSaid,ArinAlOmari,
RachidMishrawiandZinatiQodsiya,
presentedbyGhaziKahwaji.
Hajar Wa Ma’,ZaferAlHajari
Samt Al Ayam – Kouroum,
Ne’aimehQassem
Beirut Ounsa ‘Achiqatiha,
ElieJosephMaalouf
Al Mar’a Insan Min Al Daraja
Al Thaniya,HananSaleh
Wida’an Qalbi,ElhamHassan
Bayna Zamanain,NizarSirtawi
Qafass Al Assafir,HalAlQahtani
Sadat Al Istifham,AliSourour
Khatiyati,JulietteAntonios
Al Fajer Mir’ati,BintAlArz
Qamar Ayloul,NabilMouawad
Nabad Al Hayat, Albatoul
AlDabbagh.
POETRY READING
GuestofhonorLebaneseHoda
Mikatiwasaccompaniedby
fellowpoets:
NizarSirtawi(Jordan)
JulietteAntonios(Lebanon)
NabilMouawad(Lebanon)
Ne’aimehQassem(UAE)
AssayelNajar,Albatoul AlDabbagh,
ElhamHassanandZaferAlHajari
(SaudiArabia).
EXHIBITIONS
Dans les pas d’Albert Camus,photos
Des bulles et des hommes,historical
surveyofFrenchcomicbooks
Objectif livre! photosbyLebanese
highschoolstudents
Galerie d’auteurs suisses,photos
Hommage à Mohieddine Al Labbad,
drawingsandcaricatures
7 jours en Egypte et 5 jours à Alep,
photosbyALBAstudents
Bienvenue en Libania,photos.
15
BOOKS, LECTURES, FILMS
16
Le totalitarisme européen dans les
miroirs de la pensée contemporaine
arabe,HotelMonroe,October6-8
Five Decades of Painting and
Innovation,SamiaHalaby,
AyyamGallery,October7
My Father: Reflections,AfafZurayk,
MaqamGallery,October22
Religion: An Obstacle to Peace? lecture
byTariqRamadan,partofPolitically
Incorrect,MusicHall,November 4
Poesia en el Aula,AlmudenaGuzman
andPacoNovelty,Instituto
Cervantes,November11
Préparatifs d'un voyage ou l'histoire
d'Ali Abed,HichamBaroudy,ElBourj,
December7
The Lebanon,limitededitionby
photographerMaxMilligan,Robert
Mouawadprivatemuseum,
December8
Barefoot in Baghdad,ManalOmar,
VirginMegastore,December13
Memorias de un Mexicano,
documentarybySalvadorToscano,
InstitutoCervantes,December15,17
Dessiner la / une histoire,roundtable
withAlfonsoZapicoandMazen
Kerbaj,moderatedbyMichèle
Standjovski,Alba,December16.
17
OTHER ACTIVITIES
OUTDOOR EVENTS
SOUK EL TAYEB
Lebanon H.O.G Tour 2010 byNescafé,
October1-3
Clic Clac les Z’Amoureux clownshow,
ZicoHouse,October2
StJudefundraisingdinner,BeirutSouks,
October9
HotairballoonslaunchedFrance24’sArabic
channel,Martyrs’Square,October18
FanfaraBersaglierisalutedGaribaldiBrigade
departurefromLebanon,NejmehSquare,
November7
Kalam An Nass,LBClivebroadcast
fromAjamiSquare,December13.
SoukelTayebfarmers’marketmovedforthe
winterseaontothesiteoftheplannedBeirut
Souksdepartmentstore.
FLÂNERIE À BEYROUTH
SolideregeneralmanagerMounirDouaidy
presentedawalkthroughBeirutcitycenterto
Notre-DamedeJamhourSports,Culturaland
SocialClub,October27.
BEIRUT MARATHON
Run for a Tobacco-Free Lebanon wasthetheme
ofBLOMBeirutMarathon2010,8thedition.
Inadditiontothe10kmand42.195 kmtracks,this
yearsawtheintroductionofarelayraceanda
RunwithMom1 kmrace.Participantsendedtheir
runattheMarathonVillageontheWaterfront
District,November7.
INDEPENDENCE DAY
TheofficialparadetookplaceonShafikElWazzan
street,November22.
BIEL FAIRS
18
Made in America,October7-10
Dream 2010,developmentandrealestateannual
meeting,October20-23
In Shape,healthbeautyandfitnessrelated
products,November18-21
Afkart,December14-20.
19
VISITORS
Sir Andrew Cahn, Messrs. Mouawad
and Khoury, Prince Jean d’Orléans, with
general manager Mounir Douaidy.
Ambassador Child-Adams with AR Solh.
Nigerian delegation with N Rached.
Officials
Kirkuk Provincial Council chairman
Rizgar Ali Hamajan with council
members (Iraq); Canadian ambassador
Hilary Child-Adams; National Planning
Commission minister Shamsuddeen
Usman (Nigeria) with Laurent Aoun;
Prince Jean d’Orléans Duc de Vendôme
and his wife with Rosy Boulos and
Nada Salamé; Bulgarian Chamber of
Commerce and Industry member of
the board Alexander Kashukeev and
a delegation with Bulgarian Embassy
first secretary Raycho Zhelyazkov.
Business & Delegations
UK Trade & Investment chief
executive Sir Andrew Cahn and
assistant Duncan Archibald with
British Embassy deputy head of
mission Piers Cazalet and senior
trade and investment officer Yasmine
El-Hajj; Ward Williams Associates
directors Martin T. Robertson and
Graham Davies; Artfilms executive
producer Derek Guthrie; Arup
associate director James Thonger;
Investors Habib Abou Habib (UK),
Michel Mouawad and Gilbert Khoury;
Jones Lang LaSalle MENA strategic
consulting director Laura McLauchlan
and manager Mehdi Benzakour;
Shuaa Capital chief communications
officer Oliver Schutzmann (UAE);
SODIC executive project director Ihab
Khalil (Egypt); Caravel Management
LLC senior portfolio manager Katiana
Guzman MacNabb and senior analyst
Jamieson M. Odell; StandardVision
LLC president David Agnew (US);
Pernod Ricard Europe CEO Laurent
Lacassagne (France); Colorificio MP
general director Fabrizio Moretti and
sales manager Roberto Berti; Gruppo
P&G managing director Eros Corolli;
VetroVentilato representative
Massimo Sensini; Interiors
commercial director Matteo
Simoncelli (Italy); Baumschlager
Eberle Lochau managing partner
Willem Bruijn (Austria) with ASAM
managing director Ayman Sanyoura;
Carnegie fund manager Carl
Cederström (Sweden); Shell Asset
Management Company strategy and
equities directors Ben Paarmann
and Maria Coello de Llobet (The
Netherlands) with Credit Suisse Saudi
Arabia vice president Fouad Dajani;
Ritz Carlton board members Jean
Grosfort and Max Cergneux, Ritz
Carlton Aruba owners Romeo and
Miguel Mouawad and head of
evaluation department Walter Stipa;
Ecofys principal project manager
Astrid Muller, project director
Andreas Hermeling and deputy
project director Riad Bhar (Germany);
Colliers International senior manager
Arshad Malik and six colleagues
(Saudi Arabia).
Professionals & Academics
Architect Peter Marino; international
photographers Robert Polidori (US)
and Klavdij Sluban (France); a group
of French, Kuwaiti and Lebanese
architects; Felix & Merlin Architects
director Tarek Merlin; Zaha Hadid
Architects Hussam Chakouf (UK),
with Platinum Tower managing
director Mouhamad Rabah; École
Polytechnique Fédérale de Zurich
professor Josep Lluis Mateo with
architecture students; World
Economic Forum community
manager Matthew A. Miller
(Switzerland); international
landscape architects; students
from Kunst Akademie, Düsseldorf
(Germany); American architects
with Majid Al Futtaim Group
representative; professor Salah Sadek
with
engineering students from
the American University of Beirut;
students from Ecole des Soeurs des
Saints Coeurs; Pierre Eric de Troyat.
Media
Condé Nast Publications director
of restaurants Stuart Nielsen (Hong
Kong); Valeurs Actuelles journalist
Matthieu Trémauville and project
coordinator Sandra Hamour (France);
The National columnist Frank Kane
(UAE); journalist and author Mark
Frary (UK); journalist Ludger Kersting;
radio journalist Julia Tieke (Germany).
Photos
Mosbah Assi
Fares Jammal
Mazen Jannoun
David Xavier
Copyright ©
Solidere
The Lebanese Company
for the Development and
Reconstruction of Beirut
Central District s.a.l.
PO Box
Beirut
Lebanon
Tel
Fax
[email protected]
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