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EXCERPTSFOR ANALYSTS
J U L Y 2 0 1 2
EXCERPTSFOR ANALYSTS
J U L Y 2 0 1 2
Excerpts for analyst 2012_Orange 7/25/12 9:40 AM Page 01
02
2011 HIGHLIGHTS 5
BUSINESS DESCRIPTION 6
SHAREHOLDER STRUCTURE 8
GROUP ENTITIES 9
STRATEGY 10
LAND BANK 12
LAND DEVELOPMENT COST 15
SALES 16
DIVIDENDS 18
RENTAL PORTFOLIO 20
REAL ESTATE PIPELINE 22
SOLIDERE INTERNATIONAL 23
FINANCIAL HIGHLIGHTS 24
SHARE PRICE HISTORY 26 LOCAL MACRO INDICATORS 27
TABLE OF contents
E X C E R P T S F O R A N A L Y S T S - S O L I D E R E
Excerpts for analyst 2012_Orange 7/25/12 9:40 AM Page 02
0504
STRONG & HEALTHY BALANCE SHEET
USD 717 MILLION IN CASH & RECEIVABLES COVER MORE THAN
THE USD 555 MILLION IN BANK FACILITIES
PRIME LAND BANK VALUED AT USD 7.8 BILLION AT CURRENT
MARKET PRICES
BANK DEBT AT 6% OF NET (MARKET) ASSET VALUE
HIGH MARGIN INCOMES
84% gross margin on land sales65% EBITDA margin52% net margin
RENTAL INCOME INCREASED BY 21% DUE TO THE GROWING
PORTFOLIO OF INVESTMENT PROPERTIES
COST OF RENT REDUCED BY 21%
OVERHEAD DECREASED BY 10%
2011 highlights
E X C E R P T S F O R A N A L Y S T S - S O L I D E R E
Excerpts for analyst 2012_Orange 7/25/12 9:40 AM Page 04
0706
The Lebanese Company forthe Development andReconstruction of BeirutCentral District S.A.L.(Solidere), a Lebanese publicjoint stock company foundedin 1994, is entrusted with thetask of developing andreconstructing Beirut CentralDistrict. A City Maker andMaster Developer, itsactivities embrace townplanning, urban design andmanagement; landdevelopment, reconstitutionand development of publicdomain, infrastructure andland reclamation, hard- andlandscaping; real estatedevelopment and restoration.The Company thus prepares,manages, and sells ‘ready-to-develop’ plots of land withinBeirut City Center to thirdparty developers for mixed-use developments.
It develops real estateprojects for its owninvestment propertiesportfolio, and also providesthird-party developers withactivities and services related
to their real estate projects,such as consulting anddevelopment management.The Company holds avaluable portfolio of incomegenerating investmentproperties, and plans toenlarge that portfolio in thenext few years. Through itsassociate SolidereInternational Limited, theCompany participates in realestate development activitiesand services in the MiddleEast and around theMediterranean Basin.
Solidere has a paid in capitalof $ 1.65 billion. Its shares aretraded on the Beirut StockExchange (tickers: SOLA,SOLB) and its GDRs on theLondon Stock Exchange(ticker: SLED). As of Dec 31,2011, Solidere had157,356,751 sharesoutstanding.
BUSINESS description
Excerpts for analyst 2012_Orange 7/25/12 9:40 AM Page 06
09E X C E R P T S F O R A N A L Y S T S - S O L I D E R E08
SHAREHOLDER structure
LEBANON82.46 %
LEBANESE BANKS &FIDUCIARY ACCOUNTS18.10 %
LEBANESE RETAIL50.23 %
LEBANESEINSTITUTIONS14.13 %
MENA (EXCLUDING LEBANON)5.92 %
AMERICAS &THE CARRIBEAN5.61 %
EUROPE6.00 %
ALL OTHERS0.003 %
LEBANON
GROUP entities
COMPANY SHARE DATE OF ESTABLISHMENT
Beirut Waterfront Development sal (Joint Venture) 50 April 2004A joint venture with Stow Waterfront SAL Holding created to develop a yachtclub and a by-the-marina retail stripin the waterfront district
Solidere ManagementServices sal 100 June 2006 A Company that provides projectmanagement services to third party developers
Solidere Management Services (Offshore) sal 100 March 2007
Solidere InternationalHoldings sal 100 May 2007SIH owns 37.19% in Solidere International Limited
Solidere InternationalLimited 1.79 June 2007
BHC Holding sal 100 March 2010A fully owned company that brings quality innovative restaurants, cafesand hotels to Beirut Central District
As per Company’s by-laws, “no shareholder, whether he be a naturalperson or body corporate, may directly orindirectly own more than 10% of theCompany’s capital. The spouse and minordescendants of the shareholder areconsidered as one person”.
Shareholder Structure by type andregion (as of March 31, 2011):
Excerpts for analyst 2012_Orange 7/25/12 9:40 AM Page 08
E X C E R P T S F O R A N A L Y S T S - S O L I D E R E10
Solidere focuses on deliveringhigh quality products andensuring master planguidelines are followed upupon. It endeavors to addvalue to the city and topreserve City Heritagethrough restoration ofarcheological and historicalsites.
Guidelines are adaptive tomarket and town planningneeds.
Solidere is pursuingstrategies of:
value creation through theinitiation of various temporaryactivities (Exhibition Center,BIEL, Kidzmania, The One…)in the waterfront area withthe objective to unlock thevalue in the coming 8-10years
revenue diversification byincreasing existing rentalportfolio as well as servicesrendered to 3rd parties
expansion through itsassociate SolidereInternational
value adding throughhospitality activities andbroadband network that caterto BCC community needs andcreate added value forsurrounding environment
STRATEGY RELIGIOUS0.7 %
GOVERNMENTCULTURAL3.8 %
HOTELS6.3 %
RETAIL3.2 %
MIXED-USE8.5 %
OFFICES27.7 %
RESIDENTIAL49.8 %
RELIGIOUS1.1 %
GOVERNMENTCULTURAL5.0 %
HOTELS8.5 %
RETAIL4.9 %
MIXED-USE10.8 %
OFFICES23.8 %
RESIDENTIAL45.5 %
MASTERPLAN BUAGUIDELINES
CURRENTBUA
BREAKDOWN
Excerpts for analyst 2012_Orange 7/25/12 9:40 AM Page 10
LAND bankSolidere benefits from a landbank with a geographic primelocation, located at the heartof the capital, Beirut, with awaterfront district.
An allowable land bank of4,690,000 sqm of BUA wasmandated for the CentralDistrict out of which 657,598sqm were either exempt/orrecuperated by originallandowners, leaving Soliderewith an initial land bank of4,032,402 sqm BUA.
City Center Land Inventory 4,690,000 937,645 478
Exemptions and Recuperations 657,598 105,390 140
Initial Land InventoryTraditional 2,286,502 541,969 250Waterfront 1,745,900 290,286 88Total Initial Land Inventory 4,032,402 832,255 338
Remaining Land InventoryTraditional 379,908 45,326 19Waterfront 1,496,908 231,979 74Total Remaining Land Inventory 1,876,816 277,305 93
Total surface area of Beirut Central District including public domainamounts to 1,889,358 sqm.
BUA SURFACE NO.IN SQM IN SQM* PLOTS
AS OF DEC 31, 2011
*EXCLUDING PUBLIC SPACES
Remaining Land Inventory (sqm BUA)
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
4,500,000
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
DEPLETING LAND BANK
Excerpts for analyst 2012_Orange 7/25/12 9:40 AM Page 12
15
LAND development cost
Pre-acquisition costs 9,412,802
Infrastructure costs 777,395,720
Sea front defense 288,886,655 Completed in 2002Work executed in thetraditional BCD area 160,248,695 Completed in 1997Land reclamation and treatment 98,314,581 Completed in 2009Electricity power station 42,270,889 Borrowing costs 43,305,585Other costs 144,369,315
Eviction Costs 260,242,988
Capitalized Costs 69,553,153
TOTAL $ 1,116,604,663
Acquired Properties $ 967,201,064
Post acquisition, Solidere incurred $ 1,116,604,663 on land development costsbroken down into the following:
Infrastructure in the reclaimed area is expected to cost about $ 250,000,000 over thenext three years. Solidere had a fixed cost of $505 per sqm BUA which was re-calculatedto $587 for the remaining land bank inventory from fiscal 2010 onwards.
STATE-OF-THE-ART INFRASTRUCTURE HAS BEEN LAID IN THE TRADITIONAL CITY CENTER
AND WORKS IN THE TREATED PART OF THE LANDFILL AND RECLAMATION IS ONGOING
AND EXPECTED TO COMPLETE IN THE NEXT THREE YEARS.
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
0
100,000,000
200,000,000
300,000,000
400,000,000
500,000,000
600,000,000
700,000,000
800,000,000
900,000,000
INFRASTRUCTURE COST
Cumulative Traditional Infrastructure Cost
Cumulative Reclaimed Infrastructure Cost
Excerpts for analyst 2012_Orange 7/25/12 9:40 AM Page 14
Land/R.E Salestransactions contracted in
current year Recognitionconditionssatisfied?
(25% downpayment &
risks transfer)Land/R.E Sales
transactions contracted inPrevious Years
(i.e. Sales Backlog)Total transaction valueadded to Sales Backlog
off B/S
Land/R.E Salesrecognition of the total
transaction value
Total transaction valuerecorded as Revenue in IS
Payment received frombuyers recorded as
deferred Revenue in B/S
Books records
Yes
No
E X C E R P T S F O R A N A L Y S T S - S O L I D E R E16
SALES
Sales contracted do notnecessarily get recognized inthe same reporting period. A25% down payment, with thebalance not being subject tofuture subordination, and atransfer of risk are tworequired criteria for salesrecognition. Using historicalaverage land sales contractedof 111,000 sqm BUA per year,we estimate the land todeplete within 15-18 years.
Up to end of 2011, cumulativevalue of sales recognized andEBITDA amount to $ 2,801,477,244,and$ 1,667,779,735 respectively.
Sales Backlog $ 40,000,00 $ 77,500,000
2011 2010
$- $200 $400 $600 $800
$1,000 $1,200 $1,400
Mill
ions
Recognised Land & Real Estate Sales and Sales Backlog
Recognised Sales Sales Backlog
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 $- $200 $400 $600 $800
$1,000 $1,200 $1,400
Mill
ions
Recognised Land & Real Estate Sales and Sales Backlog
Recognised Sales Sales Backlog
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
RECOGNISED SALES VS. BACKLOG
Excerpts for analyst 2012_Orange 7/25/12 9:40 AM Page 16
DIVIDENDS
GENERAL ASSEMBLY DATE DIV./SHARE DECLARED DIVIDENDS DIV YIELD* DIV PAYOUT
June 29, 1996 0.20 30,918,413 1.79% 95.76%
June 30, 1997 0.25 40,367,172 2.27% 68.49%
June 29, 1998 0.25 39,351,753 2.08% 50.55%
June 23, 2003 stock dividend 1/40 19,625,550 2.50% 47.78%
June 12, 2006 0.60 94,831,106 2.66% 87.38%
June 22, 2007 1.00 155,093,702 6.32% 117.35%
July 15, 2008 1.00 155,090,832 2.71% 69.18%
July 13, 2009 1.15 176,479,957 4.90% 96.59%
July 19, 2010 1.15 175,228,434 5.48% 92.61%
August 1st, 2011 0.40 60,912,291 5.71% 74.81%
August 1st, 2011 stock dividend 1/30 85,987,850
$ 1,033,887,060
* DIV IDEND Y IELD IS BASED ON SOLA CLOSING PRICE AT DECLARAT ION DATE .
Excerpts for analyst 2012_Orange 7/25/12 9:41 AM Page 18
KEY DEVELOPMENTS
UN House
With a record constructionperiod of 14 months, theUN agencies headquartersbuilding was handed overin 1997. Designed byPierre El-Khoury, thebuilding consists of a floorspace of 43,000 sqm, outof which 22,713 sqm areleasable.
Beirut Souks
Built in the place of thetraditional markets, theSouks of Beirut are amodern shopping districtdestined to bring criticalmass retail supply in thecity center. The South Souks has atotal BUA of 71,903 sqm,out of which 54,352 sqmare leasable (6,185 sqm inthe Gold Souks and 48,167sqm in the Souks Core).
Construction of the SouthSouks was completed and officially launched in 2010.
It comprises a 2,900-spaceunderground car park, a5,700 sqm Food Hall, 151outlets in the Core and 52jewelry boutiques in theGold Souks. The North
Souks has a total BUA of45,595 sqm, out of whichabout 41,000 sqm areleasable. It is comprised ofa 14-theater Cineplex &Entertainment Center, andDepartment Store & Annexbuilding of 17,000 and24,000 sqm respectively.The Cineplex is expectedto be completed by late2012 and the DepartmentStore 2.5 years later.
Embassy Complex
The 9,300 sqm officedevelopment in Rue del’Armee was redesigned byIdepConsult – MounirSaroufim into an embassycompound and executedby Samir Mokbel andPartners. The constructionof the compound wascompleted in 2001, withinfrastructure andlandscaping works aroundthe compoundimplemented in 2002. Theembassy complex housesthe Japanese, British, Australian, Norwegian,and Danish embassies.
Saifi Village
Offering a 34,000 sqm offloor space, Saifi Village isdesigned according toLebanese tradition, with
sixteen low-rise newbuildings that form fourclusters extending over7,400 sqm of land alongsix streets. Saifi Villagewas completely marketedin 2001.
Zaitunay Bay
The development totals20,000 sqm BUA andconsists of a main buildingeast of Beirut Marina,accommodating 53furnished and servicedapartments (out of which44 are to be sold with atotal sellable area of10,041 and 9 are to beretained and operated byBWD), and a yacht club. Italso includes quaysiderestaurants and cafés (17restaurants and 5 retail outlets) along themarina, with roofs at corniche level forming acontinuation to thecorniche promenade. Theretail strip is accessiblethrough 7 pedestrianaccess points withunderground publicparking facilities. ZaitunayBay has become a touristicdestination for locals andforeigners, referenced as“Carre d’or de Beyrouth”by local Media.
E X C E R P T S F O R A N A L Y S T S - S O L I D E R E20
RENTAL portfolio
SOUKS CORE ARCHITECTS
Rafael Moneo (Spain)Samir Khairallah & Partners
GOLD SOUKS ARCHITECTS
Kevin DashSamir Khairallah & Partners
NORTH SOUKS ARCHITECTS
Valode et Pistre (France)Annabel KassarZaha Hadid
AS OF DEC 31, 2011,
SOLIDERE LEASES
124,074 SQM OF
INVESTMENT
PROPERTIES,
GENERATING ABOUT
$ 50 MILLION.
4
15
23
8
-
5
10
15
20
25
-
10
20
30
40
50
60
Residential Commercial Souks Parking & Moorings
Mill
ions
Thou
sand
s
Rental Portfolio by Type
BUA
BU
A
USD
USD
4
15
23
8
-
5
10
15
20
25
-
10
20
30
40
50
60
Residential Commercial Souks Parking & Moorings
Mill
ions
Thou
sand
s
Rental Portfolio by Type
BUA
BU
A
USD
USD
RENTAL PORTFOLIO BY TYPE
Excerpts for analyst 2012_Orange 7/25/12 9:41 AM Page 20
23E X C E R P T S F O R A N A L Y S T S - S O L I D E R E22
Cineplex North Souks
The Cineplex andEntertainment Center isexpected to be launched bylate 2012 and includes 14cinemas above ground withgenerous lounge andconcession areas, as well asan entertainment and retailzone, restaurants and gamesarcade, with a 19,225 sqmBUA
Department StoreNorth Souks
The Department Store andAnnex building project isunder the design phase byZaha Hadid Architects, with a26,370 sqm BUA
178 Saifi Village
A mixed-use mostlyresidential project in theexecution phase with a 12,500sqm BUA, designed by NabilGholam Architects.
Office Building
A 20-story triple A officetower in the design phasewith a 24,950 sqm BUA,designed by Fumihiko Makiand Associates.
Serviced FurnishedApartmentsSpa and Wellness Center
The project is in the designphase and includes retail,restaurants and cafes, highend serviced furnishedapartments, a Spa, andWellness Center, with a15,000 sqm BUA, designed byPeter Marino Architects;excavation works alreadyunderway.
Temporary Activities
In addition to the exhibitioncenter (already operational),and serving to unlock thevalue of the reclaimed area,temporary activities in thepipeline include The One, astate-of-the-art winternightclub in which Solidereowns an equity stake; andKidzmania, a c. 6,000 sqmtemporarily leased land to bea theme park project forchildren based on the conceptof ‘edutainment’.
In addition to the existing realestate portfolio generatingabout $ 50 million a year,rental income is targeted todouble and reach $ 100million upon completion ofthe projects currently in thepipeline.
REAL ESTATE pipeline
Solidere International Limited(SI), an associate of Solidere,was founded in 2007 with apaid-in capital of$700,050,000 raised through aprivate placement offering. Itsmain activity is to promote,invest in, develop, market andmanage, as well as provideconsulting services to realestate projects outside theBeirut Central District.Solidere owns 38.98% ofSolidere International. Itsshare of net assets of SI as ofend of 2011 stand at$317,731,762 for an initialinvestment of $237,000,000.
Several urban and waterfrontprojects are being identifiedin the Middle East and aroundthe Mediterranean Basin:
Al Zorah ProjectAjman – UAE
A touristic destination andmixed-use development 30-min drive from Dubai airport,with 10,715,797 sqm BUA, inpartnership with theGovernment of Ajman andlocal developers (39%ownership)
Beirut VillageHazmieh – Lebanon
A mainly residentialdevelopment to the south eastof Beirut with a 170,000 sqmGross BUA with a 35% equitystake with local investors.
Golden TowerJeddah – KSA
A residential development atthe northern stretch ofJeddah corniche with a 59,892sqm BUA, a joint venture witha local partner.
Qortoba OasisRiyadh – KSA
A fully-owned project, aresidential compound forexpats to the north east ofRiyadh with 138,549 sqmBUA.
Westown Cairo Egypt
A 250,000 sqm (surface area)of land purchased in SODIC’swestown project;development plans underway.
SOLIDERE international
Excerpts for analyst 2012_Orange 7/25/12 9:41 AM Page 22
25E X C E R P T S F O R A N A L Y S T S - S O L I D E R E24
FINANCIAL highlights
BALANCE SHEET 2011 2010
ASSETS
Cash and banks balances 174,138,680 169,564,738
Prepayments and other debit balances 46,546,014 43,677,844
Accounts and notes receivables, net 551,341,792 486,815,229
Inventory of land and projects in progress 1,178,348,256 1,084,206,651
Investment properties, net 444,629,160 442,977,615
Investment in associates 317,731,762 313,904,171
Fixed assets, net 70,316,628 59,281,393
TOTAL ASSETS 2,783,052,292 2,600,427,641
LIABILITIES
Bank overdrafts and short term facilities 520,049,200 472,487,000
Accounts payable and other liabilities 143,696,638 148,939,521
Dividends payable 84,195,863 86,327,877
Deferred revenue and other credit balances 29,058,568 46,210,145
Loans from banks and financial institutions 70,095,747 8,248,520
TOTAL LIABILITIES 847,096,016 762,213,063
EQUITY
Issued 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 1,650,000,000
Legal reserve 148,210,183 131,952,540
Retained earnings 263,104,931 267,233,047
Cumulative foreign currency translation reserve (295,169) (150,786)
Surplus on treasury shares’ activity 10,166,079 13,770,056
Less: Treasury shares (134,915,772) (224,507,599)
Total equity attributable to the owners of the parent 1,936,270,252 1,838,297,258
Non-controlling interest (313,976) (82,680)
TOTAL EQUITY 1,935,956,276 1,838,214,578
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 2,783,052,292 2,600,427,641
MINI CASHFLOW STATEMENT 2011 2010
MINI INCOME STATEMENT 2011 2010
Net cash used in operating activities (298,943) (37,128,032)
Net cash (used in)/ provided by investing activities (17,408,016) 21,749,249
Net cash used in financing activities (25,550,636) (169,942,853)
Net change in Cash and Cash Equivalents (43,257,595) (185,321,636)
Cash and Cash Equivalents – Beginning of the Year (304,063,733) (118,742,097)
Net Cash Position – End of Year (347,321,328) (304,063,733)
Total Revenues 303,546,745 382,478,039
Net revenues from operations 227,862,763 272,509,769
General and administrative expenses (38,196,142) (42,714,820)
EBITDA 196,783,282 237,217,183
EBIT 204,572,179 243,397,716
Interest expense (21,081,965) (12,607,974)
Income tax expense (24,691,842) (35,288,373)
Profit for the year 158,798,372 195,501,369
Attributable to:
Equity owners of the parent 159,029,668 195,588,029
Non-controlling interest (231,296) (86,660)
Profit for the year 158,798,372 195,501,369
EPS 1.03 1.28
Debt Ratio 30.44% 29.31%
Capitalization ratio 23.36% 20.73%
Net Debt to Equity 25.29% 24.58%
Excerpts for analyst 2012_Orange 7/25/12 9:41 AM Page 24
27E X C E R P T S F O R A N A L Y S T S - S O L I D E R E26
2005 2006 2007 2008 2009 2010 2011 Up to June 2012
High 19.00 26.01 25.09 39.80 27.91 24.28 20.40 14.99
Date 27-Dec-05 31-Jan-06 10-Dec-07 7-Jul-08 9-Nov-09 6-Jan-10 11-Jan-11 5-Mar-12
Low 6.87 15.07 14.90 16.50 14.51 18.00 13.40 12.50
Date 21-Feb-05 28-Nov-06 20-Apr-07 15-Dec-08 29-Jan-09 7-Oct-10 29-Nov-11 23-May-12
SHARE PRICE history
SOLA CLOSING
21-Feb-05 $6.87
31-Jan-06 $26.01
7-Jul-08 $39.80
29-Jan-09 $14.51 29-Nov-11
$13.40
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
$0
$5
$10
$15
$20
$25
$30
$35
$40
$45
3-Jan-05 3-Jan-06 3-Jan-07 3-Jan-08 3-Jan-09 3-Jan-10 3-Jan-11 3-Jan-12
LOCAL MACRO indicators
CPI (%) 3.41% 4.60% 3.07%
Real GDP Growth (%) 8.50% 7.00%* 1.50%*
GDP per capita ($)* 8,982.83 9,500.76 9,862.44
GDP per capita PPP ($)* 14,196.96 15,168.45 15,522.77
Foreign Trade
Exports/Imports 21.45% 21.86% 21.17%
Balance of Payments
Balance of Payments 7,899.10 3,324.50 (1,996.20)
Public Finance
Net Debt/GDP 126.48% 114.76% 111.84%
BANKING SYSTEM
Housing Loans (Mn $) 2,804.88 4,510.64 5,981.80
Total Loans (Mn $) 31,564.73 38,702.78 43,944.16
Housing Loans/Total Loans 8.89% 11.65% 13.61%
Coincident Indicator 240.5 255.5 265.5
Average Lending Rate-USD 7.28% 6.74% 7.02%
Average Deposit Rate-USD 3.05% 2.80% 2.83%
REAL ESTATE INDICATORS
Value of Real Estate Transactions (Mn $) 6,958.40 9,406.00 8,840.40
Number of Real Estate Transactions 81,509.00 92,125.00 82,984.00
Cement Deliveries (Tons) 4,897,460 5,226,621 5,549,769
Construction Permits (000 sqm) 14,364 17,608 16,144
TOURISM
Total Number of Tourists 1,851,081 2,167,989 1,655,051
Number of Passengers 4,985,499 5,552,959 5,654,147
Source: CAS, IMF, BDL, Directorate of Real Estate
* IMF estimates
2009 2010 2011
Lebanon occupies a strategiclocation on the EasternMediterranean. Linking Eastto West and sea to hinterland,it has been a crossroads overthe centuries.
The capital Beirut is intenselyinvolved in the economic andcultural life of the region. Itsinherent assets include:
• A location as a maritimegateway and a new airport• A liberal political andeconomic environment and afree press
• A well-grounded bankingsystem and an emergingcapital market• Excellent educational andmedical services, highlyeducated and trained humanresources
Excerpts for analyst 2012_Orange 7/25/12 9:41 AM Page 26