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47-460: Solidere was founded on 5 May 1994 under the authority of the Council of Development and Reconstruction and following the vision of then- Prime Minister Rafik Hariri . Solidere was incorporated as a privately owned company listed on the stock exchange. The name stands for Société Libanaise pour le Développement et la Reconstruction du Centre-ville de Beyrouth , French for "The Lebanese Company for

94-488: A SLA position. The IDF artillery fired 25,000 rounds. The IAF used 1,000 pound bombs. The Israeli Navy were also used in the bombardments. Hezbollah fired 150 rockets into northern Israel. The SLA, which was cooperating with the IDF, broadcast radio warnings for civilians to leave specific villages and the region on its radio station. According to Human Rights Watch and other human rights organizations, both sides in

141-617: A "resistance group", since they were actually protected by the agreement. Hassan Nasrallah , the Hezbollah secretary general, also declared that while the Taif Agreement was a cessation of the Lebanese Civil War, Hezbollah had never involved itself in that war, and only existed to fight the foreign troops stationed in the country. At the time Hezbollah claimed to have 3,000 fighters but some commentators estimated that

188-526: A jump in the share price. The price of Solidere ‘A’ share doubled compared with its closing price in October 2019. The trading volume of Solidere ‘A’ soared more than six times to around 900,000 shares in May from less than 150,000 shares in October 2019. The increase in share price was also driven by the fact that a new category of investors have entered the market. These are mainly depositors who wanted to preserve

235-415: A net profit of $ 49 million in 2019, according to the company's released audited financial statement. Total revenues jumped from $ 66.2 million in 2018 to $ 295.4 million in 2019. Revenues from land sales, which represented 79 percent of total revenues, soared from nearly $ 1.3 million to $ 234.5 million. Hanna said that land sales allowed the company to repay its loans which reduced its interest costs and therefore

282-401: A new catalyst emerges such as renewed fears regarding the banking sector or if Solidere announces an improvement in its net profit. At the end of 2020, the rise in sales allowed the company to settle its entire debt to banks totaling more than $ 200 million. This has also led to a surge in its cash liquidity in banks. Solidere stocks have soared even higher sitting at $ 24.5 on 18 March 2021. This

329-457: A project of such scale and importance. Hariri's credibility as a business person and the speed and efficiency of submitting plans and investments models all played in favor of the REHCO model. It can be argued that without this large-scale intervention, the centre would have at best re-developed in a chaotic and uncoordinated manner, the way that other areas of the capital are experiencing. Solidere

376-653: A week-long attack against Lebanon named Operation Accountability ( Hebrew : מבצע דין וחשבון , romanized :  Mivtza Din VeHeshbon ) in Israel and the Seven-Day War in Lebanon. Israel specified three purposes to the operation, to strike directly at Hezbollah , to make it difficult for Hezbollah to use southern Lebanon as a base for striking Israel, and to displace Lebanese and Palestinian civilians in

423-476: Is a rise of 500% since November 2019. Prime Minister of Lebanon [REDACTED] Member State of the Arab League [REDACTED] Lebanon portal The prime minister of Lebanon , officially the president of the Council of Ministers , is the head of government and the head of the Council of Ministers of Lebanon . The prime minister is appointed by the president of Lebanon , with

470-536: Is assisted by the deputy prime minister of Lebanon . The office was created on 23 May 1926, when the constitution of the state of Greater Lebanon was promulgated. In the summer of 1943, when the National Pact was agreed, it was decided that the office of the prime minister would always be reserved for a Sunni Muslim. From the creation of the office in 1926 to the end of the Lebanese Civil War ,

517-399: Is less interested in selling properties that is why it has raised its prices, according to Hanna. The fact that real estate sales on the local market at large were only limited property owners who wanted to settle debt to banks has also contributed to the increase in demand for Solidere's properties, he said. Solidere is back on the profit path and this trend will continue. Solidere has posted

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564-576: The PFLP-GC after which an Israeli helicopter fired rockets at their headquarters near Naameh wounding three. A day later three Israelis were killed and five wounded in a clash with Hezbollah. Around the same time an explosion at a Hezbollah depot in the Beqaa Valley , blamed on the Israelis, killed at least five Iranians. On 22 July, an Israeli soldier was killed after Hezbollah fighters overran

611-557: The Taif Agreement was signed, it amended the Lebanese constitution to end the civil war, and disband all Lebanese militias. Argument then arose over whether Hezbollah's existence in Lebanon displayed a failure of the government, a blind eye, or clandestine support. Hezbollah launched a public relations campaign, political statements and a political program. As a result, the Lebanese government classified Hezbollah's military wing,

658-565: The "Islamic Resistance" as a resistance movement aimed at ending the Israeli occupation and not as a militia. Thus, the organization was exempted from disbanding and disarming. The Taif accord called for an Israeli withdrawal from southern Lebanon based on UN Resolution 425 and explicitly allowed resistance against the Israeli occupation "by all means", including militarily. Hezbollah stated that it would continue to oppose Israeli occupation as

705-552: The Development and Reconstruction of Beirut Central District". Solidere's original mandate was to finish its development work and dissolve by 2019, but this date has been extended to 2029. Solidere is widely credited as the most important force behind Beirut's reemergence, in recent years, as a bustling urban destination with a chance to earn back its prewar title of "Paris of the Middle East". Solidere's main functions are

752-577: The IDF inside the security zone. Another consequence of the agreement was the Lebanese army establishing bases in four villages with around 300 troops inside the UNIFIL area adjacent to the security zone. On 19 August seven Israeli soldiers were killed in a Hezbollah ambush near Shahin with one more later dying of his wounds; another soldier was killed in a separate incident. Two Hezbollah fighters were killed in airstrikes near Baalbek and targets close to

799-458: The REHCO model and propose alternatives to it. Among those was a group of academics and urban planners who fueled a public debate about the goals and methods of reconstruction, especially the large-scale demolition and redesign, as outlined by an initial plan submitted by Dar Al Handassah. Other critical views saw the plan as disconnecting the centre from the rest of the city's fabric and transforming it into an "island of modernity". The contested plan

846-576: The Syrian border. However, that agreement was not completely respected. Hezbollah repeatedly violated the ceasefire agreement by launching rockets from within Lebanon into Israel targeting Israeli civilians. Israel’s next major engagement in an attempt to drive Hezbollah north of the Litani River and end the rocket attacks on Israel, Operation Grapes of Wrath , occurred in April 1996. In addition to

893-675: The Ta'if Accord, the Constitution laid out a preamble for the three "key" executive posts: the president, the prime minister, and the Council of Ministers. The preamble states the following: The Prime Minister is the Head of Government. He represents it, speaks in its name, and is responsible for executing the public policy made by the Council of Ministers. In addition, the prime minister also holds these posts ex officio : Operation Accountability On July 25, 1993, Israeli forces launched

940-537: The actual figure was 600–700. UNIFIL had 580 soldiers stationed in southern Lebanon close to the border with Israel, though other sources state that there were 4,500 troops serving with UNIFIL. Israeli helicopters attacked a refugee camp near Tyre , 25 June 1993, and two days later they also attacked one of the Shia villages in their "security zone". The following day Hezbollah responded by firing rockets into northern Israel. On 8 July two Israeli soldiers were killed by

987-508: The bombardments. The Lebanese government announced a reconstruction program under the auspice of the Majlis al-Janub (Council of the South) which was to give households grants of up to LL20 million (£12,000) but there were complaints of the money not arriving. More successful was the Hezbollah program, Jihad al-Bina’ (Construction Jihad), which allowed households to choose the workmen involved in

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1034-535: The company has been a controversial subject in the Lebanese political spectrum. Some rumors say that he owned a majority stake in Solidere before his assassination in 2005, and the Hariri family continues to be a principal shareholder today. However, the Hariri family rejected those rumors, saying that he owned only 6% of the company's shares. Furthermore, Solidere prohibits any shareholder from acquiring more than 10% of

1081-468: The company's capital, either directly or indirectly. In 2020, according to Jean Hanna, Deputy General Manager at Fidus, when Solidere saw the surge in demand for real estate it stopped selling at discounts of 30 to 40 percent as it used to do in the past when there was a slump in demand. It began to sell at a fair price but afterwards it increased prices by around 30 percent with the continuous rise in demand, he said. Now that it has settled its debt, Solidere

1128-631: The confidence of parliament and the agreement of the president. After obtaining confidence, the prime minister can only be dismissed if they lose the confidence of parliament. Twice in the past, when the president resigned or shortly before his term expired, the president broke the National Pact and appointed a Maronite Christian with the justification that he would assume the powers of the presidency. First, in 1952, Bechara El Khoury , just before his resignation as President, appointed Fouad Chehab as Prime Minister and thus acting President. Chehab

1175-664: The conflict violated the laws of war by attacking civilian targets. During the week-long operation, Israel bombarded thousands of houses and buildings resulting in 300,000–400,000 civilians being displaced from southern Lebanon with 150,000 arriving in Beirut . Of the ninety towns and villages attacked fifty-five were heavily damaged. Israeli forces also destroyed much Lebanese infrastructure and civilian targets, such as major electricity stations and bridges, and have been accused of failing to take adequate measures to minimize civilian casualties, and may have used weapons inappropriate for

1222-487: The consent of the plurality of the members of the Parliament of Lebanon (after the Taif Agreement , 1990). By convention, the office holder is always a Sunni Muslim . The current prime minister is Najib Mikati , having taken office on 10 September 2021. Mikati became prime minister 13 months after Hassan Diab resigned on 10 August 2020, serving as caretaker prime minister until Mikati took over. The prime minister

1269-521: The constitution made little mention of the roles and duties of the office, and most of the office's powers were exercised through informal means rather than through constitutional procedures. Following the end of the Civil War and the ratification of the Ta'if Accord , the responsibilities of the prime minister were codified and clearly listed in the Constitution. While the 1926 Constitution of Greater Lebanon

1316-597: The creation of a dual government: a mainly civilian and Muslim government in West Beirut and a mainly military and Christian one in East Beirut. The prime minister is the president of the Council of Ministers and the head of government. In addition, he is the deputy chair of the Supreme Defense Council. The responsibilities of the prime minister are as follows: Following the ratification of

1363-432: The deaths of 118 Lebanese civilians, a disputed number of Hezbollah combatants were also killed. Lebanese prime minister Rafik Hariri said that eight had been killed, while Israeli prime minister Yitzhak Rabin claimed more than fifty. There were two Israeli civilians killed by Hezbollah rocket attacks. One Israeli soldier was killed, and three wounded. Six Syrian soldiers illegally stationed inside Lebanon were killed in

1410-421: The end of June, thanks to the increase in sales. It settled debts to banks worth $ 190 million. “Proceeds collected from sales will reach $ 342 million in the first half of 2020,” it said. Also, according to Faysal Barbir, Director-Capital Markets at FFA Private Bank, Solidere has been selling properties since the beginning of 2020 at a higher pace which would reflect on its earnings for the current year. This led to

1457-454: The environment. Hezbollah retaliated with rocket attacks on Israeli civilian targets, though it inflicted significantly fewer casualties. They were also accused of hiding small arms in civilian houses. Ultimately, Israel declared that it attacked Hezbollah targets only to pressure Hezbollah to stop attacking Israeli civilians – while Hezbollah declared similar motive for their attacks along with liberating of Southern Lebanon . A ceasefire

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1504-681: The government and Hariri's influence as prime minister and the valuation of property, deemed inappropriately low. By law, the company had six months to secure the necessary cash subscriptions to balance out the land value. Were it not for that conservative valuation of land, the whole project would have collapsed when the government had no alternatives. Solidere shares went on sale at the beginning of November 1993. Each share cost $ 100. Sales were restricted to Arab investors. Sixty-five million shares were on sale. $ 1.1 billion worth of shares had already been issued to landowners, tenants and leaseholders in compulsory purchases. One property owner involved described

1551-410: The hopes of pressuring the Lebanese government to intervene against Hezbollah. The affected civilian population included both Lebanese and Palestinian people. During the Lebanese Civil War , Hezbollah was among several militant groups formed in response to the Israeli invasion of Lebanon . Though chiefly funded by Iran , and later Syria , Hezbollah grew out of Lebanon’s Shia community. When

1598-478: The most viable option to reconstruct the central district, which was severely damaged and demolished, and emptied of its pre-war economic and demographic activity. Some research points out that the REHCO solution was the only viable option. The practical nonexistence of a functional government after the war, and the near-impossibility to align all stakeholders, including property owners, into one unified and feasible vision, called for private resources to plan and execute

1645-444: The net profit resulted not only from the increase in sales revenues but also from the decrease in interest expenses. The company has decreased its total liabilities, including bank loans, by 40 percent. Total liabilities dropped to $ 417.4 million at the end of 2019. Solidere's interest expenses fell by $ 13.7 million compared with 2018. The company had said that it had succeeded in further lowering its liabilities in 2020 to $ 225 million at

1692-424: The prime minister of Lebanon was much more deferential to the president than his French counterpart. This situation changed following the Taif Agreement which transformed Lebanon into a parliamentary republic. Currently, the prime minister is appointed by the president who chooses the candidate which garners the support of the plurality of parliament members. The prime minister must form a government which can receive

1739-412: The process as “one of the greatest swindles of the century.” In 1996, following the Israeli seventeen day bombardment of Lebanon, Solidere revised it's $ 30 billion plan, Horizon 2000. The new plan projected an expenditure of $ 1 billion a year for five years. In the four years since Rafic Hariri becoming Prime Minister the country's public debt had risen from $ 2 billion to $ 8 billion. The Israeli attack

1786-635: The rebuilding and Hezbollah paid the costs. In May 2000, Israel left all of the occupied Lebanese territories, in accordance with UN Security Council Resolution 425 , twenty-two years after the adoption of that resolution. Hezbollah was not required by the United Nations or the government of Lebanon to disarm, and has continued to launch attacks against Israel ever since. No Lebanese government has ever attempted to disarm, prevent, or punish Hezbollah or similar armed groups for doing launching such attacks on Israel. Their failure to do so precipitated

1833-487: The supervision of the government-authorized reconstruction plan, financing and developing the infrastructure , new construction and rehabilitation of war-torn structures, urban landscaping and the management of property. Solidere has worked to attract global retailers such as Virgin Megastores to Beirut Central District. Its most significant single project to date has been Beirut Souks , a 100,000 m retail center that

1880-401: The value of their savings when the currency was collapsing. Solidere shares were the only option available on the stock market, especially following press reports about possible haircuts and restructuring of the banking sector. Buying real estate shares is more convenient for investors who cannot afford to buy real estate properties. Barbir also indicated that Solidere shares could rise further if

1927-531: Was Prime Minister for 13 days and acting President for 4; once Camille Chemoun was elected to a full term as President, the Prime Ministership reverted to a Sunni Muslim, Khaled Chehab. Then, during the Lebanese Civil War, outgoing president Amine Gemayel dismissed incumbent prime minister Selim Hoss and appointed Army general-in-chief Michel Aoun as prime minister 15 minutes before the expiry of his term. Hoss refused his dismissal, and this led to

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1974-483: Was consequently changed, with the participation of some of the architects from the opposition groups to take into account some of the key points raised. A modified plan emerged and was evaluated by the Engineer's Union, but it never approved by the public before being sent to government. The second axis of controversy relates to the mechanism of property expropriation, deemed forced and enabled by Capital's pressure on

2021-972: Was estimated to have caused damage costing $ 500 million. It also resulted in a loss in investor confidence. Its shares are listed on the Beirut Stock Exchange, and its Global Depository Receipts trade on the London Stock Exchange. Its share price on the Beirut exchange has risen sharply in recent years, from about US$ 5 in early 2004 to a high of $ 39 in September 2008. Between 1995 and 2015, Solidere has approved more than $ 1B in dividends to its shareholders. Solidere's 36,000 shareholders are mostly Lebanese, in addition to Arab nationals, banks, and Arab or international funds. There are two categories of shares: A held by previous property owners and B by new investors. Rafik Hariri's share in

2068-430: Was given powers of compulsory purchase , compensating in Solidere shares rather than cash, and of a regulatory authority allowing it to manage the city centre area. Critics claim the company used harassment to drive the original residents out for compensation below true market value. The first axis of controversy relates to the mechanisms and masterplans of the reconstruction. Several opposition groups emerged to challenge

2115-611: Was reached after a week, negotiated by the United States, in a form of an oral agreement. Global Security, a US-based organization that attempts to provide accurate facts without opinion, wrote: "An oral agreement was reached whereby Israel agreed to refrain from attacking civilian targets in Lebanon while the Hezballah pledged to stop firing rockets into northern Israel." The agreement, brokered by US Secretary of State Warren Christopher legitimised Hezbollah operations against

2162-646: Was roughly modeled after the French constitution (Greater Lebanon being under French mandate), the office of the prime minister in Lebanon was notably significantly weaker in Lebanon than in France , for the president was the sole person who can dismiss him (at will), while in France the prime minister is appointed by the president, and can only be removed by the Parliament through a vote of no confidence . This means that

2209-490: Was scheduled to open by 2008; it opened in 2009. Other projects that are central to the company's cultural strategy for the center are the Beirut Exhibition Center , add Saifi Village - Quartier des Arts, a residential neighbourhood with a high density of design shops and art galleries. Solidere was founded after the government chose the framework of the public-private Real Estate Holding Company (REHCO) as

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