Kuwaitis plan $1.1bn Phoenician development

12 May 2006

A group of Kuwaiti investors led by Al-Sayer Group and its subsidiary Al-Dhow Investment Company has announced the launch of a $1,100 million real estate project in the Beirut central district (BCD).

To be called Phoenician Village, the new mixed-use development will have a total built-up area of 206,000 square metres and will be located near the Martyrs' Square in the BCD. The scope of works includes four towers - two residential and two office buildings, planned to be about 160 metres high with 40-53 storeys each, a five-star hotel, a boutique hotel on the beachfront and a mall.

The masterplan is being carried out by Boston-based Koetter Kim & Associates. Al-Dhow is now seeking architects for the project. Bidders include the UK's Fosters & Partners and Koetter.

The developer is in negotiations with the US' Hill International for the contract to provide project management services. Work is expected to start in early January 2007 and will take 42 months to complete.

Al-Dhow will oversee development of the Phoenician Village. Levant Holding Company, a real estate subsidiary of Al-Sayer Group, will purchase the land from Solidere. Levant will have capital of $413 million and is planned to be listed on the Kuwaiti Stock Exchange in 2007. The company will also look at real estate projects in Jordan and Syria.

Al-Sayer is the latest company to develop land in the BCD. Abu Dhabi Investment House (ADIH) launched in early January the mixed-use Beirut Gate project near the Martyrs' Square area (MEED 20:1:06).

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