UAE investors spend $1.1bn in Lebanon's real estate

UAE investors collectively spent more than $1.1bn on Lebanese real estate projects last year, making them the most active Arab investors in the country.

According to the latest annual report by the Inter-Arab Investment Guarantee Corporation, UAE investors made up 41.9 percent of the total Arab investments in Lebanon during 2008.

Despite global financial pressures Lebanon’s real estate market has continued to attract major investors, Georges Abou Jaoude, of local developer Renaissance Holdings, said.

The developer is working with Dubai-based Emaar Properties on an $800m residential project in Lebanon’s Metn district.

"Lebanon has showed impressive results in the construction and real estate sectors during the first half of 2009. These positive developments underline the country's resiliency amid an ongoing global recession, and have further enhanced Lebanon's reputation as a very attractive investment destination,” said Jaoude.

The firm’s flagship BeitMisk development is spread over 655,000 square metres and will be home to 15,000 residents when complete, the firm said in a news release.

The development’s name has been devised by the branding agency BrandCentral, which has offices in Lebanon and Dubai.

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