By Gavin Davids
Exit reiterates ADIH's ability to deliver, even in tough economic climate.
Abu Dhabi Investment House (ADIH) announced on Monday the exit of its Beirut Gate Fund, which backed the purchase, master planning and full entitlements of eight plots of land as a mixed use development within the Solidere area in downtown Beirut.
Fawaz Ali Al Jowder, chief executive officer, ADIH, said: “This exit reiterates ADIH’s ability to deliver as it promised, especially during a time of a tough global economic climate and after a long political unrest in the country.
He added:“Although this inherently caused a drastic price reduction in the real estate market, economic indicators are now showing signs of recovery over the second part of this year due to the stabilisation of the political scene, increase in tourism and the formation of the new government all of which contributed to the resurgence of confidence in the business sector.”
The fund, which was conceived in 2006, concerns the development of Beirut Gate, whose eight plots are spread over 21,448 square metres, and which has a built-up area of 178,500 square metres overlooking the famous Martyrs’ Square.
The project was aimed at being a magnet for real estate investment.