A group of 14 private sector leaders in Tripoli establishes a company termed Tripoli Development Holding (TDH) for the execution of a seafront city and several other developmental projects. The $ 200 million investment will include hotels retail venues, residences, business incubators, and other attractions.
The project will be constructed in a prime location over an area of one million square meters of land reclaimed from Tripoli’s southwestern waterfront. 60% of the reclaimed land will be state-owned, partly in the form of public spaces and roads, and the remaining area will be owned by the project’s investors. The land is considered a prime location for the project, which will involve the construction of commercial and residential buildings, along with a number of tourist attractions. The Tripoli Seafront Holding company was established to particularly build and manage this project.
It is also collaborating with the Ministry of Environment in order to preserve maritime wealth and natural undersea environment. Tripoli Seafront Holding is the first and wholly-owned subsidiary of Tripoli Development Holding (TDH), owned by the same group, and aiming to carry out many development projects within Tripoli. Investors expect the project to become Tripoli’s newest landmark, attracting both local and foreign tourists, as per newswires.
The city will be built as a self- sustained environment of mixed use. About 300,000 square meters of land will be used as roads, parks, and public spaces. Community amenities such as mosques, pharmacies, grocery stores, and gas stations will be available. A retail complex resembling the old souks’ architecture will be part of the project too. A variety of residential developments are planned for the seafront city, including a five-star hotel, villas, townhouses, and affordable apartment buildings.
A promenade lined with restaurants, cafes, and boutique shops will also be included in the project. The development also features a beachfront hotel and resort, overlooking a public marina for leisure boats and yachts. In addition, the city will also include an entrepreneurial incubator run by a non-governmental organization and designed to encourage new business startups.
The architectural work is undertaken by Dar al-Handasa, Nazih Taleb, a development consultancy firm. A finalized master plan for the project will be presented by the firm in a few weeks. Potential contractors are Mouawad-Edde and Khoury Contracting Co.
Over $200 million will be invested in the city by private sector businessmen from TDH. The government, municipalities, and public sector will receive 60% of the benefits. The remaining 40% will be returned equally: 20% will be paid to the private investors and the remaining 20% will be placed into a reinvestment fund. The purpose of Tripoli Development Holding is to trigger investment opportunities in the city. This project would prompt small to medium enterprises such as industrial and manufacturing companies and trade firms. No less than 10,000 jobs will be created over the life of the project.
Construction work is expected to commence in mid-2013, following parliamentary elections. TDH already has a number of other development projects lined up for the future and waiting for work on the seafront city to begin. TDH’s main projects include the development of the marina dry dock and infrastructure. Subsidiaries will be created under the holding company in order to facilitate the execution of projects.
Lebanon Weekly Monitor – Bank Audi Research