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    Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Egypt’s food industries contribute 24.5% of GDP

    Egypt’s food industries contribute 24.5% of GDP

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    $36mln contract for construction of Duqm fisheries complex

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    Ministry signs agreement to support Oman’s honey industry

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    Local, Italian companies partner up to establish food retail chain in Egypt

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      Profits at top Saudi banks jump 17.6% in Q1

      Profits at top Saudi banks jump 17.6% in Q1

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      GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

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      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

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      Oman Construction Equipment Industry to 2028

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      $36mln contract for construction of Duqm fisheries complex

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      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

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      Madayn working on major Oman industrial city projects

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      Foundation stone laid for new 700-bed hospital is Salalah, Oman

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        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

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          Coronavirus: UAE conducting human trials for Covid-19 vaccine

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          Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

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          UAE launches phase III trial of inactivated Covid vaccine

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          COVID-19 vaccine could be available by autumn: Oxford University

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          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

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          Saudi to be among world’s big leisure tourism hubs by 2030

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          Qatar’s hospitality sector peaks despite turbulent 2020

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          Staycations to stimulate Qatar’s hospitality sector

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          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Egypt’s food industries contribute 24.5% of GDP

          Egypt’s food industries contribute 24.5% of GDP

          $36mln contract for construction of Duqm fisheries complex

          $36mln contract for construction of Duqm fisheries complex

          Ministry signs agreement to support Oman’s honey industry

          Ministry signs agreement to support Oman’s honey industry

          Local, Italian companies partner up to establish food retail chain in Egypt

          Local, Italian companies partner up to establish food retail chain in Egypt

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            Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

            Profits at top Saudi banks jump 17.6% in Q1

            Profits at top Saudi banks jump 17.6% in Q1

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            New study reveals that UAE is most competitive economy in the Arab world

            New study reveals that UAE is most competitive economy in the Arab world

            Top 10 listed companies in the Middle East

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            • CES 2017
            • Election Results
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            Oman Construction Equipment Industry to 2028

            Oman Construction Equipment Industry to 2028

            $36mln contract for construction of Duqm fisheries complex

            $36mln contract for construction of Duqm fisheries complex

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            Madayn working on major Oman industrial city projects

            Madayn working on major Oman industrial city projects

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

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            • Energy
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              Suez Canal expects US$3.5 billion in revenues in H1

              Suez Canal expects US$3.5 billion in revenues in H1

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Investments in renewables in Egypt reach LE6 bn: Official

              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              JGC lands $3.7bn Iraq refinery upgradation project deal

              JGC lands $3.7bn Iraq refinery upgradation project deal

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                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                UAE sends medical aid to Iraq to fight COVID-19

                UAE sends medical aid to Iraq to fight COVID-19

                UAE launches phase III trial of inactivated Covid vaccine

                UAE launches phase III trial of inactivated Covid vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                COVID-19 vaccine could be available by autumn: Oxford University

              • Hospitality

                Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

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              Optimism about the future of Lebanon’s real estate sector

              The Daily Star

              July 4, 2017
              in Uncategorized
              0

              A sense of optimism about the future of Lebanon’s real estate sector prevailed last week when the Daily Star met with major developers during a local exhibition, dispelling the uncertainty that took hold of the market in past years. This optimism is partly fueled by the developers’ increased awareness about the needs of the market in addition to the improvement in the overall situation in Lebanon following the election of a president and the formation of a government.

              “In our projects, we do not aim to be expensive but we focus on affordable luxury in a bid to attract more demand from middle income people,” said Tarek Dalloul, managing partner at Cityscape Development.

              “Affordable luxury is not much affected by the political or economic situation,” he said.

              Dalloul acknowledged the slowdown in the real estate market when it comes to demand for big apartments. “The audience for big units is not there for the time being,” he said. “But small apartments can always sell.”

              Dalloul owns a residential project – in addition to many others – in Caracas, Ras Beirut, where his apartments range from 110 to 150 square meters. He has managed to sell half of the units since its launch a year and a half ago despite the complicated political situation.

              The developer also owns a project in Ashrafieh with 210-sqm units, but believes that people are much more interested in buying 150-sqm flats because they give the same experience as 210 sqm, and the client saves the price of the extra 60 sqm.

              “We have two unsold flats in our Ashrafieh project and we tried selling them by cutting their prices by 15 percent to 20 percent but we did not succeed in doing so,” he said. “Clients today are intelligent and they’d rather buy the smaller units instead of paying for the extra 60 sqm, which are usually used for a bigger living room or corridor.”

              Dalloul said that the demand for small apartments prompted Cityscape to study a new project in Ashrafieh’s Sassine area with units ranging from 50 to 110 sqm.

              Investors Group partner Joe Nehme has also introduced new small apartments to his projects’ portfolio in a bid to serve the market’s needs.

              One of the projects by Investors Group is Gardens One 282, located in Baabda’s Jamhour, with spaces ranging between 131 and 220 sqm and prices starting at $1,800 to $2,000 per square meter. “We managed to sell 60 percent of the project so far,” he said. “This is the demand we are witnessing nowadays, especially from young couples and Lebanese expatriates.”

              Nehme’s main projects are outside of Beirut with a new landmark launched recently in Mansourieh, Metn. “We prefer to focus on areas outside of Beirut because they are less expensive and people look for affordable units,” he said. “Our units in Mansourieh start at 85 sqm, priced at $2,000 per square meter.”

              Nehme reiterated Dalloul’s comments by saying that prices of small apartments did not drop but only big apartments are witnessing low demand, which prompted their developers to cut their prices in an effort to sell.

              Likewise, Aline Abboud, property sales and marketing manager at Imar Properties, said most demand today is for small apartments.

              Imar Properties owns a residential project in Downtown Beirut’s Saifi neighborhood, with units ranging from 172 to 360 sqm, priced at $4,400 per square meter for the first floor. “It took us around four years to sell 65 percent of our project due to the complicated political situation, but we managed to sell small and big apartments,” she said.

              However, Abboud explained that big apartments were sold to Lebanese expats whereas local residents mostly demanded small units.

              Abboud said that Imar did not reduce its prices to be able to sell its big units, unlike the rest of the market. “Our units are attractive because of their location and the high quality of the material used; this is why we did not need to drop our prices,” she said.

              Remarks by developers interviewed by The Daily Star were further emphasized by exhibiting banks, which agreed that client demand is mostly focused on small loans for the purchase of small residential apartments.

              “Most of the loans that are in demand nowadays stand at LL350 million [$230,000] and less because the purchasing power of people has dropped and prices of real estate went up tremendously since 2008,” said Joseph Sassine, chair of Banque de l’Habitat, a public-private lender whose mission is to help Lebanese build or buy their own home.

              Sassine said demand on housing loans in general has increased sixfold since his bank cut interest rates to 3 percent in January 2017.

              Likewise, Myrna Maatouk, head of a regional center at Bank of Beirut Invest, said that most of the demand that is taking place is on small loans.

              However, she added that even wealthy people tend to take loans to purchase real estate as an investment in order to resell them later on.
              The Daily Star
               

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