UAE ventures in Lebanon top $1b

The latest Inter-Arab Investment Guarantee Corporation annual report has confirmed UAE as the top Arab investor in Lebanon - as the value of UAE ventures in Lebanon exceeded $1 billion (Dh3.67 billion).

It should be noted that 41.9 per cent of the value of projects commenced by Arab investors in Lebanon in 2008 are represented by the UAE investment. The report, which shows that the most active in Lebanon are the UAE investors specifically, says that UAE investors have invested $1.115 billion there.

Various projects development-related projects in Lebanon are held by Dubai's Al Habtoor Group, Damac Holding and Planet Group, among others.

The report reveals that in spite of the political and economic challenges, Lebanon's real estate sector continues to attract major investors.

It has been indicated by the July 2009 edition of the Lebanon Real Estate Report, "Real estate sales values and construction permits achieved average growth rates of
17.6 per cent and 12.6 per cent, respectively, over the past five years."

In the first five months of 2009, real estate sales in Lebanon almost stabilized, in the middle of the global financial crisis, while construction permits have posted a 4.3 per cent yearly increase.