According to “Lebanon This Week” issued by Byblos Bank, Kuwait-based Levant Holding announced the re-launching of its $2bn real-estate in Beirut’s central district before the end of the current year.

The project, entitled the Phoenician Village, covers an area of 250.000 square meters and consists of two residential towers, two hotels, a commercial center, restaurants, and a parking lot that can accommodate up to 4000 cars. The project will be developed by Lebanese companies under the supervision of international engineers.

Levant Holding, a subsidiary of Al-Sayer Group, originally announced the project in April 2006, but it was stopped due to the start of July 2006 war and the ensuing political uncertainties and security concerns that prevailed since then. The Kuwait-based Al-Sayer Group is a multi-line conglomerate with subsidiaries and franchises specialized in trading of automobiles and automotive accessories, car rental, food and beverage production and sales, property investment and advertising. The Group had a portfolio of about 40 franchised brands and an employee base of 2750, as of the end of 2007.