Photo by: Tony Hage

Solidere stands for the "Lebanese company for the development and reconstruction of downtown Beirut." Founded in 1994, it was set for a 25-year duration, recently extended by 10 additional years.

Its capital was constituted from two sources: a contribution in kind represented by the rights of landlords and tenants of the devastated downtown, amounting to $ 1 billion, and cash contributions paid by some investors, for a total of $ 650 million, which makes it the largest Lebanese private company.

The company then developed a master plan and detailed plans, all approved by the government; and it allowed some landlords to rehabilitate their buildings by themselves, conforming to these plans.

The company’s subsequent activities were successively, or simultaneously the following: rebuilding the infrastructure, rehabilitating 265 surviving buildings, selling lands for specific projects, renting built spaces, adding other structures like the St Georges Marina.

After a few years of wavering, rehabilitation activities started again at a cruising speed. Requests poured in and the city center took shape, although various works were still unachieved.