Top Lebanese retailer plans $200m project
Beirut, February 19, 2013
ABC, a leading retailer in the Middle East, has joined hands with Verdun 1544 Holding, a part of the top Lebanese real estate group BahaaRaficHariri, to launch a $200 million retail development project,‘ABC Verdun,’ in Beirut.
ABC said the work on the largest commercial entertaining project in Lebanon will begin within six months and will be built as per the latest designs and global standards.
The 170,000 sq m shopping mall will occupy a large part hosting the most prominent and prestigious international fashion houses, restaurants, cafes, cinemas and other recreational facilities.
According to ABC, the project will be constructed on an 18,000 sq m property with 175,000 sq m of built area, out of which 50,000 sq m will be allocated to lease.
Further to this partnership, ABC holds the exclusive right to operate the development for a period of 30 years and investing in a 10,000 sq m for the ABC department store while the remaining space will be leased to other partners.
ABC Verdun aims to welcome its first shoppers and tourists by 2017 to constitute a landmark amongst family destinations for shopping, fashion and entertainment, it added.
“The project’s timing comes within the sensitive political and economic situation facing Lebanon and the Arab world,” remarked MP Robert Fadel, the chairman and chief executive officer of ABC.
“Our faith in Lebanon and our trust in the future of its economy made us more determined to proceed with such a hugeproject that will attract the residents of greater Beirut. ABC Verdun will be a quantum leap in the retail sector and mall management not only in Verdun but in Lebanon while generating more than 2,000 job opportunities,” he stated.
"It is with great pleasure that we signed a strategic partnership with ABC, the firstLebanese and probably regional entity to develop and manage shopping centers”, said Jamil Jamil Bayram of BahaaRaficHariri Group after signing the deal with ABC.
“Starting today, Verdun streets must get ready to welcome the largest commercial entertaining project that will constitute a breakthrough for all Lebanese as well as tourists, especially from the Arab countries,” he added.
"Our strong belief in the future of Lebanon and its people, encouraged us to invest in this milestone project for the benefit of future generations,” he added.-TradeArabia News Service