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Solidere also acquired an 186,000m 2 plot along the Corniche of Obhur, in proximity to Kingdom City, where it is carrying out another land development project aimed at promoting a residential community for Saudi nationals.
Layth Madi, the chief masterplanner of Al Zorah, who received the award for the masterplan, which was prepared in partnership with Solidere International, said: "The masterplan for Al Zorah is compelling and responds to the unique setting of the development located between the Arabian Gulf and an inland lagoon and mangroves.
is the stepping stone of Solidere International strategy that began with the expansion in Saudi Arabia through major projects, based on its regional and global experience in real estate development and management.
However, on a more positive note, revenues generated from rents in 2011 climbed 22 per cent to US$ 50 million, Solidere said.
Mounir Douaidy, GM, Solidere, said the deal would help the company to offer its customers "the best and the most advanced IP-based, on-demand telecoms services in the world".
Project partners including Lebanon's Solidere, which built Downtown Beirut, Saudi's Arabia's Dar Al-Arkan, Saudi Real Estate Company, the kingdom's Social Insurance Establishment and its Public Pension Fund, the report added.
The rehabilitation of the souks, which was carried out by Solidere, has so far taken around 5 years, and so far involves the southern part of the souks.
During the week, Solidere, a leading real estate companies in the Middle East, recorded trading of 420,351 shares with total value of 10,224,211 dollars, while it recorded trading of 438,032 shares last week with total value of 10,186,981 dollars.
Deyaar will submit a proposal to Solidere, its partner in Lebanon, CEO Markus Giebel said.
Solidere International, one of the most prominent master and urban developers in the region, will bring its unique development initiatives to MIPIM Asia, the international property exhibition taking place at the Hong Kong International Convention & Exhibition Centre from November 19th to 21st.
The Abdali project is the Hariri family's first major property venture outside Lebanon since they founded Solidere Real Estate in 1994 to rebuild the old commercial center of Beirut, devastated during a 15-year civil war.
In an attempt to restore the centre to its former primacy, and to give the whole conglonerate mess some sort of heart, a private company, Solidere, was set up to plan and redevelop the centre.