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In response, Solidere is offering new deals to potential land buyers, has focused more on rent revenues and cut expenses.
Nasser Chammaa, chairman of Solidere and Solidere International and a member of the board of directors, said: "At Solidere, we bring deep knowledge and expertise in real estate construction to create refined and sophisticated 'Places for Life.
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.
Solidere is reprioritizing land sales and otherwise waiting out the crisis with cost-cutting measures
When Orange Business Services and Solidere were the first to launch broadcast and on-demand HDTV over IPTV in the Middle East on a commercial basis.
However, on a more positive note, revenues generated from rents in 2011 climbed 22 per cent to US$ 50 million, Solidere said.
For the past five years, Solidere has been delivering an on-demand IPTV channel service in its flagship development in Beirut, offering movies, sports and TV programs that stream directly to residents' TVs over a broadband network which Orange designed, built, and operates on behalf of Solidere.
Over the past five years Solidere has delivered an on-demand IPTV channel service in its flagship development in Beirut, offering movies, sports and television programming streamed directly to residents' TVs over a broadband network designed, built and operated by Orange.
The complete master plan and various components of Al Zorah Resorts as well as the progress already achieved in the project development were announced at a press conference held in the presence of Shaikh Rashid bin Humeid Al Nuaimi, Chairman of Al Zorah Development Company and Dr Nasser Chammaa, Chairman of Solidere International accompanied by senior officials from Ajman Government, Al Zorah Development Company and Solidere International.
The Lebanese developer Solidere is a shareholder in the DIFC head quartered Solidere International along with other strategic investors.
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.