Rusd Bank to Build Massive Marina City

Rusd Bank to Build Massive Marina City
Rusd Bank, a leading regional investment bank, announced Tuesday the initiation of what it bills as the region's largest luxury project.

Marina City, with a capital of $190 million, is one of Lebanon's most important real estate development projects. The bank, which was established in Malaysia, will introduce 1,169,230 shares at a share price of $100 each. Subscriptions will close at the end of September or when target shares have been met.

The Marina City project will be built on 81,000 square meters, across the Metn coastline, north of Beirut. It will include a residential complex of 150 units and 170 furnished apartments, as well as a complex of 200 public timeshare units and a 270-room hotel with a banquet hall capacity of 1,000 people.

The 74,000 square meter project will also include a three-level shopping mall overlooking the marina, which will be able to hold up to 700 yachts and is set to bring in 32 percent annually to investors.

The company says the venture is the only one in Lebanon to offer timeshare rooms on a total of 60,000 square meters.

Marina Joseph Khoury Beirut is the largest marina in the Middle East and will be the main platform for the project.

Project units are attracting international hotel and timeshare companies, many of which have already invested in the project, according to Rusd Bank. Bank officials expect the entir