VERTICA for real estate services was launched in Beirut, Lebanon focusing initially on the Lebanese market with the expectations that Lebanon's economy will grow by up to 8 per cent this year owing to high capital inflows, according to central bank governor Riad Salameh.
This launch comes during a period where Lebanon proved to be the most resilient to the global crisis in the MENA region. The performance of the Lebanese economy was strongly praised lately by the world's top reference institutions, for having remained shielded from the global financial crisis spillovers and it is expected that Lebanon's economy will grow by up to 8 per cent this year owing to high capital inflows, according to Riad Salameh.
While announcing the launch of the company, Mohamad Sinno, Managing Director of VERTICA said: "The launch of VERTICA demonstrates our confidence in the future of the Lebanese economy. VERTICA will offer local, regional and international investors the opportunity to invest in Lebanon. As much as we focus on the Lebanese market we are planning to expand our services at a later stage to cover the Syrian and Iraqi markets".
According to an report issued by Bank Audi, one of Lebanon's most prominent banks, Lebanese Real Estate market is about USD 10 Billions and expected 10% growth for 2010. All Major real sector indicators registered positive growth in the first nine months of 2009. Among the latter, we mention the growth of construction permits (+8.9), cement deliveries (+17.8%), merchandise at the port (+8.1%), passengers at the airport (+26.3%) and de-taxed purchases (+15%). (Bank Audi Economic Report)
VERTICA will be divided into 2 specialized sections. VERTICA Properties specialized in all kind of brokerage, sales and marketing services and VERTICA Development, that will develop its own real estate projects.
The MD of VERTICA added: "The performance of the Lebanese economy was strongly praised lately by the world's top reference institutions, for having remained shielded from the global financial crisis and therefore we do hope that VERTICA will contribute positively to the Lebanese real estate sector, by attracting the foreign direct investments, and by focusing on transparency, credibility and professionalism in dealing with investors."
