Lebanon Businessnews News

New mall coming to Verdun
$75 million-development by Hariri-owned firm
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A new commercial project is expected to be launched in Verdun in the coming few years. The new mall will be adding more retail space to the popular shopping district.

‘Verdun 5' is owned by IRAD Investment Holding, a Beirut-based firm owned by the heirs of late Prime Minister Rafik Hariri and chaired by Mohammed Hariri.

The $75 million investment is currently waiting for the construction permits to be issued.

The Verdun 5 project was announced back in 2005. With the delay, the owners reconsidered the project scrapping initial plans for a 150,000 square meters high-end commercial, entertainment, and residential complex. “V5 will be a shopping mall; it won’t include any hotel or residential area,” said Nabil Makari, marketing manager at Horizon, developers of the project and subsidiary of IRAD.

The development will occupy around 18,000 square meters of land, stretching from the vicinity of the Dunes center to Tallet el Khayat. It will fit over 90 retail stores. Ziad Dakroub, president of the Verdun Traders Association, said the new development will provide a linkage for the outlying shopping destinations in Verdun. “The convenience of such sizeable venues is in expanding the layout of the Verdun souks, which should stretch from Verdun 730 and 732 centers up to Concorde.”
Reported by Rana Freifer
Date Posted: Oct 23, 2012
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