www.almadinaazarqa.com
Step Up
The Turkish Rixos Hotels chain recently opened its newest property, the 120-room Rixos Al Nasr Tripoli, set in the heart of the Libyan capital. Conveniently located only 10 km away from Tripoli airport, yet set in beautiful parkland amongst Libya’s native Eucalyptus trees, the hotel is a welcome addition to Libya’s badly deficient luxury sector. Built over an expansive area of 20,000 m2, the Al Nasr is actually the 12th Rixos property.
www.rixos.com
Fresher Pastures
Damac has launched its first project in Lebanon with its 28-storey Damac Tower in Solidere, Beirut’s Central District. The company tied up with Versace, the world-renowned Italian fashion house, to provide an exclusive interior design. “We feel the time is now right for the launch of this high-end product to a market which continues to show signs of buoyancy and recovery,” Niall McLoughlin, senior vice-president at Damac Holding said. The Damac Tower has been scheduled for completion in 2013.
www.damacproperties.com
Growing Consent
Good news for those who wish to invest in the Saudi Arabian real estate market and profit from the population explosion: foreigners are, for the first time, allowed to own property in the kingdom. The bad news is that you can only buy within four new metropolitan areas under construction, the first of which is the 27 billion USD King Abdullah Economic City, due to be completed in 2025.
www.kingabdullahcity.com
