Home Banking & FinanceFetching less than $10 million, Lebanon sold at deep discount

Fetching less than $10 million, Lebanon sold at deep discount

by Executive Editors

Lebanon is now a fully operational resort, but it had to be sold at a 42 percent discount on the original land price — the island, that is, in the artificial “The World” archipelago off the coast of Dubai in the United Arab Emirates. As Arabian Business reported from land registry files, the sales transaction for the for the 39,000 square-meter creation was concluded for $9.5 million and the new landlord of Lebanon is Ravi Raman, an Abu Dhabi-based owner of a general contracting company. According to the publication, Raman last November bought Lebanon from Wakil Ahmed Azmi, a fellow Indian expatriate in the UAE. Lebanon is the only fully operational commercial development in The World. It opened last year as Royal Island Beach Club. Cape Reed, a construction company, said in a mid-February press statement that it completed the final works on the resort without specifying what those last

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