Oussama Kabbani, Chief Operating Officer of Solidere International gestures as he walks in downtown Beirut, Lebanon October 20, 2017. REUTERS/Mohamed Azakir
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The company formed to rebuild Lebanon's capital Beirut after its Civil War ended in 1990 is struggling to overcome the latest period of political turmoil roiling the Middle East.But political tensions have put a security cordon around Solidere's glittering central Beirut showcase and scared off investors. Solidere has sold no land this year, recording an unaudited net loss of $18.9 million in the first half of 2017 .In response, Solidere is offering new deals to potential land buyers, has focused more on rent revenues and cut expenses.Solidere has sold on most of the buildings there, but the area's decline has deterred investors.Solidere's share price in Beirut, which peaked at around $40 mid-2008, has fallen to around $8 today.
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