MP Jamil al-Sayyed speaks at a news conference in Beirut, May 8, 2019. (The Daily Star/Lebanese Parliament, HO)
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The Lebanese state could make $500 million by regulating seaside developments, MP Jamil al-Sayyed said at a news conference earlier Wednesday.Sayyed said the total area of developed coastal land, both licensed and unlicensed, reached 5.5 million square meters.When it comes to licensed properties, Sayyed said the government could be making a huge amount from them, Sayyed said, pointing to a map of Lebanon's coastal properties and the land value of each area.A recently leaked portion of the 2019 state budget forecasts revenues from seaside property developments at LL100 billion ($66 million).
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