BEIRUT - Solidere, the giant firm rebuildin downtown Beirut, announced Friday that two real estate projects worth a total of 1.5 billion dollars will soon be launched in the capital's prime location.

The announcement came during a press conference to launch the second phase of the 600-million-dollar Beirut Gate project, the downtown's largest development project managed by the Abu Dhabi Investment House (ADIH).

"I am happy to confirm that in the next few months, we will launch more projects of the same size or even bigger and which have already been signed by Solidere," said Solidere chairman and general director Nasser Shammaa.

"We are talking about investments of 1.5 billion dollars. They will be two projects, one of them of the size of this project and the other one bigger," he said.

Shammaa said more details on the projects will be disclosed "when they will be ready."

"Undoubtedly, these investments will revive economic activity in Lebanon. This asserts that investments in this area (downtown Beirut) of Lebanon still interest investors from around the world," he said.

Rashad Janahi, chief executive officer of ADIH, said the 160 million dollar private placement to fund the development of the first phase of Beirut Gate project was "successful."

"The project was very well received by investors, both individuals and companies, and mostly Gulf investors," he said.

He said the placement offer for the first phase of Beirut Gate is projected to offer a return on investment of 37.5 percent over an 18-month period.

Beirut Gate comprises seven plots on a total area of 229,871 square feet 21,355 square metres) and a built-up area of almost 1.9 million square feet (176,500 square metres) overlooking the landmark Martyrs Square at the heart of downtown Beirut.

The project will be a mixed-use commercial and residential area.

Solidere's share price rose on Friday to 21.79 dollars from 21.66 dollars a day earlier.

Despite the country's deep political and economic crisis since the February 2005 murder of former premier Rafiq Hariri, Solidere has continued to lure investments and the company's share price has been soaring.

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