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Finance &
Investment activities
The
Group’s trading investment portfolio comprises stocks listed on most of
the major exchanges, together with private equity participations. In
2010, there was a further fall in the value of the Group’s shareholding
in Orascom Telecom GDRs of approximately €12 million. The value of the
Group’s other investments increased in value by approximately
€6 million, resulting in a net movement of €6 million.
Cipaf,
our major finance and investment subsidiary, which derives its income
mainly from interest and equity markets trading, reported a profit on a
stand alone basis of €10 million for the year, compared to €24 million
in 2009. |
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Real Estate &
Construction
The
Group’s real estate portfolio consists of commercial properties in the
USA, Canada, Europe, Northern Africa, the Middle East, China and India.
The main developed properties are fully let or operational.
Soludec,
our Luxembourg based general contracting company, continues to trade
profitably, although turnover fell to €56 million for 2010, compared to
€60 million in 2009 reflecting the continuing impact of the recession in
this particular industry. In spite of general economic conditions,
Soludec has remained profitable. |
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Hotel & Leisure
In 2010, the
global hotel industry returned to growth and this was reflected in
improved trading results in our Hotel & Leisure division. Le Royal
Luxembourg, our flagship hotel, maintained its turnover and operating
result for the year at €14 million and €1 million respectively. The
hotel enjoys the popular reputation of being the premier hotel in
Luxembourg and amongst the uppermost in the world. In Lebanon, Le Royal
Beirut achieved significantly increased occupancy rates and turnover
increased from €17 million in 2009 to €19 million in 2010. All other Le
Royal hotels reported improved turnover during the year.
In France, the Resideal group of companies also performed well and
reported increased turnover and profit following the refurbishment of
the Cannes property. In Egypt, the Group has several hotels at Sharm El
Sheik and Hurghada, and all reported higher turnover in 2010. In
particular, our subsidiary, Rowad, which has four hotels, increased its
turnover by €4 million compared to last year. |
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Industrial and
Trading
Our
subsidiary based in China, China Manufacturing Solutions, designs and
manufactures sheet metal products and commenced production in its first
factory at Weifang in 2009. In its first full year of operations, the
company achieved turnover for 2010 of €1 million and has a full order
book. The company has a second factory at Penglai and this is currently
let to a government owned company, which manufactures white goods for
the domestic Chinese market.
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Broadcasting & Communications
ANB (Arabic News
Broadcasting) is a satellite news channel and a variety constitute an
important addition in the world of satellite channels in the fields of
transportation news, and political talk shows, cultural and artistic in order to promote public awareness of human values statements for the peoples and nations, has started in Beirut in 2004 and moved to Amman Central aired in 2012.
And now has a broadcasting centre in addition to the main studios in Beirut, Baghdad, London and associated communications network television 24 hours a day.
Channel depends on the production of news programs, political, cultural and artistic elite of Arab media in addition to TV, movies, documentaries modern Arab diverse. |
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