After posting news that Zaitunay Bay might be closing down because the shops and restaurants in it can’t pay their rent anymore, I was tweeted by Zaitunay Bay’s account to let me know the news is entirely false.
Moreover, it seems that Solidere is not allowed to make such statements as it’s not the owning company of Zaitunay Bay. The company in question is BWD, Beirut Waterfront Development.
Here are the tweets in question:
However, I believe that the closing news may not be coming out of nowhere. As they say, there’s no smoke without fire. So perhaps Zaitunay Bay should really anticipate repercussions from the dismal state of the economy and lower the rent on its tenants, at least until these tough times blow through. Making less money transiently is better than not making money at all.