Hussein Sajwani, president of the board at Damac Properties, held a press conference in Beirut Monday to announce the $150 million "La Residence" tower which will be built at the intersection of Omar Daouk and Fakhreddine streets at the heart of the capital.

"This investment is proof of our faith in Lebanon and its people. Beirut is the number one tourism capital of the Arab world," Sajwani said at the conference held at the Phoenicia hotel.

Construction of the 27-floor high rise is expected to start at the end of 2006 and last for three years.

Trump, former vice-president of interior design for the Trump Organization, has been selected to do the interior design work on the tower's apartments, duplexes and penthouses.

"We are honored to be endorsed by Ivana Trump, a world-renowned celebrity who is considered a symbol of style, glamour and class," said Peter Riddoch, CEO of Damac speaking in Dubai.

Sajwani told An Nahar newspaper that he expects the project to yield a 20 percent return on investment and create 300 jobs.

The selling process is expected to start Wednesday after prices have been specified.

The paper said Sajwani had no complaints about red-tape and administrative bureaucracy that other investors seeking opportunities in Lebanon are suffering from. However, he objected to the soaring land prices in the downtown area as well as other parts of the country.

He said this project, Damac's first in Lebanon, will be followed by additional investments in other parts of the country.

"La Residence" is expected to include all the amenities of a luxury building including wood and marble floors, a large car park, a play area for children, a temperature-controlled pool and a gym. There will also be restaurants, cafes and shops in the tower.(An Nahar photo shows Hussein Sajwani speaking at the conference)