Saudi businessman Abdullah Al-Maghlouth told Arab News that a delegation would depart for Lebanon after the Eid Al-Fitr holiday on a fact-finding mission to gauge the extent of the damage.

"A group of businessmen, including myself, had a meeting with Lebanese investors at the Council's headquarters in Riyadh," said Abdullah, whose properties were damaged during the Israeli bombardment. "The Lebanese side had suggested that we should open an office in Beirut. So we are looking into that possibility during the forthcoming visit."

However, the main problem, according to Abdullah is that their property in Lebanon wasn't insured. "So we are now asking all Saudi investors to get insurance cover in future for their overseas investments, especially those relating to real estate," he said.

Reliable estimates put the extent of the damage suffered by Saudi investors in real estate, tourism and industry at $14 billion. Of this amount, $10 billion is in property damage.

"A committee comprising members of the Saudi Council of Chambers and the Federation of Lebanese Chambers of Commerce and Industry has been constituted to supervise the activities of the office," said Fahad Al-Sultan, secretary general of the Council of Saudi Chambers of Commerce and Industry. He indicated that the office would be opened in the near future.

Chamber sources point out that Saudi investors affected by the war have been classified into three categories: those who incurred losses in the real estate and other sectors; businessmen involved in the tourism and transport industries; and others.

Fahd Al-Hammadi hoped that the reconstruction of Lebanon would be completed within the next five years. He noted that about one million Saudi citizens have their own houses in Lebanon.

The council also hopes that the opening of an office in Beirut could help the Saudi business community win contracts for projects relating to the country's reconstruction program. There is already goodwill for Saudi Arabia, whose leadership rose to the occasion by mobilizing over $1.5 billion in aid to war-stricken Lebanon. Under the directive of Custodian of the Two Holy Mosques King Abdullah, the Saudi government deposited $1 billion of this directly into the Central Bank of Lebanon to stabilize the currency.

It also extended $500 million in direct aid for its reconstruction program, besides SR109 million donated by Saudi citizens for the people of Lebanon. Of this amount, King Abdullah himself donated SR10 million to the fund-raising campaign while Crown Prince Sultan contributed SR5 million.