UPDATE 1-Lebanon's Solidere first-half net profit up 37 pct

* H1 net profit rises to $83 million

* Expects full year to surpass last year's $156 million

* A shares up 2.2 percent, B shares up 2.8 percent

(Adds details, background)

BEIRUT, Nov 27 (Reuters) - Solidere (SOLA.BY) (SOLB.BY), Lebanon's largest company by market value, posted a 37 percent rise in net profit to $83 million for the first half of the year, the company said on Thursday.

The real estate group reiterated in a statement it expected its full-year profit to surpass last year's $156 million.

"The profits for the first half of 2008 come as a result of achieving sales ... of land contracts signed previously in addition to new contracts that have been signed since the beginning of 2008 -- overall worth $310 million," the statement said.

This included a recent contract worth $170 million for land in downtown Beirut, said Solidere, which was founded in 1994 by late former Prime Minister Rafik al-Hariri to rebuild central Beirut after the 1975-1990 civil war.

On Wednesday Solidere International, part owned by Solidere, said it was pleased with progress at a $60 billion city it is building in the United Arab Emirates.

Solidere International said infrastructure works of Al Zorah which commenced in September were on schedule. Imad Dana, chief executive of Al Zorah Development Co, had said last week construction could be slowed, giving another sign that the global economic crisis is hitting Middle East construction plans.

Solidere, whose shares recently fell to their lowest this year, helped nudge Lebanon's BLOM index .BLSI up 0.8 percent.

Its A shares closed up 2.2 percent at $16.95 and its B shares (SOLB.BY) ended 2.8 percent higher at $17.00.

Solidere said its prospects were underpinned by its strong six-month profits, an expectation that they will rise in coming periods, an increase in liquidity and its lack of bank loans, among other factors.

"All these elements protect against the dangers and difficulties that many companies in the region are facing in the shadow of the global financial crisis," the company said. (Writing by Yara Bayoumy; Editing by David Holmes)