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Beirut Governor Marwan Abboud estimated on Wednesday that the explosions cost the city 3 to 5 billion U.S. dollars in material losses, the National News Agency reported.

Two huge explosions rocked the Port of Beirut on Tuesday at around 6:10 p.m. local time (1610 GMT), shaking buildings all over Lebanon's capital and causing heavy damage to the city.

Most of the shops in Beirut's downtown area were destroyed since the downtown is located close to Beirut's port.

Buildings in other locations in the city, including Ashrafieh, Gemmayzeh, Mar Michael, Jnah and Ras Beirut, were partly if not fully destroyed.

Moreover, President of the Syndicate of Hotels Owners Pierre Ashkar revealed on Wednesday that 90 percent of the hotels in the city were damaged while many of the employees and guests were injured.

Primary information reveals that ammonium nitrate stored since 2014 in warehouse No. 12 at the port may have caused the explosions.

Investigations into the disaster are ongoing and the Higher Defense Council promised to reveal results from investigations within five days.