Emirati businessman Khalaf Al Habtoor has announced the cancellation of all planned investment projects in Lebanon, citing the country’s deteriorating security and economic stability.
The decision marks a significant blow to Lebanon’s investment landscape, which has struggled to attract foreign capital amid ongoing political and financial crises.
In a statement shared on his “X” account on Tuesday, Al Habtoor said the move was made after consultations with the Board of Directors of the Al Habtoor Group.
“I have taken a painful decision that I never wanted to reach, but the current situation in Lebanon, the lack of security and stability, and the absence of any horizon for improvement, has prompted us to take the following steps,” he wrote.
He also stated that he will be cancelling all planned investment projects in Lebanon, refraining from traveling to the country and selling all his properties and investments.
“These decisions were not taken in a vacuum but came as a result of a careful study and deep follow-up of the situation there,” Al Habtoor concluded.
The Al Habtoor Group is a multinational conglomerate with diverse holdings that extend from upscale hotels to retail complexes. In January 2024, the group posted on its website having investments in Lebanon valued at approximately $1 billion.
Recently, Al Habtoor had indicated its desire to make investments in Lebanon once a new government was established.
اتخذتُ، بالتشاور مع مجلس إدارة #مجموعة_الحبتور، قراراً مؤلماً لم أرغب يوماً في الوصول إليه، لكن الأوضاع الراهنة في #لبنان، من غياب الأمن والاستقرار وانعدام أي أفق لتحسن قريب، دفعتنا إلى اتخاذ الخطوات التالية:
— Khalaf Ahmad Al Habtoor (@KhalafAlHabtoor) January 28, 2025
- إلغاء جميع المشاريع الاستثمارية التي كنا نعتزم تنفيذها في لبنان.
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