Major UAE investor threatens to withdraw from Lebanon
Al Habtoor Group, a well-known UAE corporation, has threatened to withdraw from Lebanon if the Lebanese government does not protect the company’s assets.
In an interview with Arab News on Dec. 12th, the company’s chairman, Khalaf al-Habtoor, stated that the formerly 1.5 billion dollar value of the corporation has now completely vanished due to the country’s ongoing economic crisis. Moreover, the company demanded the return of its assets that were frozen during the 2019 financial crisis.
Numerous depositors have sought legal action against Lebanese banks in an attempt to recover their assets; nevertheless, their endeavors were thwarted within the Lebanese judicial system.
This threat came as Lebanon’s economic and political situation were triggered by the Israel-Gaza war and the growing tensions in the Southern Lebanon border.
Following the impact of COVID-19 and the economic crisis, Lebanon’s tourism sector experienced a decline. Despite this, the country witnessed significant profitability in the tourism and hospitality sector during the recent summer. Unfortunately, the gains made during this period have been eroded due to the ongoing war, leading to the cancellation of numerous flights to Beirut owing to the instability in the region.
READ: Israel-Gaza conflict will heavily impact Lebanon’s tourism industry
However, Middle East Airlines recently announced that their flights to Lebanon were fully booked for the month of December.
The New Arab/Arab News
