RIYADH: Al Habtoor Group said it will move forward with legal action against Lebanon after years of unresolved investment disputes and mounting losses of $1.7 billon linked to banking restrictions and state inaction, according to an official statement.
The UAE-based conglomerate said it has been a long-term foreign investor in Lebanon, with investments across hospitality, luxury hotels, and retail, as well as leisure, real estate and banking-related activities, describing these as “an integral part of the Group’s long-term productive presence in the country.”
The firm said measures taken by the country’s goverment, combined with Lebanon’s prolonged political, economic, financial, and social crises, have caused the damages and losses.
The company said its investments were made “in good faith and in reliance on Lebanese law,” as well as on obligations set out under the bilateral investment treaty between the UAE and Lebanon, in force since 1999.
According to the statement, the group’s assets in Lebanon have suffered “severe and sustained harm” as a result of measures imposed by Lebanese authorities and the Banque du Liban that prevented it from accessing and transferring lawfully deposited funds.
