Al Habtoor Group board approves sale of all assets and investments in Lebanon
Dubai-based Al Habtoor Group said its board of directors had approved the sale of the company's assets and investments in Lebanon , after it ceased operations there. The company, which has hotels, commercial and residential properties in Lebanon, said in January that it was ceasing operations and would terminate its employees in the country due to "prolonged instability" and an investment…
Dubai-based investment firm Al Habtoor Group has approved the sale of all its assets and investments in Lebanon, after the company ceased operations there. This move comes after prolonged instability and an investment dispute in the country, which led to the company losing over $1.7 billion. Al Habtoor Group, which had a presence in Lebanon since 2001 with a portfolio of hotels, commercial, and residential properties, has now decided to divest through a structured and commercially driven process.
The company will evaluate each asset individually and pursue transactions based on market conditions and valuations. The group has also appointed law firm White & Case to initiate arbitration proceedings against Lebanon under the UAE-Lebanon bilateral investment treaty. Lebanon has been grappling with an economic crisis since 2019, with the World Bank predicting a 6.4% contraction in the economy for 2026.
The turmoil is compounded by the aftermath of the Iran war, which further exposes Lebanon to risks such as shipping and energy supply disruptions. The International Monetary Fund has recently begun talks with Lebanon as part of its efforts to assist vulnerable countries in the Middle East and North Africa.
Written by urgent.news from The National UAE's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
