UAE businessman Khalaf Al Habtoor has announced he will cancel all planned investments in Lebanon.
Al Habtoor said the “painful decision” was taken over security concerns in the country and would extend to a withdrawal of travel for family and company managers as well as sale of existing properties and investments.
The decision was taken alongside the board of directors of the Habtoor Group.
UAE’s Khalaf Al Habtoor cancels Lebanon investments
A statement on X said: “In consultation with the Board of Directors, I made a painful decision that I never wanted to reach, but the current situation in Lebanon, the lack of security and stability and the lack of any horizon for improvement in the near future, prompted us to take the following steps:
- “Cancel all investment projects that we intended to implement in Lebanon
- “Refrain from traveling to Lebanon, whether for myself, my family, or the group’s managers
- “Selling all my properties and investments in Lebanon.
“These decisions were not taken in a vacuum, but rather came as a result of careful study and in-depth monitoring of the situation there”.
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