UAE group to sue Lebanon over $1.7B investment losses
A conglomerate based in the United Arab Emirates said on Monday it plans to pursue legal action against Lebanese authorities over a dispute related to its investments in the country, claiming losses totaling $1.7 billion.
Dubai-based Al Habtoor Group said its operations in Lebanon were severely affected by the country’s unprecedented economic collapse, which began in late 2019, News.Az reports, citing AP.
Lebanon has also been impacted by a 14-month Israel-Hezbollah war, with the World Bank estimating reconstruction and recovery costs at around $11 billion.
Lebanon’s financial crisis—widely attributed to decades of corruption and mismanagement by the political elite—has left individuals and companies unable to access funds trapped in the banking system.
Al Habtoor Group operates several assets in the country, including a hotel in a suburb of Beirut and Habtoor Land, a large theme park east of the capital. Last year, the group said it had reversed earlier plans to dismantle the Metropolitan Palace Hotel.
In a statement, Al Habtoor Group said its investments have suffered “severe and sustained harm” in recent years as a direct result of measures and restrictions imposed by Lebanese authorities and the Central Bank of Lebanon, which it said prevented the company from freely accessing and transferring funds lawfully deposited in Lebanese banks.
By Nijat Babayev
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