In a move that has sent shockwaves through the business world, UAE businessman Khalaf Al Habtoor has announced the cancellation of all planned investments in Lebanon. The decision, which he described as “painful,” comes in response to the ongoing security concerns and instability in Lebanon. This step also involves a withdrawal of family and company managers from the country, as well as the sale of existing properties and investments. The decision was made after consultation with the Board of Directors of the Habtoor Group.
Security Concerns Prompt Action
In a statement shared on social media platform X, Khalaf Al Habtoor explained the rationale behind his decision, citing the worsening security situation in Lebanon. He emphasized that the lack of stability and a clear path to improvement in the near future had prompted him to take these drastic measures.
The statement read, “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.”
Al Habtoor’s withdrawal from Lebanon is not limited to business operations; it also affects personal travel plans. The businessman, along with his family and the group’s managers, will refrain from traveling to Lebanon for the foreseeable future. This decision underscores the gravity of the situation as perceived by one of the UAE’s leading businessmen.
Impact on Investments and Properties
Al Habtoor’s announcement also includes the sale of all his existing properties and investments in Lebanon. This move is expected to have significant repercussions for the Lebanese economy, particularly in the real estate and investment sectors, where Al Habtoor’s presence was considered influential.
The businessman explained that the decision was not taken impulsively, but rather after a careful study and continuous monitoring of the situation in Lebanon. His actions reflect growing concerns among investors regarding the country’s ongoing economic and political challenges, which have led to an exodus of foreign investments in recent years.
Khalaf Al Habtoor further stated, “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.” His words underline the careful deliberation that went into this decision, signaling a deep concern for Lebanon’s future stability.
Khalaf Al Habtoor’s decision to cancel his investments in Lebanon marks a significant turning point for the country, highlighting the growing impact of political and security instability on international business. As the situation in Lebanon continues to unfold, it remains to be seen how other investors and businessmen will respond to the ongoing challenges facing the nation.