BEIRUT: The chairman of the massive conglomerate Al-Habtoor Group has threatened to withdraw the company from Lebanon completely if the government does not act to safeguard its interests.
The chairman of the UAE-based company, Khalaf Al-Habtoor, expressed his displeasure with Lebanon’s economic downturn in an exclusive interview with Arab News. He also stated he was willing to hire “high-caliber law firms overseas” in order to recoup lost assets.
His cautions followed a letter he wrote to Prime Minister Najib Mikati, expressing his grave concern about the danger facing Gulf investments in the nation.
Bringing up the illegal “seizure” of the group’s cash by Lebanese banks as well as the losses brought on by the socio-political unrest, the business mogul underlined that the government has a legal and moral obligation to compensate and safeguard foreign investments.
Regarding the prospect of taking his investments out of Lebanon, Al-Habtoor told Arab News, “If I find a buyer now for everything I invested there with a negotiable price, I will sell it.”
Lebanon’s economy, which was once strong and dynamic, is now beset by severe political unrest, economic difficulties, and a border conflict that could worsen the nation’s already precarious situation.
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