In a serious move to protect its interests, Al Habtoor Group announced that it has begun legal proceedings due to the ongoing crises in Lebanon, which have resulted in losses exceeding $1.7 billion. This action underscores the group’s determination to uphold its rights in the face of current challenges.
Financial Losses and Al Habtoor’s Investment in Lebanon
Al Habtoor Group revealed that the political and economic crises in Lebanon have led to substantial losses, confirming that these financial damages continue due to the devastating conditions the country is experiencing. The group had made significant investments in Lebanon and has been heavily impacted by the current circumstances.
In a statement, the group clarified: “Al Habtoor Group has always been a committed foreign investor in the Lebanese Republic,” highlighting the role of its investments in supporting job opportunities, boosting the tourism sector, and developing infrastructure. Its investments, which encompass hospitality, luxury experiences, and real estate, significantly enhance the positive economic impact on Lebanon.
Necessary Legal Actions
For its part, Al Habtoor Group announced that it has exhausted all available options for resolving the dispute amicably but found no alternative but to pursue legal action to protect its rights. The group affirmed that it has relied on Lebanese laws and international frameworks that ensure the protection of foreign investments.
The group’s statement read: “The responsibility of the Lebanese state lies in protecting our investments, which is a legal obligation that Lebanon commits to under bilateral agreements.” This move emphasizes the importance of having a secure environment for investors, which directly affects the Lebanese economy.
Towards International Arbitration
After exhausting peaceful options, Al Habtoor Group has initiated procedures to engage a renowned international attorney specializing in sovereign disputes in preparation for arbitration. A formal notice has been given to the Lebanese government regarding the initiation of an investment dispute, signaling the possibility of negotiation opportunities.
The group hopes to reach a legal resolution that fully guarantees its rights, stating: “We cannot continue to bear additional losses due to negligence.” This reflects their determination to assert their rights under these challenging circumstances.
As part of these efforts, Al Habtoor Group reminds that it remains open to the possibility of settlement but will not relinquish its legitimate rights, highlighting the importance of sustaining investments in Lebanon.