Lebanese Instability Forces UAE Billionaire to Pull Investments

UAE billionaire Khalaf Ahmad Al Habtoor has halted investments in Lebanon due to safety concerns and threats against his life. Despite winning a lawsuit over these threats, he remains unsatisfied with Hezbollah's political dominance and the country's ongoing instability. His decision reflects broader Gulf states' trepidations regarding Lebanon.

United Arab Emirates billionaire Khalaf Ahmad Al Habtoor has withdrawn his investments from Lebanon, citing safety concerns and threats to his life. Al Habtoor, who last visited Lebanon nearly two decades ago, has faced threats via social media, prompting him to abandon plans for a media venture in Beirut in 2024.

Despite winning a lawsuit in Lebanese court regarding these threats, Al Habtoor has expressed dissatisfaction with the current political climate, deeply affected by Hezbollah's influence. The billionaire's decision to pull out illustrates a continued hesitancy from the Gulf states about Lebanon, overshadowed by economic turmoil and political instability.

While the UAE reopened its embassy in Lebanon this year, it has not lifted travel restrictions for its citizens. Lebanon continues to grapple with one of the world's most severe economic crises, alongside ongoing conflicts. Al Habtoor stated he would only consider reinvestment if safety and security could be assured in the region.

(With inputs from agencies.)