Al Habtoor Group Threatens Legal Action Due to Lebanese Central Bank Restrictions

The UAE's Al Habtoor Group, based in Dubai, announced in a statement on Wednesday that it has issued a written notice to Lebanon regarding a dispute related to the violation of the bilateral investment agreement between the UAE and Lebanon, which has harmed the group's investments in the country. The dispute concerns the Al Habtoor Group's investments in Lebanon, amounting to approximately one billion dollars in the luxury hotel sector under the Hilton brand, as well as in the commercial centers and real estate sectors. According to the statement, the Central Bank of Lebanon breached its obligations to the Al Habtoor Group under the agreement signed between the two countries by imposing restrictions that prevented the group from transferring more than 44 million dollars from Lebanese banks. The statement added, "Lebanon has failed to provide a safe and sound environment for the Al Habtoor Group's business and investments," resulting in the group "incurring and continuing to incur significant losses and damages." The statement concluded that the group will initiate legal proceedings against the Lebanese Republic if the dispute is not resolved within six months pursuant to the agreement.