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UAE Billionaire Khalaf Al Habtoor Pulls Investments from Lebanon Over Security Concerns
Withdrawal of Investments Due to Security Risks
United Arab Emirates billionaire Khalaf Ahmad Al Habtoor announced this week that he is scrapping his investments in Lebanon, citing continued instability and security concerns.
Threats to His Life
Al Habtoor revealed that he had been threatened with being “slaughtered and killed” last year, which influenced his decision to abandon plans for a media venture in Beirut in 2024. Speaking via Zoom from Budapest, he emphasized that the threat was serious and not a minor intimidation.
The threat, made anonymously via social media, prompted him to file a lawsuit, which he won in a Lebanese court.
Concerns Over Political Instability and Hezbollah’s Influence
Once a thriving banking hub known as the “Switzerland of the Middle East,” Lebanon has suffered from prolonged political and economic crises. Al Habtoor had previously expressed hope that a new government could lead to positive changes, but he now believes the country remains unsafe for investment.
He cited the dominant role of Hezbollah, the Iran-backed Shi’ite Muslim group, as a key factor in his decision. The UAE and other Gulf states have long been cautious about Lebanon due to Hezbollah’s influence.
UAE’s Position on Lebanon
The UAE reopened its embassy in Lebanon this year after a three-year closure. However, Emirati authorities have yet to allow citizens to visit the country, indicating ongoing concerns about security conditions.
Lebanon’s Economic Struggles
Lebanon remains in the grip of one of the worst economic crises in modern history, according to the World Bank. Years of corruption, mismanagement, and financial instability have devastated the country. The situation has worsened due to recent conflicts between Hezbollah and Israel, despite a U.S.-brokered ceasefire extended until February 18.
Future Investment Conditions
When asked whether he might reconsider investing in Lebanon, Al Habtoor stated that he would return only if the country could ensure safety and security.
“No investment can be made unless there is security and stability,” he stressed.
“UAE Billionaire Khalaf Al Habtoor Pulls Investments from Lebanon Over Security Concerns” “UAE Billionaire Khalaf Al Habtoor Pulls Investments from Lebanon Over Security Concerns”