UAE’s Al Habtoor group asks Lebanese govt to make good losses due to instability

K Raveendran

UAE’s Al Habtoor group, which has made substantial investments in Lebanon, has urged the Lebanese government to compensate for the losses suffered by GCC companies due to the reckless actions of militias, putting the Lebanese state in futile conflicts that only bring destruction and instability to the country, its economy, and its people.

The Lebanese state must confront the sources of threats and take preventive measures to guarantee the state’s protection of these investments and properties against such risk, an open letter by the group to the Lebanese government urged

The letter pointed out that the Lebanese government is bound by legal obligation on account of agreements and international treaties signed with the United Arab Emirates in particular.  The investments are protected by a bilateral agreement signed on May 17, 1998, between the United Arab Emirates and the Lebanese Republic. This agreement aims to encourage and mutually protect investments and was ratified by the Lebanese Parliament under Law No. 61 dated March 31, 1999, it added.

According to this agreement, Lebanon has committed itself to protecting the investments, properties, and funds of all investors holding UAE citizenship, ensuring fair and equitable treatment, the highest priority, free transfer of funds, non-expropriation of ownership, compensation for subsequent damages, and the unconditional right to resort to international and regional settlement.

The group urged the Lebanese government to and lift the freeze on all the group’s funds held forcibly in Lebanese banks to avoid complicating and escalating the current situation.

Also published on Medium.