Khalaf Ahmad Al Habtoor, a wealthy businessman from the United Arab Emirates (UAE), has decided to stop his investments in Lebanon because he feels it is not safe. He said he faced serious threats to his life last year, including being told online that he could be “slaughtered and killed.” Because of this, he has not visited Lebanon in almost 20 years and canceled plans to start a new media company in Beirut in 2024.
Lebanon was once a booming place famous for its banks and was often called the “Switzerland of the Middle East.” However, after a devastating civil war that started in 1975, it has struggled to recover. Currently, the country is facing a severe economic crisis, one of the worst in the world, mainly due to corruption and poor financial decisions.
Al Habtoor explained that while he once had hope that the new government could help Lebanon, he has changed his mind because of ongoing problems and Hezbollah’s strong influence. Hezbollah is a powerful political group in Lebanon that is backed by Iran. Many Gulf countries, including the UAE, have been wary of Lebanon due to this influence.
Although the UAE reopened its embassy in Lebanon after closing it for over three years, Al Habtoor noted that the government has not advised its citizens to visit yet. He said he would consider investing in Lebanon again if the situation improves and the country becomes safer. “Not one penny can be invested unless there is security and safety,” he added firmly.
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