<\/p>\n
Dubai: Al Habtoor Group has issued a formal notice initiating an investment dispute against Lebanon, as the UAE conglomerate\u2019s sets out to legally protect nearly $1 billion (Dh3.67 billion) of its investments in the country.<\/p>\n
The notice is in connection with Lebanon\u2019s breach of the Bilateral Investment Treaty between the UAE and Lebanon, the company said in a statement, referring to an agreement put in place\u00a0to protect UAE investments in Lebanon territory\u00a0since 1999.<\/p>\n
\u201cIn particular, Lebanon and its central bank have imposed restrictions preventing Al Habtoor Group from freely transferring its funds amounting to over $44 million (Dh161.6 million) from the Lebanese banks,\u201d Al Habtoor Group further revealed.<\/p>\n
\u201cLebanon has also failed to secure a safe and sound environment for Al Habtoor Group\u2019s businesses and investments. As a result of Lebanon\u2019s actions, Al Habtoor Group has incurred and continues to incur significant losses and damages.\u201d<\/p>\n
With Lebanon now finding itself mired in deep financial crises that threaten\u00a0to further destabilise the country, foreign investors particularly from the Gulf Cooperation Council (GCC) states are concerned about protecting their business interests.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Dubai: Al Habtoor Group has issued a formal notice initiating an investment dispute against Lebanon, as the UAE conglomerate\u2019s sets out to legally protect nearly $1 billion (Dh3.67 billion) of its investments in the country. The notice is in connection with Lebanon\u2019s breach of the Bilateral Investment Treaty between the UAE and Lebanon, the<\/p>\n","protected":false},"author":5,"featured_media":5146,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"_links":{"self":[{"href":"https:\/\/gulftimesint.com\/wp-json\/wp\/v2\/posts\/5145"}],"collection":[{"href":"https:\/\/gulftimesint.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gulftimesint.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gulftimesint.com\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/gulftimesint.com\/wp-json\/wp\/v2\/comments?post=5145"}],"version-history":[{"count":1,"href":"https:\/\/gulftimesint.com\/wp-json\/wp\/v2\/posts\/5145\/revisions"}],"predecessor-version":[{"id":5147,"href":"https:\/\/gulftimesint.com\/wp-json\/wp\/v2\/posts\/5145\/revisions\/5147"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gulftimesint.com\/wp-json\/wp\/v2\/media\/5146"}],"wp:attachment":[{"href":"https:\/\/gulftimesint.com\/wp-json\/wp\/v2\/media?parent=5145"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gulftimesint.com\/wp-json\/wp\/v2\/categories?post=5145"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gulftimesint.com\/wp-json\/wp\/v2\/tags?post=5145"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}