(MENAFN- Khaleej Times)
Emirati investor Khalaf Ahmad Al Habtoor made a "painful" decision to cancel all investment projects in Lebanon, he announced in a social media post on X.
This step comes in light of the current situation in Lebanon, with its "lack of horizon for improvement in the near future, and lack of security and stability", the Founder and Chairman of Al Habtoor Group, said.
He added that he would sell all his current properties and investments in Lebanon. Along with Al Habtoor, his family, and the group's managers will refrain from travelling to Lebanon, he added.
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These decisions came as a result of "careful study and in-depth monitoring of the situation", and were not taken in a vacuum, he added.
The Dubai businessman's Al Habtoor Group earlier cancelled the launch of a television channel in Lebanon in June 2024, initially announced to provide cultural, social, and sporting programmes.
Slated to create 300 new jobs for people in Lebanon, the plan was cancelled after "encountering insurmountable obstacles" which included threats to the founder and the staff, according to the Group.
Al Habtoor is a well-known philanthropist who runs many charity initiatives.
The businessman has previously come through for the community in Lebanon, offering "psychological and physical treatment" to children abused through a social media app.
In May 2024, he was in touch with authorities in Lebanon to support the victims of "the 'TikTok' gang in Lebanon, which lures children and minors, sexually assaults them, and forces them to take drugs," he said in a post on X.
On January 25, the Lebanese army accused Israel of "procrastination" in the withdrawal of its forces, under the terms of the Israel-Hezbollah ceasefire.
Israeli Prime Minister Benjamin Netanyahu said the military's withdrawal, in coordination with the US, would continue beyond the Sunday deadline, "since the ceasefire agreement has not yet been fully enforced by the Lebanese state."
Consequently, Lebanon has agreed to an extension of the ceasefire deal until February 18.
(With inputs from Reuters)
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