Real Estate Khalaf Al Habtoor escalates dispute with Lebanon By Gavin Gibbon January 10, 2024, 11:39 AM Reuters/Ashraf Mohammad Khalaf Al Habtoor's group says it has invested close to $1bn in Lebanon Alleges breach of UAE-Lebanon treaty Transfer of $44m ‘prevented’ Invests in Hilton-branded hotels Emirati businessman Khalaf Al Habtoor has escalated his feud with the Lebanese authorities by launching an investment treaty dispute against the country. The legal notice of the dispute alleges that Beirut’s treatment of his conglomerate, Al Habtoor Group, breaches the investment treaty between the UAE and Lebanon. Under the 1999 agreement, Lebanon committed to protect Emirati investments in its territory, according to an Al Habtoor statement on Wednesday. Al Habtoor steers away from recession-hit Europe Al Habtoor forced to look overseas for contractor An investment treaty dispute allows foreign investors to pursue a claim against another country’s government. “Lebanon has breached its obligations under the treaty towards Al Habtoor Group. In particular, Lebanon and its Central Bank have imposed restrictions preventing Al Habtoor Group from freely transferring its funds amounting to over $44 million from the Lebanese banks,” the statement said. AGBI has contacted the Lebanese authorities for comment, but did not immediately receive a response. The Dubai-based property conglomerate, which is being represented by law firm White & Case, said it had “incurred and continues to incur significant losses and damages” as a result of the alleged breach. Its investments in Lebanon include Hilton-branded hotels, a shopping mall and a 100,000 sq m entertainment and leisure destination called Habtoor Land. The company said it had invested almost $1 billion in the country. The formal notice of the dispute automatically triggers a six-month cooling-off period. “If the dispute is not resolved within six months and the Al Habtoor Group claims are not settled, it will be open to Al Habtoor Group to commence appropriate local and international legal proceedings against the Lebanese Republic in accordance with the treaty,” the statement said.
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