A conglomerate based in the United Arab Emirates said Monday it will take legal action against Lebanese authorities over a dispute regarding its investments in the crisis-hit country, saying it has suffered $1.7 billion in investment losses.
The Dubai-based Al Habtoor Group’s businesses in Lebanon were hit hard by the country’s historic economic meltdown that broke out in late 2019. The country also suffered from the 14-month Israel-Hezbollah war for which the World Bank estimates the costs of reconstruction and recovery at $11 billion.
