Al Habtoor Group said its board approved a plan to sell its Lebanese assets, extending a withdrawal tied to a dispute in which it claims losses exceeding $1.7 billion.
The Dubai-based conglomerate’s decision was described in a company statement reported by The National and Argaam. The group said it would assess each holding separately before pursuing sales based on market conditions and valuations. The reports identify no buyer, sale price or completion date.
The planned divestment follows a Jan. 28 announcement that the group would close its operations in Lebanon and terminate all employees there. That announcement set out the company’s intentions; it did not establish when individual jobs would end. Al Habtoor Group said its first hotel in the country opened in 2001.
The group says measures by Lebanese authorities and Banque du Liban prevented it from accessing deposits in Lebanese banks and transferring the money. It puts the resulting losses to its assets and properties at more than $1.7 billion. That figure is the company’s claim.
In April, Al Habtoor Group said it had initiated international arbitration against Lebanon under a bilateral investment treaty, submitting a request through the International Centre for Settlement of Investment Disputes. The company has also said it wants to direct resources toward markets it considers more stable.
Lebanon’s economic outlook adds to the context for the withdrawal. The World Bank forecast a 6.4% contraction in 2026, citing the renewed conflict’s effects on tourism and demand within the country.
