Dubai-based Al Habtoor Group's board has approved the sale of all its hotels, properties and land in Lebanon, months after the conglomerate shut its operations there and cited Dh6.24 billion in losses.

The decision follows the group's announcement on January 28 that it would cease operations in Lebanon, and marks the next phase of a wider strategic review of its investment portfolio and long-term priorities.

The board concluded that complete divestment was the most appropriate course, in line with its commitment to responsible investment management, capital allocation and the protection of its interests.

The group said it will carry out the sale through a structured, commercially driven process. Each asset will be assessed on its individual merits, and transactions will be pursued in line with market conditions and valuations. It added that further details on the process will be announced as appropriate.

Lebanon's political and investment outlook remains challenging amid renewed conflict, political divisions and delays in economic reforms.

The World Bank projected the economy would contract by 6.4 per cent in 2026. Although the government has advanced banking reforms and is seeking IMF support, investor confidence remains weak.

In January, the Dubai-based group announced the closure of its Lebanon operations after losses of Dh6.24 billion and what it described as deteriorating conditions in the country. It said it would also terminate all employees there to protect its rights and interests and prevent further losses.

(Source: Khaleej Times)