The UAE’s Al Habtoor Group, which has made substantial investments in Lebanon, has urged the Lebanese authorities to compensate the losses suffered by GCC firms as a result of reckless actions of militias, leaving the Lebanese state in ineffective conflicts that convey solely destruction and instability to the world. nation, its financial system and its individuals.
The Lebanese state should deal with the sources of the threats and take preventive measures to make sure state safety of those investments and properties in opposition to such dangers, an open letter from the group to the Lebanese authorities pressured.
The letter identified that the Lebanese authorities is sure by authorized obligations below agreements and worldwide treaties concluded specifically with the United Arab Emirates. The investments are protected by a bilateral settlement signed on Might 17, 1998 between the United Arab Emirates and the Lebanese Republic. This settlement goals to encourage and mutually shield investments and was ratified by the Lebanese Parliament below Regulation No. 61 of March 31, 1999, it added.
Below this settlement, Lebanon is dedicated to defending the investments, properties and funds of all traders holding UAE citizenship, and to making sure truthful and equitable remedy, the very best precedence, free switch of funds, non-expropriation of possession and compensation for consequential damages. and the unconditional proper to have recourse to worldwide and regional preparations.
The group urged the Lebanese authorities to raise the freeze on all of the group’s belongings forcibly held in Lebanese banks to stop the present scenario from turning into extra difficult and escalating.
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