Khalaf Al Habtoor, chairman of the UAE-based Al Habtoor Group, has expressed plans to launch a major project in Lebanon after the country forms a new government. He described the initiative as “large and ambitious”, highlighting its potential to boost Lebanon’s economy and create thousands of jobs.

While details about the investment’s scale or focus remain unclear, Mr. Al Habtoor said that the success of this project hinges on the “correct formation” of the incoming government. Lebanon recently ended a prolonged political deadlock by electing Joseph Aoun as its president and nominating Nawaf Salam as prime minister. The new leadership faces the daunting challenge of steering Lebanon out of a deep economic crisis that began five years ago with a $31 billion debt default.

Mr. Al Habtoor underlined the importance of this political change, calling it a “pivotal moment” for Lebanon to attract investments and revive its economy. However, he warned that any delay or compromises in government formation could worsen the crisis and deter investors.

Lebanon’s economic troubles have been further aggravated by the recent conflict between Hezbollah and Israel, which caused $8.5 billion in damages, according to a World Bank estimate. Financial reforms are critical for unlocking $3 billion in IMF assistance and additional aid from other global donors.

Mr. Al Habtoor’s relationship with Lebanon has seen its share of challenges. Last year, Al Habtoor Group filed a notice against the country for violating a bilateral investment treaty with the UAE. The breach reportedly prevented the transfer of $44 million from Lebanese banks. The conglomerate has invested close to $1 billion in Lebanon across sectors like luxury hotels, a shopping mall, a leisure destination called Habtoor Land, and other property projects.

Mr. Al Habtoor remains optimistic but firm about the conditions for his planned investment, describing it as an opportunity to restore confidence and drive Lebanon’s economic recovery.