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Riyadh Withdraws $4.8 Billion Worth of Investments from Lebanon

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Written by News Editor

Sunday, 24 February 2008

Saudi Arabia has withdrawn $4.8 billion worth of investments from Lebanon over the past two years, head of the Saudi Arabian-Lebanese Business Council Abdul Mohsen al-Hakir uncovered on Sunday. Al-Hakir told the Saudi daily al Watan that the withdrawal came amidst the deterioration of both the political and security situations in Lebanon. He said a good deal of investments owned by Saudi and Gulf citizens and even Lebanese living abroad were being withdrawn from Lebanon. "Investors began losing their patience," al Hakir said. "What is happening over there (in Lebanon) reflects the painful reality that Lebanon -- which is dear to Saudis and Arabs -- is not dear to some of its citizens who harmed their country at a time the Lebanese economy was in need for development."

 

 

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