Khalaf Ahmed Al Habtoor, Chairman of the Board of the UAE’s Al Habtoor Group said the group is developing the world’s largest real estate project in Lebanon, costing up to $1 billion, according to CNBC Arabia. Al Habtoor announced that the mall at the Habtoor AHG tourist complex is set to reopen by the end of the year, rebranded as Sooq Avenue. He stated that he did it to “support the Lebanese economy and provide jobs to its people.”
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In April 2022, Khalaf Al Habtoor announced that the group has taken serious steps to reopen its commercial center in Beirut, to help to revive the Lebanese economy, before seeking financial gains.
To encourage businesses to reopen at the mall, tenants at the new Sooq Avenue will get a free one-year rent after committing to the complex. The mall had previously been operated by LeMall, before closing at the start of the COVID-19 lockdowns in March 2020.
Al Habtoor also encouraged “businessmen in Lebanon and abroad to join this initiative and contribute to the recovery of the Lebanese economy.”
In early 2023, Al Habtoor announced the reopening of the Hilton Beirut Metropolitan Palace Hotel in Lebanon, to support the Lebanese economy, provide job opportunities for young men and women, and promote development in the country.
New projects in Egypt
The Emirati businessman had previously announced on his Twitter account that the Al Habtoor Group is considering investing in new projects in Egypt, which will soon be announced by the group.
“We are currently spending time in the Arab Republic of Egypt, where we are preparing studies for some sites in Cairo, in preparation for announcing projects soon. I hope to expand our presence there and provide more job opportunities for Egyptian youth,” he said.
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