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RIYADH: Al-Habtoor Group is moving forward with plans to reopen its five-story mall in Beirut and relaunch the Habtoorland amusement park in Jamhour, contingent on Lebanon’s government delivering the promised security and stability measures.

In an interview with Arab News, AHG Chairman Khalaf Al-Habtoor emphasized that restoring the mall and amusement park remains a key priority for the group. However, these initiatives depend entirely on the assurances of safety and governance from Lebanon’s new leadership.

“We have a different management now overseeing the mall. They are waiting only for the implementation of plans by the president and the prime minister. I fully believe in the president, even though we haven’t met, and I believe in the prime minister,” Al-Habtoor stated.

On Jan. 9, Lebanon elected former army commander Joseph Aoun president, and on Jan. 13, appointed Nawaf Salam, the chief judge of the International Court of Justice, prime minister.

Al-Habtoor expressed his belief that the newly installed leaders possess the potential to unite the country and initiate the critical reforms needed for Lebanon’s economic revival.

Despite Lebanon’s long-standing political instability, including the devastating Beirut Port explosion, AHG has kept its facilities operational, ensuring that its employees retained their jobs throughout turbulent times.

“We don’t close our hotels. Even when we closed (temporarily), we didn’t terminate anyone. During the war, even after the port explosion, we did not release any of our employees. We paid them their salaries because they are part of us, like a family, like partners with us,” Al-Habtoor explained.

He further highlighted the group’s long-standing commitment to Lebanon, emphasizing its role in creating jobs and fostering local development. “We have been working for a very long time in Lebanon, and we created a lot of projects to create jobs for our people there, for our families—I call them. The Lebanese are part of us.”

While acknowledging the political challenges facing the country, the AHG chairman expressed optimism about Lebanon’s future under its new leadership, stressing the importance of public support for the government’s agenda. 

“If the Lebanese people want Lebanon to compete with successful countries, they have to support the president and the prime minister. Lebanon needs a lot of work, renovation, and fixing,” he noted. 

Al-Habtoor pointed to security as the linchpin for any future investments in Lebanon. “Nobody will invest a penny unless there is 100 percent safety and security in the country,” he asserted.

The AHG chairman said if the new president and prime minister manage to establish their authority within the next three months, he will personally return to Lebanon to oversee the group’s projects.

Although AHG has explored new ventures, including the establishment of a production studio, political instability had previously delayed such plans. 

Al-Habtoor reaffirmed his commitment to reconsidering these opportunities once Lebanon’s security situation stabilizes: “I will definitely reconsider, but the country’s shift to safety and security remains priority No. 1.”

The UAE-based businessman also stressed the necessity of clean, well-vetted leadership for Lebanon’s Cabinet. “They should not let any person from another country be involved,” he emphasized.

Despite these challenges, Al-Habtoor expressed hope for Lebanon’s revival under its new leadership, reflecting confidence in their sincerity and commitment to reform. 

“I have hope from these people. I believe in these genuine leaders and their honesty. If they deliver what they promised, I will be there, with my feet on the ground,” he said.

Reflecting on his personal connection to Lebanon, Al-Habtoor shared fond memories of time spent in the country. “My family and I spent a lot of time in Lebanon. We have our house in Jamhour, and we invested in many things. I have a lot of friends there. I miss them, and they miss me,” he said.

Looking ahead, AHG is also set to expand internationally, with the upcoming launch of the 200-key Al-Habtoor Palace luxury hotel in Budapest, scheduled for Feb. 3. The company is also pursuing ongoing projects in Dubai, which Al-Habtoor referred to as “the jewel of the world.”

He added that in Dubai, everyone can sleep and relax, fully assured of their safety and security. “This is what we need in Lebanon,” Al-Habtoor concluded.

LONDON: OPEC on Wednesday predicted that global oil demand in 2026 will increase at a rate similar to this year’s growth.

However, the organization lowered its 2024 demand projection for the sixth time, citing ongoing economic weakness in China, the world’s largest oil importer.

The 2026 forecast aligns with OPEC’s long-term view that global oil consumption will continue to rise over the next two decades. This contrasts with the International Energy Agency, which expects oil demand to peak within this decade as the world transitions to cleaner energy sources.

In its latest monthly report, OPEC projected that oil demand will increase by 1.43 million barrels per day in 2026, a growth rate nearly identical to the 1.45 million bpd expected for this year. The 2026 forecast marks the first time OPEC has provided a projection for that year in its monthly update.

OPEC noted that transportation fuels will be the primary driver of oil demand growth in 2026, with air travel expected to continue expanding. Both international and domestic flights are expected to see steady increases, according to the report.

The report also revised its 2024 demand growth forecast down to 1.5 million bpd, compared to the 1.61 million bpd forecast in the previous month. This marks the sixth consecutive reduction for 2024, following an initial forecast of 2.25 million bpd in July 2024.

OPEC’s demand outlook remains at the higher end of industry expectations.

Earlier on Wednesday, the IEA forecasted a slower pace of global oil demand growth in 2025, predicting an increase of 1.05 million bpd.