"National and international investments in Lebanon have been badly damaged as a result of political, economic and social instability caused by the regime's structure," said Habtoor on Tuesday.

Speaking at the Middle East Airlines lounge of Rafik Hariri international airport he said "If my investments had wheels I would have moved them from Lebanon to a safer country."

Habtoor, who has more than $400 million invested in Lebanon, said his group was forced to lay off hundreds of staff due to last summer's war with Israel, the ensuing political crisis and the bureaucratic procedures.

The group said 800 of its 1,100 employees had lost their jobs since July 2006.

He said the country needs strong leadership to attract more investments and create job opportunities.

Habtoor Grand Hotel has been badly impacted by the unstable situation in Lebanon, he said, adding that Boulevard Mall abutting it gradually witnessed low levels of visitors.

This has led renters not to pay their dues, he said.

"Due to the continuous unfriendly investment climate, a number of Arab and Lebanese investors have approached us to join them in suing the state of Lebanon before the U.N. Commission on International Trade Law and International Center for Settlement of Investment Disputes," Habtoor said.

He said he urged them to avoid taking such a step for the moment, "but in all honesty how long can I continue to do this? Are things really going to improve to a satisfactory level in the near future," he wondered.

Summer war
The summer war which was triggered by Hezbollah when it kidnapped 2 Israeli soldiers , has devastated the country and its economy. In 2006 Lebanon was expecting nearly 2 million tourists, instead whatever tourists were in the country had to be evacuated as a result of the war to a safer location .

Lebanon could have still survived if the cease fire spelled the end of the problems, but Hezbollah along with its pro-Syrian allies decided to launch another war. This time the war was in the form of a sit-in protest to try and seek veto power in the government, a demand the parliament majority which was democratically elected refuses to accept. Hezbollah and its allies erected tents in the center of the city almost 4 months ago and this has devastated the down town Beirut businesses and reflected on the whole economy.

Sources: Naharnet, Ya libnan