Lebanon's resigned PM visits Abu Dhabi

Days after announcing his shock resignation in Saudi Arabia, Lebanon's former prime minister Saad al-Hariri on Tuesday (November 7th) visited Abu Dhabi, where he met Crown Prince Mohammed bin Zayed Al-Nahyan, AFP reported.

Al-Hariri announced his resignation Saturday in a televised speech from Riyadh.

He said he feared for his life and accused Iran and its Lebanese proxy militia Hizbullah of taking over his country and destabilising the broader region.

On Tuesday, UAE's official WAM agency reported al-Hariri had met Sheikh Mohammed, who assured him of his country's "support" for Lebanon "in the face of regional challenges and interferences in its affairs".

Al-Hariri's departure sparked concerns of a political crisis in Lebanon as Saudi Arabia and Iran face off over Yemen.

Meanwhile, Moody's Investors Service said on Monday that al-Hariri's surprise resignation could reduce confidence in the country's banking system and lead to a credit rating downgrade.

"A drawn-out political stalemate less than a month after the government passed its first budget in 12 years would undermine recent institutional improvements and expose the banking system to a loss in confidence," the rating agency said.

"Our elevated political event risk assessment indicates a higher susceptibility to a downgrade in case of a prolonged political stalemate," it said.

Moody's has a "B3 stable" rating for Lebanon.

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