Monday 21 January 2019

Dubai Real Estate Court settles $4bn property case

DUBAI, May 16, 2017

The Dubai Real Estate Court has settled a property lawsuit totally valued at Dh15 billion ($4.08 billion), by helping all parties reach a compromise based on the interest of the country’s economy and real estate market, according to a report.

The real estate project in question is an integrated city with vast areas, settled with the consent of all parties after the case had been filed repetitively before the law offices, courtrooms and experts for more than three years, said the state news agency Wam, citing the judge.

"The court initiated meetings, gathering companies and parties involved in the lawsuit away from court proceedings, which finally managed to successfully settle the dispute," stated Judge Ahmed Ali Al Dhanhani, the head of the Court.

Al Dhanhani pointed out that differences and divergence of views had led to many real estate cases worth millions of dirhams remaining pending in the courts.

The real estate court seeks to strike compromises and amicable solutions in such cases, based on accurate and fair approaches, he added.

Tags: Dubai Real Estate Court | property case |

More Construction & Real Estate Stories

calendarCalendar of Events