Amwal AlKhaleej, a leading regional private equity firm, has reached an out-of-court settlement in respect of its lawsuit against Damas Investments and the Abdullah Brothers.

The parties are currently in the process of effecting the terms of such settlement, it said.

In 2009, Amwal AlKhaleej filed a claim at the Dubai International Financial Centre (DIFC) courts, seeking compensation from Damas Investments and the Abdullah Brothers in respect of the sale and purchase of certain shares of Damas International Limited in 2008.

This claim is now in the process of being dropped from the courts as a result of the parties having reached a satisfactory and amicable settlement.

“We are happy to have been able to resolve this matter through an out-of-court settlement that is very much in line with the initial compensation sought by Amwal AlKhaleej,” said Ammar AlKhudairy, managing director of Amwal AlKhaleej.

“Subject to the parties formally withdrawing the proceedings from the court, the settlement agreement will put an end to our legal dispute. There is no further pending litigation between Amwal AlKhaleej on the one hand and Damas Investments and the Abdullah Brothers on the other,” he added. – TradeArabia News Service