Emaar clear to appeal $1.2 bln lawsuit

Emaar Properties has received a court ruling in its $1.2 billion compensation lawsuit with a Saudi firm, clearing the way for the UAE property company to appeal the unfavorable decision within 30 days, a newspaper said on Sunday.

The Board of Grievances, a Saudi arbitration authority which rules on commercial disputes, on Wednesday gave Emaar and Jadawel International the verdict, which was issued in April, Al-Riyadh newspaper reported without citing a source.

"This step gives Emaar and Jadawel 30 days to oppose the ruling," the newspaper said. Emaar has said it would appeal the ruling which reversed an earlier judgment in its favour in a lawsuit that had sought $1.2 billion in compensation.

Emaar was not immediately available for comment on Sunday.END