"State-owned real estate developer Limitless has been ordered to repay AED11m ($3.01m) to a Saudi buyer who invested on a stalled Dubai development, a move which could have wider implications for thousands of other investors who have paid deposits for plots in projects delayed as a result of the financial crisis.
In a June 3 ruling by the Dubai World Tribunal, Limitless was ordered by judges Sir Anthony Evans and Sir David Steel to repay AED11,074,930 ($3,015,063) paid by a Saudi investor Said Al Angari in February 2008 for two plots of land at its Downtown Jebel Ali project.
State-owned Limitless claimed the money represented a 10 percent non-refundable deposit and lodged a counterclaim for Al Angari to pay the outstanding 90 percent due for on the two plots of land."
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