Dubai's Deyaar claims final court victory over Limitless in land deal dispute - Arabianbusiness:
The Court of Cassation has thrown out an appeal from Dubai developer Limitless over a land deal dispute with fellow developer Deyaar.
Deyaar Development said in a statement posted to Dubai Financial Market that the court had issued a ruling, upholding a ruling made by the Court of Appeal in September, which had confirmed Dubai Court of First Instance’s judgement to terminate all sale and purchase agreements of lands under dispute.
It has also ordered Limitless to return all amounts paid, to the tune of AED411,966,050 ($112,175,915) plus pay a compensation amount of AED61,107,301, due to Limitless’s "breach of its obligations".
The statement from Amer Al Zoubi, general counsel and board secretary, said: “The impact of the judgement on the financial position of the company and the expected period of the impact of the news on the financial statements depends on the date of the amount collection.”
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