Deyaar board approves Dh500m settlement offer from Limitless | The National
The board of Dubai developer Deyaar approved a Dh500 million ($136m) settlement offer from Limitless related to a dispute over the purchase of land.
The settlement offer includes both cash and land, Deyaar said in a statement to the Dubai Financial Market, where its shares trade.
Deyaar’s board “agreed on the settlement, taking into account that any proposed land [has] the necessary infrastructure and master plan approvals from the relevant authorities and that such land [is] to be valued by independent external valuers appointed jointly by the two parties,” the company said.
In 2019, a UAE court ordered Limitless, a Dubai-based developer, to pay Dh411.9m to Deyaar in a dispute related to the purchase of land. The court also ordered Limitless to pay fees as well as compensation of Dh61.1m to Deyaar.
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