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Emaar wins $1.2bn lawsuit
- Saudi Arabia: Tuesday, September 23 - 2008 at 09:02
Dubai-based developer Emaar Properties has won a court case filed against it by Saudi Arabia's Jadawel International for a $1.2bn compensation claim, reported Khaleej Times. Emaar's Saudi subsidiary, Emaar Economic City, and Jadawel, which is owned by Mohammed Bin Issa Al Jaber, sued Emaar in 2004 over allegedly failing to execute agreed projects and violating the terms of their partnership. Contesting the case, Emaar maintained that it did not breach any agreement or law in relation to this deal, which was aborted as a result of the conditions not being met. The dispute was referred to arbitration in 2005 following a ruling by the Board of Grievances in Saudi Arabia that it has no jurisdiction to look into the issue.
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Jeff Florian, Senior ReporterTuesday, September 23 - 2008 at 09:02 UAE local time (GMT+4)
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