All claims by Jadawel International were rejected by the Arbitrators, who declared the conditional agreement dated December 28, 2003, between the two parties to be ineffective, unenforceable and with no legal effect on Emaar Properties PJSC.
The award reserved Emaar's rights to claim compensation against material and moral damages and to also claim lawyers' fees and other costs related to management of the case.
The award also concluded that Jadawel International should alone bear the entire amount of arbitrators' fees.
The case was disclosed earlier to the Securities and Commodities Authority, Dubai Financial Market and was the subject of press coverage.
The award was pronounced in the presence of the parties' representative in Mecca and each party has the right to challenge it before the Board of Grievances within 15 days from the date of official notification of the full copy of the award, which will be made on 11/10/1429 Hijri.
It is unlikely that the Arbitrators' award will be reversed or amended.
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Saudi Arbitrators rule in favour of Emaar Properties
- Saudi Arabia: Tuesday, September 23 - 2008 at 15:24
- PRESS RELEASE
The Arbitrators in Saudi Arabia have ruled in favour of Emaar Properties PJSC on a case filed against the company by Jadawel International (owned by Mohammed Bin Issa Al Jaber).
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Posted by Eman HassanTuesday, September 23 - 2008 at 15:24 UAE local time (GMT+4)
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