Dubai Court orders whopping Dh1.6b compensation to founder of Tameer Real Estate Company ...United Arab Emirates

Khaleej Times - News
Dubai Court orders whopping Dh1.6b compensation to founder of Tameer Real Estate Company
source : Khaleej Times ( United Arab Emirates ) () 11
In a landmark verdict for the UAE’s real estate marketplace, a Dubai Court has ordered Saudi businessman Ahmed Al-Rajhi to pay nearly Dh2 billion to Omar Ayesh, founder of Tameer and developer of one of the tallest towers in Dubai Marina. This includes Dh1.6 billion as the original compensation and an addition sum based on an interest rate of 9 per cent from the date of the ruling and until payment is completed. In addition, Ayesh is to receive Dh10 million for “material and moral” damages. “Justice has prevailed – nobody is above the law in Dubai,” said Ayash in a statement. “The decision will strengthen investor confidence in Dubai.” Although the experts' committee reduc

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