Dubai Courts dismisses Dh2b claim arising from private island dispute
Dubai Courts ordered the buyer, a major real estate firm, to cough up Dh48m
Dubai: Dubai Courts recently dismissed a Dh2 billion claim arising from a first-of-its-kind private island dispute.
A major real estate investment company had sought a claim worth Dh 2.3 billion plus a refund of Dh 12 million for the purchase price and the termination of a share purchase agreement entered into with a Dubai-based real estate firm (the seller) in relation to a private island in the emirate.
The buyer argued that the surface area of the purchased island decreased by 50 per cent and the agreement was nullified as it was not registered with the Dubai Land Department (DLD), said Baker McKenzie Habib Al Mulla, which represented the seller in the court.
Dubai Courts ordered the buyer to pay the seller an amount of Dh48 million for the remainder of the purchase price and Dh2.4 million in registration fees, plus interest.