Dubai developer Deyaar agrees to pick up Dh500m settlement with Limitless
Deyaar will emerge with Dh500m and thus close chapter on long-running legal issue
Dubai: As was widely expected, the Dubai developer Deyaar has decided to settle its legal issues with Limitless, the master-developer, and pick up the offered Dh500 million.
The Deyaar Board of Directors has been mandated to sign the agreement with Limitless and ‘take all necessary steps to execute the settlement and duly sign all amendments related to the payment mechanism’. This was decided at a shareholders' meeting called yesterday by Deyaar.
The dispute with Limitless had been a long-running episode for Deyaar, winding its way through the local courts before reaching an end with the Dh500 million settlement proposal. This will free up Deyaar to focus on its existing portfolio of projects, including a skyscraper at Business Bay.
The developer had reported fairly solid results for the first nine months of the year, paring down legacy losses and taking steps to curb expenses.