Dubai developer receives full Dh500m as part of 2022 deal with Limitless
A 2022 agreement meant Deyaar received Dh500m in full from Limitless
Dubai: The Dubai developer Deyaar has gained the rest of the Dh500 million it was owed by Limitless, the master-developer. This month, Deyaar said it has received Dh300 million after taking in Dh200 million in 2022.
This is as per the Deyaar-Limitless deal of 2022, under which the second tranche was to be paid 18 months after the signing of the agreement.
The final tranche means Deyaar will record a ‘gain of Dh44.1 million’ in its financials for the second quarter ending June 30.
There had been a longstanding legal dispute - over plots that were paid for - between Deyaar and Limitless, and which culminated in the settlement agreement the two reached in 2022. At the time, it was seen as a major boost for Deyaar as it worked to shed some of its legacy losses and going for a capital restructuring.
The move has worked well for the Dubai company, which is listed on DFM. Recent quarters have seen it get busy with new offplan and hotel project launches, as well as sustain its return to profitability.
The Deyaar stock will start trading today Dh0.748, with the 52-week high being Dh0.84.