Dubai-based property developer Deyaar Development has received a payment of Dh200 million ($54.4 million) after it signed the final settlement agreement in its land dispute with master developer Limitless.
“We would like to inform our shareholders that the settlement agreement has been signed with Limitless, which in turn deposited the first payment,” the company said in a statement to the Dubai Financial Market, where its shares are traded.
The board of Deyaar had approved the Dh500 million settlement deal with Limitless in June last year, which included both cash and land, Deyaar said at the time.
However, on Wednesday, Deyaar did not say when it expected to receive the remaining amount — in cash or kind.
Deyaar’s deal with Limitless takes into account that “any proposed land [has] the necessary infrastructure and master plan approvals from the relevant authorities, and that such land [is] to be valued by independent external valuers appointed jointly by the two parties”, the company said in its June 2021 statement.
In 2019, a UAE court ordered Limitless, to pay Dh411.9 million to Deyaar in a dispute related to the purchase of land. The court also ordered Limitless to pay fees, as well as Dh61.1 million in compensation to Deyaar.
The acquisition of land through the deal will contribute to the expansion of Deyaar's property portfolio and enable it to consider new projects in the emirate, the developer said.
Property market in Dubai, which made a strong rebound from the coronavirus-induced slowdown last year, has picked up further momentum this year.
With both rents and real estate prices registering significant gains, developers have launched new projects to capitalise on growth opportunities.
On an annual basis, average villa rents were up 22 per cent while average apartment rents rose 15 per cent in the third quarter, according to property consultancy Asteco.
Majority owned by Dubai Islamic Bank, the UAE’s biggest Sharia-compliant lender, Deyaar is the developer behind the Midtown project in Dubai Production City, with an investment of Dh2.6 billion.
In April, Deyaar's shareholders approved a board proposal to write off Dh1.7 billion in accumulated losses through the company’s legal reserve and the cancellation of shares equal to the remaining Dh1.4 billion in losses.
The company reported a more than fourfold jump in its third-quarter profit on higher revenue.
Net profit for the three-month period ended September 30 climbed to Dh36.34 million, while the company's revenue for the reporting period surged 72 per cent annually to about Dh208 million.
Honeymoonish
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Company%20profile
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Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
UAE squad
Esha Oza (captain), Al Maseera Jahangir, Emily Thomas, Heena Hotchandani, Indhuja Nandakumar, Katie Thompson, Lavanya Keny, Mehak Thakur, Michelle Botha, Rinitha Rajith, Samaira Dharnidharka, Siya Gokhale, Sashikala Silva, Suraksha Kotte, Theertha Satish (wicketkeeper) Udeni Kuruppuarachchige, Vaishnave Mahesh.
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – First ODI
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
Like a Fading Shadow
Antonio Muñoz Molina
Translated from the Spanish by Camilo A. Ramirez
Tuskar Rock Press (pp. 310)
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Kamindu Mendis bio
Full name: Pasqual Handi Kamindu Dilanka Mendis
Born: September 30, 1998
Age: 20 years and 26 days
Nationality: Sri Lankan
Major teams Sri Lanka's Under 19 team
Batting style: Left-hander
Bowling style: Right-arm off-spin and slow left-arm orthodox (that's right!)
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
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UAE squad
Humaira Tasneem (c), Chamani Senevirathne (vc), Subha Srinivasan, NIsha Ali, Udeni Kuruppuarachchi, Chaya Mughal, Roopa Nagraj, Esha Oza, Ishani Senevirathne, Heena Hotchandani, Keveesha Kumari, Judith Cleetus, Chavi Bhatt, Namita D’Souza.
About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
