The board of Dubai developer Deyaar approved a Dh500 million ($136m) settlement offer from Limitless related to a dispute over the purchase of land.
The settlement offer includes both cash and land, Deyaar said in a statement to the Dubai Financial Market, where its shares trade.
Deyaar’s board “agreed on the settlement, taking 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 2019, a UAE court ordered Limitless, a Dubai-based developer, to pay Dh411.9m to Deyaar in a dispute related to the purchase of land. The court also ordered Limitless to pay fees as well as compensation of Dh61.1m to Deyaar.
The final draft of the settlement, however, is expected to be ready in the next few months, according to Deyaar.
“Once the final draft of the settlement is ready, the company will submit a request to the Securities and Commodities Authority in order to hold a general assembly meeting to present the settlement to the shareholders for discussion and approval through a special resolution,” Deyaar said.
Deyaar also said the acquisition of land will contribute to the expansion of its property portfolio and will enable it to study developing new projects.
Established in 2005, Limitless, a sister company of Nakheel, the developer behind The Palm, was involved in planning large-scale, mixed-use communities and waterfront developments, according to its website.
Deyaar, on the other hand, is one of the larger listed real estate companies in Dubai and is currently building Midtown at Dubai Production City with an investment of Dh2.6 billion. Dubai Islamic Bank is its biggest shareholder, with a 40.98 per cent stake.
The company reported a more than five-fold jump in its first-quarter profit as revenue increased on project delivery.
Net income for the first three months of the year climbed to Dh15.1m, while revenue rose 51 per cent during the period.
ENGLAND SQUAD
Goalkeepers Henderson, Pickford, Pope.
Defenders Alexander-Arnold, Chilwell, Coady, Dier, Gomez, Keane, Maguire, Maitland-Niles, Mings, Saka, Trippier, Walker.
Midfielders Henderson, Mount, Phillips, Rice, Ward-Prowse, Winks.
Forwards Abraham, Barnes, Calvert-Lewin, Grealish, Ings, Kane, Rashford, Sancho, Sterling.
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Cardiac disease, stroke and dementia from high heart rate
Spider-Man
Agility reduces risk of falls
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Black Panther
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Thor
He's a god
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
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Gulf Under 19s final
Dubai College A 50-12 Dubai College B
T20 World Cup Qualifier, Muscat
UAE FIXTURES
Friday February 18: v Ireland
Saturday February 19: v Germany
Monday February 21: v Philippines
Tuesday February 22: semi-finals
Thursday February 24: final
Results:
Men's wheelchair 800m T34: 1. Walid Ktila (TUN) 1.44.79; 2. Mohammed Al Hammadi (UAE) 1.45.88; 3. Isaac Towers (GBR) 1.46.46.
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
