A Real Estate Case Has Been Settled In Dubai Courts For AED15 BILLION

A real estate court case has been settled in Dubai for a whopping AED15 billion this week. 

The Dubai Real Estate Court mediated the settlement between the parties, enabling all involved to come to an agreed price. 

Though the specifics of the case have not been released, according to the judge overseeing the case, the project that required the settlement is a large development that had vast areas. 

Head of Dubai Real Estate Court, Judge Ahmed Ali Al-Dhanhani said, “The real estate project in question is an integrated city with vast areas, settled with the consent of all parties after the case had been filed repetitively before the law offices, courtrooms and experts for more than three years.”

The relevant parties have not been identified

Comparatively, Habtoor City’s development was reportedly worth AED11 billion, while Mohammad Bin Rashid Al Maktoum (MBR) City is worth a reported AED36 billion. 

Interestingly, the Dubai Pearl project was reported to be worth AED14 billion, which was set to be a multi-structure development located near the Palm Jumeirah. 

But no further information is currently available.