Bahrain
Kuwait
Oman
Qatar
Saudi Arabia
UAE
Print
Email
Discuss this article (1 Comments)520 cases registered by Dubai Property Court in 2009
by This email address is being protected from spam bots, you need Javascript enabled to view it on Thursday, 14 May 2009
COURT CASES: 520 real estate-related cases have been registered with Dubai's new Property Court in 2009. (Getty Images)
A total of 520 real estate-related cases have been registered with Dubai’s Property Court this year, according to a top official.
The court, set up under the Dubai Court of First Instance, has passed judgement on 145 cases so far, said Chief Judge Mohammed Yousuf Sulaiman, deputy director of Dubai Courts, and the Cassation Court’s Senior Judge.
The Property Court started functioning in September 2008 as the global slowdown started to hit the Gulf region, especially the property market.
A mediation centre is set to be added to the court's operations next month and Sulaiman said he expected this to reduce the number of cases handled, Emirates Business reported on Thursday.
“In the mediation centre, there will be a panel of real estate experts who will screen cases and try and resolve them before they are passed to the court,” Sulaiman told the paper.
In March, it was reported that the Property Court had made its first ruling and ordered developer Mizen to pay back AED7.4m ($2m) to an investor.
The developer arm of investment company Tatweer was ordered to pay an investor his money back, plus nine percent interest, because it had failed to register the transaction with the Dubai Land Department.
READERS' COMMENTS
Disclaimer: The views expressed here by our readers are not necessarily shared by ArabianBusiness.com or its employees.
property court's mediation centre
Posted by najib ullah, london, united kingdom on Sunday 17 May 2009 at 00:55 UAE time
Excellent move this is very good and the right step by government to resolve matters and I am sure will help a lot of investors because the unscruplous developer will be identified by the case study and prolems resolved quickly.
Posted by najib ullah, london, united kingdom on Sunday 17 May 2009 at 00:55 UAE time
Excellent move this is very good and the right step by government to resolve matters and I am sure will help a lot of investors because the unscruplous developer will be identified by the case study and prolems resolved quickly.
Click here to post a comment
MORE FROM ARABIANBUSINESS.COM
TOP IN MIDDLE EAST REAL ESTATE
TOP MIDDLE EAST BUSINESS STORIES
ALSO IN MIDDLE EAST REAL ESTATE
LATEST MIDDLE EAST BUSINESS NEWS
- Energy: Shell delays Qatargas4 project by a year
- Construction & Industry: Abyaar and Lacroix to build Dubai residential tower
- Travel & Hospitality: Gulf Air unveils strategy to save $2.65bn over five years
- Travel & Hospitality: Accor opening two new ibis hotels in region
- Banking & Finance: Abraaj Capital issue is fully subscribed
SHARE PRICE CHECK
RELATED STORIES
Dubai Property Court
| 2 stories- Investors look set to benefit from Dubai Property Court
29 Mar '09 | News
Mobile
