The Dubai Real Estate Court has settled a real estate lawsuit worth $4 billion (AED15 billion) by reaching a compromise with all parties based on the interest of the country’s economy and real estate market, according to news agency WAM.
Judge Ahmed Ali Al-Dhanhani, head of the Dubai Real Estate Court, 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 court initiated meetings, gathering companies and parties involved in the lawsuit away from court proceedings, which finally managed to successfully settle the dispute, he added.
He noted that differences and divergence of views cause real estate cases worth millions of dirhams. Judge Al-Dhanhani said the real estate court seeks to strike compromises and amicable solutions in such cases, based on accurate and fair approaches.
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