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Nakheel on Sunday said that it has won a legal case against a development company which was seeking to renege on an agreement to buy an island on The World project.
The Dubai developer said in a statement that a tribunal had ruled in favour of Nakheel, The World and others in the case against Sao Paolo Development Ltd and Diamond Developers.
Nakheel said Sao Paulo Development Ltd had sought to renege on its commitment to purchase The World island of Sao Paulo.
It added that the Dubai World Tribunal held that the "reservation contract for The World island of Sao Paulo was enforceable and binding".
The statement said Sao Paolo Development Ltd was ordered to pay The World AED127.6m ($34.7m) to cover outstanding instalments owed on the island and accrued delay fees.
The tribunal also ordered the other claimant, Diamond Developers, to pay AED10.9m to Nakheel's Jumeirah Village subsidiary.
Development of The World has stalled in the wake of the global financial crisis, with all but one of the island owners completing construction.
Owners have told Arabian Business they have been unable to develop the islands due to a lack of vital infrastructure promised by Nakheel.
Nakheel has previously said that building work is the responsibility of the owners.
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@SA1. I'm impressed with your "rotten tomatoes" example. The analogy you draw between sitting next to a human being who happens to be obese and buying... more
Wednesday, 28 September 2016 4:19 PM - WHJGranting citizenship is a drastic move, notwithstanding the fact that Dubai did this in the 60s and 70s on a largescale to selected groups of longtime... more
Thursday, 29 September 2016 8:58 AM - MohammadInteresting differences in attitude. When will young people learn that a first job is actually a training ground where you hone the skills learnt at university... more
Thursday, 29 September 2016 8:56 AM - Sudha@SA1. I'm impressed with your "rotten tomatoes" example. The analogy you draw between sitting next to a human being who happens to be obese and buying... more
Wednesday, 28 September 2016 4:19 PM - WHJThe real issue comes into play when you think of families with young children. Previously you could block seats together so that you can look after your... more
Tuesday, 27 September 2016 10:03 AM - DadBtw: Disintermediation, great word, I'm adding that to my lexicon. Just goes to show, every day is a school day. more
Sunday, 25 September 2016 9:16 AM - Fentoni@SA1. I'm impressed with your "rotten tomatoes" example. The analogy you draw between sitting next to a human being who happens to be obese and buying... more
Wednesday, 28 September 2016 4:19 PM - WHJNo, this is not the way to go. You want to turn the UAE into a ex-East Germany country where neighbors were spying on each other? This is the duty of the... more
Wednesday, 14 September 2016 8:13 AM - Paolo CSo the bill was vetoed last night by President Obama anyway. The Obama administration argues that the legislation would remove the sovereign immunity that... more
Sunday, 25 September 2016 1:12 PM - Fentoni
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