Dubai-based real estate company Deyaar Development has informed Dubai Financial Market (DFM) that it has settled its legal dispute with Limitless and that it will reflect positively by AED44.1 million ($12 million) in the company’s Q2 results.
In a filing submitted on Wednesday and signed by CEO Saeed Mohammed Al Qatami, said: “Based on the shareholders’ approval in the Annual General Meeting held on 21 November 2022, Deyaar has signed a conditional settlement agreement with Limitless for an amount of AED500 million ($136.15 million) to settle a legal dispute concerning certain land plots.
“Deyaar received AED200 million ($54.46 million) during the year 2022 upon execution of the agreement and the remaining amount of AED300 million ($81.69 million) is to be received within 18 months from the date of the signed agreement.
“On 20 May 2024, Deyaar has received its balance amount of AED300 million.” the company said it expected to record a positive impact of AED44.1 million in the consolidated financial statement for the second quarter ending 30 June this year.
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