Emaar wins $1.2bn Saudi lawsuit

Published Monday, September 22, 2008

By Reuters

Emaar Properties has won a court case that had sought to force Emaar to pay $1.2 billion in compensation claimed by a Saudi plaintiff, a Saudi newspaper reported on Monday.

Asharq al-Awsat quoted Emaar Properties' legal adviser Mohamed al-Daba'an as saying that a Riyadh court has issued a verdict in favour of his client.

"The court has rejected the claim by Jadawel... seeking compensation from Emaar," the newspaper said, quoting legal sources.

Jadawel was claiming 4.5 billion riyals ($1.2 billion) in compensation from the Dubai-based firm in a dispute over the terms of a joint venture to develop projects in the kingdom.

The court has, however, rejected Emaar's demand that its partnership with Jadawel International, the plaintiff, be nullified, the paper said.

Officials from Jadawel International were not immediately available for comment.

A spokeswoman for Emaar Properties declined comment on the report.

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