Dubai-based property company Deyaar Development has announced to the Dubai Financial Market (DFM) that it has resolved its legal dispute with Limitless, which will result in a positive impact of AED 44.1M ($12M) on the company’s Q2 results.
In a statement filed on Wednesday and signed by CEO Saeed Mohammed Al Qatami, it was noted: “Following shareholder approval at the Annual General Meeting on 21 November 2022, Deyaar has entered into a conditional settlement agreement with Limitless for AED 500M ($136.15M) to resolve a legal dispute regarding certain land plots.”
“Deyaar received AED 200M ($54.46M) in 2022 upon the agreement’s execution, with the remaining AED 300M ($81.69M) to be received within 18 months of the agreement’s signing.”
“On 20 May 2024, Deyaar received the remaining AED 300M.” The company anticipates recording a positive impact of AED 44.1M in the consolidated financial statement for the second quarter ending 30 June this year.
