Dubai-based property developer Deyaar Development has received a payment of Dh200 million ($54.4 million) after it signed the final settlement agreement in its land dispute with master developer Limitless.
“We would like to inform our shareholders that the settlement agreement has been signed with Limitless, which in turn deposited the first payment,” the company said in a statement to the Dubai Financial Market, where its shares are traded.
The board of Deyaar had approved the Dh500 million settlement deal with Limitless in June last year, which included both cash and land, Deyaar said at the time.
However, on Wednesday, Deyaar did not say when it expected to receive the remaining amount — in cash or kind.
Deyaar’s deal with Limitless takes into account that “any proposed land [has] the necessary infrastructure and master plan approvals from the relevant authorities, and that such land [is] to be valued by independent external valuers appointed jointly by the two parties”, the company said in its June 2021 statement.
In 2019, a UAE court ordered Limitless, to pay Dh411.9 million to Deyaar in a dispute related to the purchase of land. The court also ordered Limitless to pay fees, as well as Dh61.1 million in compensation to Deyaar.
The acquisition of land through the deal will contribute to the expansion of Deyaar's property portfolio and enable it to consider new projects in the emirate, the developer said.
Property market in Dubai, which made a strong rebound from the coronavirus-induced slowdown last year, has picked up further momentum this year.
With both rents and real estate prices registering significant gains, developers have launched new projects to capitalise on growth opportunities.
On an annual basis, average villa rents were up 22 per cent while average apartment rents rose 15 per cent in the third quarter, according to property consultancy Asteco.
Majority owned by Dubai Islamic Bank, the UAE’s biggest Sharia-compliant lender, Deyaar is the developer behind the Midtown project in Dubai Production City, with an investment of Dh2.6 billion.
In April, Deyaar's shareholders approved a board proposal to write off Dh1.7 billion in accumulated losses through the company’s legal reserve and the cancellation of shares equal to the remaining Dh1.4 billion in losses.
The company reported a more than fourfold jump in its third-quarter profit on higher revenue.
Net profit for the three-month period ended September 30 climbed to Dh36.34 million, while the company's revenue for the reporting period surged 72 per cent annually to about Dh208 million.
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SPECS
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Sholto Byrnes on Myanmar politics
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Company%20profile
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Results
6.30pm: Mazrat Al Ruwayah – Group 2 (PA) $36,000 (Dirt) 1,600m, Winner: RB Money To Burn, Tadhg O’Shea (jockey), Eric Lemartinel (trainer)
7.05pm: Handicap (TB) $68,000 (Turf) 2,410m, Winner: Star Safari, William Buick, Charlie Appleby
7.40pm: Meydan Trophy – Conditions (TB) $50,000 (T) 1,900m, Winner: Secret Protector, William Buick, Charlie Appleby
8.15pm: Al Maktoum Challenge Round 2 - Group 2 (TB) $293,000 (D) 1,900m, Winner: Salute The Soldier, Adrie de Vries, Fawzi Nass
8.50pm: Al Rashidiya – Group 2 (TB) $163,000 (T) 1,800m, Winner: Zakouski, William Buick, Charlie Appleby
9.25pm: Handicap (TB) $65,000 (T) 1,000m, Winner: Motafaawit, Sam Hitchcock, Doug Watson
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
WISH
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Analysis
Maros Sefcovic is juggling multiple international trade agreement files, but his message was clear when he spoke to The National on Wednesday.
The EU-UAE bilateral trade deal will be finalised soon, he said. It is in everyone’s interests to do so. Both sides want to move quickly and are in alignment. He said the UAE is a very important partner for the EU. It’s full speed ahead - and with some lofty ambitions - on the road to a free trade agreement.
We also talked about US-EU tariffs. He answered that both sides need to talk more and more often, but he is prepared to defend Europe's position and said diplomacy should be a guiding principle through the current moment.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The specs
Engine: 3.5-litre V6
Power: 272hp at 6,400rpm
Torque: 331Nm from 5,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.7L/100km
On sale: now
Price: Dh149,000
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Scoreline:
Cardiff City 0
Liverpool 2
Wijnaldum 57', Milner 81' (pen)
COMPANY%20PROFILE
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SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2A)
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Persuasion
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Martin Sabbagh profile
Job: CEO JCDecaux Middle East
In the role: Since January 2015
Lives: In the UAE
Background: M&A, investment banking
Studied: Corporate finance
