Nakheel agrees to pay Dh95 million to settle case with Al Falak International in the Dubai World Tribunal.
Nakheel World settles Al Falak case for Dh95 million
Nakheel World, a subsidiary of Dubai World, has agreed to pay Dh95 million to settle a case against it in the Dubai World Tribunal.
Lawyers for Al Falak International, which filed the claim against Nakheel World in June 2011, said that the company had agreed to pay a compensation of Dh 89.4 million, plus interest costs of Dh5.7 million.
The settlement was announced during a hearing at the Dubai World Tribunal yesterday morning.
The Dubai-based company filed its claim against Nakheel World over a soured agreement signed with the developer in May 2008 for the purchase of a plot of land in Mina Rashid Port.
Al Falak claimed that it had not received a sales and purchase agreement from Nakheel World for the plot by end 2008, despite handing over 20 per cent of the purchase price as per the original agreement.
The developer had sought Dh155.3m in damages from Nakheel World, plus interest.
The Dubai World Tribunal was established in September 2009 to hear disputes involving Dubai World and its subsidiaries. The decisions of the tribunal are not subject to appeal.