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FINANCIAL NEWS
Emaar, Jadawel settle legal allegations
28 Dec 2010
(MENAFN) Emaar and Jadawel International issued a joint statement in regards to their legal dispute, saying that the issue was closed without any claim from the companies against one another, reported The National.
The joint statement addressed the dispute about a deal that Emaar and Saudi billionaire Mohammed bin Issa al Jaber signed seven years ago where Emaar undertook joint ventures with Jadawel.
A year afterwards, Jadawel filed a case accusing Emaar of backing out of a deal and asking for US$381.1 million. Emaar officials said that the deal was conditional on undisclosed terms that were not met. Board of Grievances in Riyadh rejected the case in 2008. The ruling was later reversed, prompting Emaar to appeal in 2009 against the reversal.
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