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FINANCIAL NEWS
Limitless ordered to USD3m to Saudi Al Gihaz
05 Jun 2013
(MENAFN) Judges Sir Anthony Evans and Sir David Steel stated that UAE-based Limitless has been ordered to pay back more than USD3 million to a Saudi property developer, reported The National.
The Saudi developer is called Al Gihaz Holdings, founded by Said Ali Alangari. Mr. Alangari had previoulsy paid the amount to Limitless back in 2008 for plots at Downtown Jebel Ali scheme.
The judges said that no official documents had been signed, and added that the initial transaction was concluded without any reference, express or implied, to the sales-and-purchase agreement terms.
It is worth noting that the judgement may affect negatively the thousands of investors who put down deposits on Dubai property schemes and are still waiting to get their money back.
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