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FINANCIAL NEWS
Nakheel pays compensation for construction defects
16 Mar 2011
(MENAFN) A property owner in Jumeirah Islands, Vinod Kumar Dang, won a case against the property developer, Nakheel, and received a ruling for a compensation of USD680,624 cash payout due to construction defects in the villa he baught, reported the National.
The Dubai International Arbitration Centre had ordered that Dang receives the cash compensation in addition to interest and legal costs. Accordingly, Dang took the case to the Tribunal in order to get paid out.
Lawyers for Jumeirah Islands had argued that the arbitration award should be canceled as there were technical faults in the language of the judgment. However, the Tribunal found these claims invalid.
It is worth noting that this is the first time in the UAE that the Tribunal enforced an arbitration decision from another court.
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