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30/10/2023
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Date:
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Al Mazaya Holding Co. K.S.C. P
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Name of listed company
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(Previous case No.) 42/2023/1530 Commercial
(Currant case No.) 517/2023 Real Estate
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Automated Lawsuit number
Lawsuit Number
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Two subsidiaries of Al Mazaya Holding Company in the Emirate of Dubai (the defendants in this case) previously filed a lawsuit against the plaintiffs in this lawsuit claiming sums in exchange for developing real estate projects for them in the Emirate of Dubai, and the subsidiaries obtained a final judgment against them for a total amount of AED 19,780,852 (the subject of the disclosure dated 19/10/ 2021) under which the execution is under process, and as a result, the plaintiffs filed this lawsuit by claiming the following amounts against Al Mazaya Holding Company, the two subsidiaries and others, as follows:
1- Claiming that the defendants and those required to be included jointly, to pay to the plaintiffs an amount of AED 261,026,454 with legal interest at the rate of 5% from the date of the judicial claim until full settlement, with the inclusion of the judgment of expedited exhaustion free from the bail bond.
2- Claiming that the defendants and those required to be included jointly, to pay to the plaintiffs an amount of AED 50,000,000 as compensation for lost profits.
3- Obligating the defendants and those required to be included to pay the fees, expenses, and attorney’s fees
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Subject of the Lawsuit
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30/10/2023
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The Court Judgement / Verdict date
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Dubai First Instance Courts
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The name of the Court / Court circuit that issued the Judgement / Verdict
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Atheer Development Limited and others (plaintiffs)
against
Al Mazaya Emirates Real Estate Development Company L.L.C, Al Mazaya Real Estate Company FZ L.L.C. (subsidiaries), Al Mazaya Holding Company K.S.C.P., and other defendants to be included in the case.
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Parties of the Lawsuit
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The defendants “Al Mazaya Holding Company and its subsidiaries”
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The Judgment / Verdict in favor of
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The court ruled in:
First: Accepting the inclusion of (1- Dynasty Al-Zarouni Inc., 2- Kabir Molchandani, and 3- Hilal Muhammad Abdul Karim Abu Al-Hassan Al-Zarouni) as defendants in the lawsuit in form.
Second: Did not accept he case as its subject was already resolved by the court through case No. 297/2020 Plenary Real Estate, and the plaintiffs were obligated to pay the deferred fees according to what was stated as part of reasons and expenses, in addition to one thousand dirhams for attorney’s fees.
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Court of First Instance Judgment / Verdict
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No court verdict has been issued
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Court of Appeal Judgment / Verdict
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No court verdict has been issued
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Court of Cassation Judgment / Verdict
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Currently, there is no financial impact until a verdict is issued.
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The expected financial impact on the company as a result of the Judgment / Verdict
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