Barwa Real Estate Company (Q.S.C) has announced the judgement of the Dubai Court of Cassation regarding the commercial appeal case number 54/2014, filed by Dream Land Urban Construction and Investment Limited, against Barwa International Company and Green City Real Estate development company limited (a company incorporated in Republic of Sudan, and fully owned by Barwa Real Estate Group). The details of the case are as follows: The Court of Appeal upheld a judgement issued by the Dubai Court of First Instance to overturn the Arbitration Center ruling number 20 of 2009 which ordered Barwa International and Green City Company Limited to pay jointly an amount of USD 31,003,668 in favor of Dream Land Company.
Dream Land Company has filed an objection on the appeal judgement number 933/2012 – commercial. This objection was registered under number 54/2014 commercial.
The Court of Cassation has ruled to reject this objection.
This knowing that Barwa Real Estate has provisioned in the past years an amount to cover for the sum of the compensation, which can be released now with the issuance of this final judgement.
