Dubai – Mubasher: The board of Deyaar Development has approved the proposal submitted by Limitless, including offering land plots and cash, to settle the legal execution proceedings filed by Deyaar against the company.

The company's board has agreed on the proposal, subject to certain conditions and shareholders' approval, according to the company's disclosure to the Dubai Financial Market (DFM) on Wednesday.

The proposed land should have all the necessary infrastructure and master plan approvals from all relevant authorities.

Meanwhile, the land should be valued by an independent third party, jointly appointed by the companies.

It is noteworthy to mention that in September 2019, the Court of Appeal has issued a judgment in favour of Deyaar regarding its cases with Limitless, ordering the cancellation of all sale and purchase agreements of the land plots in dispute.

The Court has ordered Limitless to pay AED 411.9 million to Deyaar in a dispute related to the purchase of land and compensation of AED 61.107 million.