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Limitless' settlement offer to Deyaar amounts to AED 500m

Limitless' settlement offer to Deyaar amounts to AED 500m
Limitless has offered Deyaar land plots and cash for the settlement
Deyaar
DEYAAR
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Dubai – Mubasher: The total value of the settlement offer made by Limitless to Deyaar Development has amounted to AED 500 million, including cash and land, according to a press release on Sunday.

During its meeting held on 1 June 2021, the company's board has agreed on the proposal submitted by Limitless to settle the legal execution proceedings filed by Deyaar against the company, subject to certain conditions and shareholders' approval.

Limitless has offered Deyaar land plots and cash for the settlement, which will help the Dubai-based property developer to expand its property portfolio and study developing quality projects on such land.

In December 2019, Deyaar obtained a final court ruling in its favour, obligating Limitless to pay the original claim valued at around AED 412 million, in addition to the compensation amount of about AED 61 million and the legal interest of 9% on the amount of the claim.