RIYADH // Emaar Properties said on Saturday it would appeal a Saudi ruling reversing an earlier judgment in its favour in a $1.2 billion (Dh4.4bn) lawsuit against it. The Dubai property developer has been embroiled in a legal dispute with Jadawel, a Saudi developer, since 2004. Jadawel sued Emaar for compensation, claiming Emaar had backed out of joint venture between the two. Last year an arbitration ruling in favour of the Dubai developer was issued, and Jadawel launched a further appeal.
"It is not clear yet how the whole arbitration process, which has taken over two years and ended with an award in favour of Emaar, was dismissed and its award reversed by the Second Commercial Circuit in one brief session...," an Emaar statement said, citing a company spokesman. The statement did not give details of the new ruling in the compensation claim by the Saudi company Jadawel. The Saudi-owned daily Asharq al-Awsat quoted unnamed judicial sources on Saturday as saying the new ruling required Emaar to pay compensation to Jadawel.
*With Reuters
