Emaar to appeal Saudi ruling

[LahoreEstate]

Saudi Arabia: Sunday, April 12 - 2009 at 11:18

Emaar Properties said it intends to appeal a Saudi ruling reversing an earlier judgment in its favour in a lawsuit that had sought $1.2bn in compensation, Reuters has reported. The new ruling, at the Board of Grievances headquarters in Riyadh, ordered Emaar to give plaintiff Jadawel 18.61 million Emaar shares adjusted for share splits and including dividends paid since the lawsuit was filed in 2003. '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,' an Emaar spokesman said in a statement.

http://www.ameinfo.com/news/Real_Estate/