Limitless told to refund $3m to Saudi investor
Refund ordered due to lack of signed documents for Jebel Ali plots
Dubai developer Limitless has been ordered to repay $3m (AED: 11m) to a Saudi investor in its Downtown Jebel Ali scheme following a ruling by the Dubai World Tribunal.
In a judgement handed down on Monday, the Tribunal ruled that Limitless had to pay back the money that Said Ali Alangari had invested in two plots at Downtown Jebel Ali because no official documents between the paord had been signed.
Limitless had said the money had been paid as a 10% deposit on the plots under a sale-and-purchase agreement and therefore couldn't be returned, but Mr Alangari's lawyers said that no documents had been signed regarding the sale - even though he had subsequently taken steps to sell on the plots ot another developer.
Joe Durkin, a partner at the law firm representing Mr Alangari, Davidson & Co, told The National: "This was a significant decision, particularly for developers and individual investors who have not been refunded deposits subsequent to the economic downturn.
"It is likely that there remain hundreds if not thousands of investors who are in a similar position, who may have potential cases for refunds whether it's before the Dubai courts or in arbitration," he added.