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Dubai-based Deyaar Development, which in 2019 won a dispute related to purchase of land against the government-related developer Limitless, notified in a bourse filing that it has received 200 million dirhams ($54.4 million) as first payment as specified in the settlement agreement.
The Court of Cassation had ordered Limitless to pay AED500 million to Deyaar, including fees and compensation.
Deyaar is one of the larger listed real estate companies on Dubai Financial Market and is majority-owned by Dubai Islamic Bank (DIB). It is currently building Mesk Midtown at Dubai Production City.
Limitless, a sister company of Nakheel, the developer behind The Palm, has been in talks with creditors over a restructuring after piling up debt during the property crash in the emirate over a decade ago.
(Writing by Brinda Darasha; editing by Seban Scaria)
