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Shareholders of Dubai-based real estate company Deyaar Development, which in 2019 won a dispute related to purchase of land against the government-related developer Limitless, have accepted the settlement, which includes both cash and land.
The Court of Cassation had ordered Limitless to pay 500 million dirhams ($136 million) to Deyaar, including fees and compensation.
Deyaar said in a disclosure to DFM on Tuesday the general assembly also allowed the board to execute all matters related to the settlement.
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.
(Reporting by Brinda Darasha; editing by Seban Scaria)
