Background

An Appellant filed suit No. 1050/2007 against the Respondent, requesting the Court rule the nullity of the contract of sale on the basis that in May 2005, the Appellant had sold to the Respondent half of his shares in the property included in the contract for 157,000 AED.

However, the buyer was foreign - an Egyptian national - and since the ownership of real estate in the Sharjah is limited to citizens, the Appellant had demanded amicably the buyer cancel the contract and recover the payment, but the buyer rejected.

The Respondent filed a counterclaim requesting the court appoint an expert to estimate the price of the sold shares according to the highest market price and to oblige the Appellant to pay the price of the property at its highest market price with a compensation for the loss of profits.

Proceedings:

Court of First Instance.