Al Tamimi & Company Wins One of the Largest Commercial Disputes before the Dubai Courts
Type
E-journal
Date
6 May 2016
Jurisdiction
Dubai
Taxonomy
General Commercial Law, Litigation Procedure & Practice
Copyright
LexisNexis
Relevant company
Al Tamimi & Company
Analysis
Summary: On 21.05.12, the Dubai Court of Appeal ruled in favour of Global Investment House (GIH), a Kuwaiti investment company represented by Al Tamimi & Company in a case which confirmed the refund of the deposit made by GIH (an amount of USD 250 million) plus interest at the rate of 9 % with effect from 3 December 2008 (the date of the legal notice given to National Bank of Umm Al Quwain to return the deposit).
The Court also dismissed the counterclaim filed by National Bank of Umm Al Quwain (the “Bank”) against GIH which sought compensation amounting to nearly AED 1.442 billion representing its damages as a result of GIH's breach of the memorandum of understanding (MOU) which provided that GIH would acquire a 20% stake in the Bank pursuant to an increase of the Bank's capital.