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02/11/2024
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Date:
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Al Mazaya Holding Co. K.S.C. P
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Name of listed company
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633/2023 Real Estate (Dubai Courts of First Instance) 380/2024 Real Estate Appeal (Dubai Courts Appeal) 384/2024 Real Estate Appeal (Dubai Courts Appeal)
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Automated Lawsuit number Lawsuit Number
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Some buyers of real estate units in one of the group’s projects in the Emirate of Dubai filed a lawsuit against the company and one of its subsidiaries in the Emirate of Dubai, demanding the annulment of the reservation forms for the subject real estate units of this lawsuit between the parties, and demanding that the defendants be jointly obliged to refund a total amount of AED 5,530,321 (equivalent to almost KD 462,000), which includes a claim amount of AED 4,030,321 as well as an amount of AED 1,500,000 being a compensation for material and punitive damage in addition to the legal interest of 9% until full payment.
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Subject of the Lawsuit
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31/10/2024
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The Court Judgement / Verdict date Court circuit
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(Dubai Courts Appeal)
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The name of the Court that issued the Judgement / Verdict
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Helen Jane Tatham and Pauline Mary Leale (plaintiffs) against Mazaya Real Estate Free Zone LLC and Mazaya Holding (defendants)
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Parties of the Lawsuit
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Upholding the first -degree ruling
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The Judgment / Verdict in favor of
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The court ruled in the presence of defendants to oblige them jointly to pay to the plaintiffs an amount of AED 2,944,129.57 (equivalent to almost KD 247,000) and the legal interest thereon at the rate of 5% annually from the date of the judicial claim on 07/06/2023 until full payment in addition to the proportionate legal expenses and a legal fee amounting to AED 1,000,while rejecting all other claims.
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Court of First Instance Judgment / Verdict
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The court ruled: First, by accepting both appeals in form; second, by rejecting them on the merits, upholding the appealed judgment, and obliging each appellant to bear the costs of their appeal. The court also ordered a set-off of attorney fees and the forfeiture of the security deposit in both appeals.
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Court of Appeal Judgment / Verdict
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No court verdict has been issued
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Court of Cassation Judgment / Verdict
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The company had booked full provision against the total value of that claim during last year (which exceeds the value ruled for the plaintiffs in the court verdict) on the basis of conservatism, and hence, there is no financial impact on the company’s results of operations upon execution of that court verdict.
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The expected financial impact on the company as a result of the Judgment / Verdict
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