The Court of Appeal has dismissed an appeal brought by 12 shareholders of First Dubai Real Estate Development Co. against Al Mazaya Holding Co. regarding their merger by amalgamation.
The lawsuit sought to halt the merger and nullify the Extraordinary General Assembly minutes dated December 24, 2023, which approved the amalgamation.
The appellate court affirmed the lower court's judgment, which considered the original lawsuit as if it had never been filed.
Al Mazaya Holding Co. stated that there is no expected financial impact on the company following this court verdict issued on February 12, 2026.