Al Mazaya Holding Co. announced that the Court of Appeal ruled in favor of its subsidiary, Al Mazaya Real Estate FZ L.L.C., in a lawsuit regarding construction defects in buildings developed in Dubai.
The court ordered the defendants to pay the subsidiary AED 27,598,079 (approximately KD 2.3 million) as compensation, revoking a previous judgment that had dismissed the case.
The judgment includes an additional 5% annual legal interest from the date of final settlement, along with court fees and AED 1,000 in attorney's fees.
There is no current financial impact on Al Mazaya Holding Co., as the subsidiary will only recognize the profits in its financial statements upon the actual receipt of the awarded funds.
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