The Ruling Is Historical For The Real Estate Market In The UAE As The Dubai Court Ordered Saudi Minister

The ruling is historical for the real estate market in the UAE as the Dubai court ordered Saudi Minister Ahmed Al-Rajhi to pay nearly 2 billion dirhams

According to Arabi21, the verdict was issued on the 25th of November.

An Emirati court has charged a Saudi minister with fraud in Dubai.

The case was filed by a Palestinian-Canadian owner of an investment company.

The well-known case dates back to 2008.

The Ruling Is Historical For The Real Estate Market In The UAE As The Dubai Court Ordered Saudi Minister

A court in Dubai has charged a Saudi minister and four of his brothers with fraud in a case filed by Palestinian-Canadian businessperson Omar Ayesh.

The Ruling Is Historical For The Real Estate Market In The UAE As The Dubai Court Ordered Saudi Minister

Ahmed al-Rajhi, the current Saudi Minister of Labour, and his brothers were accused of seizing the properties and assets of Tameer Holding Investment (LLC), including the shares of its founder, Omar Ayesh.

The Ruling Is Historical For The Real Estate Market In The UAE As The Dubai Court Ordered Saudi Minister

According to Arabi21, the verdict was issued on the 25th of November.

The court demanded the Saudi minister and his brothers pay compensation to the Palestinian businessperson of around 1.7 billion Emirati dirhams ($462.8 million).

The court also ruled to charge Rajhi an annual 9% interest on the amount of the fine, starting from the 12th of March, 2017, until the completion of payment.

The Ruling Is Historical For The Real Estate Market In The UAE As The Dubai Court Ordered Saudi Minister

The court also ordered Rajhi to pay Ayesh, who holds 25% of shares in Tameer Holding Investment (LLC), $2.8m in compensation for material and moral damages.

According to Arabi21, the case was filed when the Saudi minister and four of his brothers seized the assets and properties of Tameer Holding Investment (LLC), including the shares of its founder and hundreds of other clients.

“The ruling is significant for the real estate market in the emirate as the Dubai court demanded Saudi Minister Ahmed Al-Rajhi to pay nearly 2 billion dirhams,” Ayesh remarked.

“Although the ruling came at a much lower sum than I expected, it represents a big victory for justice in the face of injustice and corruption,” he added.

The International Justice Mission (IJM) in Washington reflected on the case, saying that it “will pursue to expose all corrupt persons, regardless of their seniority or position.”

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Investing in Saudi Arabia is highly attractive due to its strategic location, economic reforms, and ambitious Vision 2030. The country is diversifying away from oil, with massive investments in sectors like tourism, technology, and renewable energy. Key factors include:

- Vision 2030: Transformative reforms aimed at economic diversification and reducing oil dependency.

- Strategic Location: Central hub connecting Europe, Asia, and Africa, ideal for regional and international trade.

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khalid-albeshri - Khalid Albeshri
Khalid Albeshri

PMO "Project Management Office" | Honor’s degree BSc Mech. Eng. | CPEng, CPMOP, CKPIP, PCBA, TOT, CT, SCE, ABET, GSDC, ULI، NSPE, ICSC

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