Emaar to appeal Saudi Arabia ruling

Emaar Properties yesterday said it would appeal a Saudi ruling reversing an earlier judgment in its favour in a lawsuit that had sought $1.2bn (Dh4.4bn) in compensation.

"It is not clear yet how the arbitration process, which ended with an award in favour of Emaar, was dismissed and its award reversed," an Emaar spokesman said.

In September, a Saudi arbitration authority dismissed the case by Jadawel Intl in which the Saudi firm had sought SR4.5bn compensation from Emaar after a dispute in JV projects in Saudi.