Common Contracts

1 similar Land Investment Contract contracts

FAYSAL MOHAMAD AWAD
Land Investment Contract • March 7th, 2025

Neutral Citation: [2025] ADGMCFI 0003 Before: Justice Sir Andrew Smith Decision Date: 7 March 2025 Decision: 1. The Land Investment Contract (the “LIC”) is a binding and enforceable contract.2. Upon the true construction of the LIC, the Claimant did not acquirein rem rights.3. The Claimant is entitled to AED 167,057,638.60 from the First Defendant, but the debt has not accrued due.4. The First Defendant is in breach of the LIC in respect of the matters explained in the Judgment.5. The claim against the Second Defendant for monetary relief is dismissed. Hearing Dates: 20 January 2025, 21 January 2025 and 22 January 2025 Date of Order: Following further submissions Catchwords: Lex fori governing rules of evidence and procedure. Requirements for binding contract. Statutory requirements for registration of disposition of land. Limitation defence. Remedy of specific performance. Power to appoint receiver. Estoppel per rem judicatam. Liability of manager under Article 84 of Federal Law 33/20