Nakheel, the Dubai property developer, has been celebrating a string of legal victories at the Dubai World Tribunal on Thursday.
In a judgement, the tribunal ordered a ferry company delivering goods and services to the man-made World islands to pay a Nakheel subsidiary Dh10m (US$2.7m) after ruling that it was entitled to ask for licensing fees from the scheme.
The court, which was specially convened in 2009 to hear disputes involving Dubai World and its subsidiaries following the Dubai World crisis dismissed a case brought by Penguin Marine Boat Services against The World, claiming that a lack of construction activity made its operations unfeasible. The World Islands project was one of the most ambitious property schemes to be planned in Dubai during the boom, comprising a vast map of the world to be developed off the coast of Dubai.
In the latest stage of a long-running legal saga that dates back to spring last year, Penguin argued that because Nakheel had allegedly stalled the project, it was breaching a contract signed in 2008 under which the ferry company was to build a port and manage the logistics of conveying construction materials and labour to the islands.
The company brought the case in response to an earlier demand by The World asking Penguin to pay Dh1.86m of advance payments plus licensing fees of Dh5m a year for two years and seven months of operations.
However, in Thursday's judgement, Sir Anthony Evans and Sir John Chadwick ruled: "The tribunal holds that the claimant (The World) is entitled to judgement for the amount … Dh7.5 million, together with the further instalment that became due on April 2011, making a total of Dh10m."
In a separate long-running case, the tribunal dismissed a claim made by the developer that bought the Sao Paulo island on The World islands that was suing Nakheel for allegedly backing out of a deal to transfer its payments into another development.
According to court documents filed the same day the tribunal ruled that Sao Paulo Development and Diamond Developers "failed to establish that the Nakheel parties entered into a binding contract to implement the consolidation requested. Their claim in these proceedings must be dismissed".
And in a third judgement also heard on the same day, the tribunal dismissed a case brought against Nakheel by AAPD Real Estate broker, the property agent involved in the sale of the World island of Taiwan claiming a 1 per cent commission on the sale, which it said was not paid.
lbarnard@thenational.ae
ESSENTIALS
The flights
Etihad (etihad.com) flies from Abu Dhabi to Mykonos, with a flight change to its partner airline Olympic Air in Athens. Return flights cost from Dh4,105 per person, including taxes.
Where to stay
The modern-art-filled Ambassador hotel (myconianambassador.gr) is 15 minutes outside Mykonos Town on a hillside 500 metres from the Platis Gialos Beach, with a bus into town every 30 minutes (a taxi costs €15 [Dh66]). The Nammos and Scorpios beach clubs are a 10- to 20-minute walk (or water-taxi ride) away. All 70 rooms have a large balcony, many with a Jacuzzi, and of the 15 suites, five have a plunge pool. There’s also a private eight-bedroom villa. Double rooms cost from €240 (Dh1,063) including breakfast, out of season, and from €595 (Dh2,636) in July/August.
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Saudi Arabia – 103 infected, 0 dead, 1 recovered
UAE – 86 infected, 0 dead, 23 recovered
Bahrain – 210 infected, 0 dead, 44 recovered
Kuwait – 104 infected, 0 dead, 5 recovered
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A cheaper choice
Vanuatu: $130,000
Why on earth pick Vanuatu? Easy. The South Pacific country has no income tax, wealth tax, capital gains or inheritance tax. And in 2015, when it was hit by Cyclone Pam, it signed an agreement with the EU that gave it some serious passport power.
Cost: A minimum investment of $130,000 for a family of up to four, plus $25,000 in fees.
Criteria: Applicants must have a minimum net worth of $250,000. The process take six to eight weeks, after which the investor must travel to Vanuatu or Hong Kong to take the oath of allegiance. Citizenship and passport are normally provided on the same day.
Benefits: No tax, no restrictions on dual citizenship, no requirement to visit or reside to retain a passport. Visa-free access to 129 countries.
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Serie A
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4) Treatments include surgery and chemotherapy but early diagnosis is the key.
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Match info
Uefa Champions League Group C
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
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Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
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