A 15-year legal battle between a Canadian property developer and billionaire Saudi minister Ahmed AlRajhi may finally be nearing an end. The Dubai Ruler’s Court is expected to issue a ruling in coming weeks, Omar Ayesh, the developer, said in an interview. At stake: a judgment for Ayesh potentially worth 1.6 billion dirhams ($436 million).
Ayesh sued AlRajhi — an heir to a banking fortune and Saudi’s minister of human resources and social development since 2018 — in 2009, accusing him of fraud and seizing assets from Tameer Holding, a Dubai real estate company they jointly owned. UAE courts have previously ruled in Ayesh’s favour, resulting in the 1.6 billion-dirham award, but appeals pushed the case to the the city’s highest court.
Ayesh said he is hopeful that a final decision will be made soon, after a committee of experts commissioned by the Dubai court submitted its report. AlRajhi didn’t immediately respond to a request for comment.
— Matthew Martin