Doha – Mubasher: Barwa Real Estate Company said Monday that the Dubai Court of Cassation upheld a first instance ruling that quashed an arbitration decision obliging two of the developer’s subsidiaries to pay an amount as much as $31 million to Dream Land Urban Construction and Investment Limited.
The arbitration decision was issued in 2009 against Barwa International Company and Green City Real Estate Development Company, both are fully-owned units of the real estate group.
Barwa’s stock shrank in today’s early trading by 0.42% to QAR 35.4 ($9.72) as 36,800 shares were exchanged at QAR 1.3 million ($356,986).
