Dubai Islamic Bank in a dispute relating to the financial facility agreement for the financing of a construction project
Dubai Islamic Bank in a dispute relating to the financial facility agreement for the financing of a construction project
Summary
We are representing Dubai Islamic Bank, as a claimant, in a dispute arising out of the execution of a financial facility agreement for the financing of a construction project.
Details
Our client, Dubai Islamic Bank, is the largest Islamic bank in the UAE in terms of assets. It is also the world's first full-service Islamic bank and the third-largest Islamic bank in the world. It currently operates 90 branches across the UAE and is present in seven markets worldwide.
Our client provided the defendant with a financial facility in exchange for the completion of one of its building projects. In return, the defendant was meant to transfer the profits from the project to our client. Instead, the defendant defaulted on the payment.
We advised our client on their claim for AED 200 million in respect of the unpaid sum owed. The Court of First Instance designated an expert panel to conduct the investigation, and proceedings are ongoing.
How we added value
We have a long-standing relationship with Dubai Islamic Bank, representing them in numerous disputes in recent years. This means we know and understand their business and their commercial aims, enabling us to effectively act to ensure the best possible outcome for them.
Before, we peruse any case in the Courts we always conduct risk assessment and explore where possible settlement opportunities. In this instance, we quickly got to grips with the key facts and strengths of our clients’ case and formulated an effective case strategy, enabling us to quickly move forward in the best interests of our client.
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