- DUBAI: Dubai's Emaar Properties, builder of the world's tallest tower, settled its dispute with Saudi-based Jadawel International and said neither parties have any pending claims against each other.
In a joint statement to the Dubai bourse on Monday, Emaar said it had reached an amicable settlement agreement with the Saudi firm.
"Both companies would like to announce that the dispute has now been resolved amicably with neither party having any claim against the other in the dispute," the statement said.
Jadawel had sued Emaar in December 2004 at the Board of Grievances in Saudi Arabia seeking to enforce an agreement signed with the Dubai developer in 2003. The company filed several claims totaling about 1.4 billion dirhams ($381.2 million) against Emaar at the time.
Emaar shares closed down 0.9 percent on the Dubai bourse prior to the announcement.
Emaar, the United Arab Emirates' biggest developer by market value, is also the builder of the world's biggest shopping center, Dubai Mall.