Damac properties had lost the libel case it filed against Khaleej Times, after the Dubai Court of First Instance ruled in the newspaper’s favour.
Khaleej Times had on November 11, 2003 reported that Damac Investment, the financial arm of Damac Real Estate and Catering was making attempts to cut out the losses it sustained as a result of IT or electronic portals since the outset of 2001.
The report said that Damac losses were not minor and that as a result, the company adopted a new course to create other investment brackets in different sectors, including real estate to make good the damages.
