Dubai: Following a commercial dispute, an Iranian businessman has sought Dh7 billion in civil compensation from a real estate company sponsored and managed by three shaikhs.

The Iranian businessman's lawyer Salim Al Sha'ali, of Al Sha'ali and Co Advocates and Legal Consultants, presented the civil lawsuit against the company and the three shaikhs before the Dubai Civil Court.

The first hearing of the case was heard yesterday.

Al Sha'ali said: "S.G. [the claimant] is financially capable of investing in realty huge projects in and outside the UAE. As local laws stipulate that only Emiratis can invest and work in the real estate local market, my client agreed with one of the shaikhs to establish the real estate company [the defendant] to obtain a licence to work in and invest in local industry. They established the company in 2004.

"According to the agreement, the claimant was assigned as its manager and granted broad authority [similar to that of the owner] to be able to invest and manage his money which he pumped into the company's accounts."

Gulf News obtained a copy of the lawsuit which said the claimant was granted a full-right representation of the company in its dealings with others. He was also granted the right to contact clients, agents, companies and individuals, sign and execute contracts, open accounts with banks and obtain credit facilities in addition to the authority to deal with its assets and hire or dismiss employees.

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