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UAE: Dubai Islamic Bank emerges with nominal losses from Plantation case

An attempt by a Dubai-based British property developer to claim $2bn in damages from Dubai Islamic Bank (DIB) has failed in the UK High Court. Plantation Holdings won the main legal points over which it had sued DIB, but secured only nominal damages and was required to pay costs. Judge Mr Justice Pickens agreed that DIB had unlawfully broken its contract with Plantation in April 2008, but said the developer had not suffered any recoverable loss.

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