Car Parks Update - July 2018

As investors will be aware, there has been a significant number of actions ongoing in the UAE with regards the criminal case. There is another meeting with the prosecutors and all parties at the end of July and this is expected to determine if the case goes through to the Judge.

The UAE process is not the same as that in the UK – the prosecutor acts as a mix of police investigation and court at the same time and prepares a file for the judge. Currently a lot more information has been taken from all sides (our final submissions are in) and whilst one of the accused parties has provided everything requested the main protagonist has tried to delay handing data over – but this appears to now have come to an end with dates for data submission being set very firmly.

During this time, our team has encouraged the court to include assessment of interest due to delays by the accused and this is being assessed.  

Our legal team met with the prosecutor and all other parties at the end of June and were satisfied that the case is going well.

In addition, with the Car Parks Owners Association (CPOA) now formed you can expect to receive future updates from CPOA directly.