Dubai Islamic Bank cases
Dubai Islamic Bank is considered one of the major joint stock companies in the United Arab Emirates, which has promoted substantial investments in Egypt, reaching billions of pounds in real estate development and construction projects. Many disputes and controversies are raised between DIB and Gulf Invest Real Estate Company. The latter has sold a piece of land owned by Dubai Islamic Bank, with a space of twenty five thousand, three Hundred and six square meters) in Jazeerat Al Dahab island gardens, Al Mounib. This matter puts Dubai Islamic Bank at the risk of losing 175 million pounds. Moreover, The Gulf Company refused to deliver the residential and commercial complex, which was built on the same plot of land, to Dubai Islamic Bank after its completion. It also prevented the bank from having access to the project, dealing therewith or transferring and registering it to the bank. Dubai Islamic Bank has exerted several efforts with The Gulf Company to deliver the residential complex and has resort to some Egyptian government officials, but all attempts failed.
Dubai Islamic Bank is considered one of the major joint stock companies in the United Arab Emirates, which has promoted substantial investments in Egypt, reaching billions of pounds in real estate development and construction projects. Many disputes and controversies are raised between DIB and Gulf Invest Real Estate Company. The latter has sold a piece of land owned by Dubai Islamic Bank, with a space of twenty five thousand, three Hundred and six square meters) in Jazeerat Al Dahab island gardens, Al Mounib. This matter puts Dubai Islamic Bank at the risk of losing 175 million pounds. Moreover, The Gulf Company refused to deliver the residential and commercial complex, which was built on the same plot of land, to Dubai Islamic Bank after its completion. It also prevented the bank from having access to the project, dealing therewith or transferring and registering it to the bank. Dubai Islamic Bank has exerted several efforts with The Gulf Company to deliver the residential complex and has resort to some Egyptian government officials, but all attempts failed.
Dr. Hamoda also referred to the international arbitration by filing an arbitration suit at the Cairo Regional Center for International Commercial Arbitration requesting for huge financial compensation exceeding hundreds of millions of pounds. This was due to the material and moral damage suffered by Dubai Bank. Indeed, he was able to obtain the award for the bank and obtain all its financial and moral rights. The Gulf Company immediately resort to the court and filled a lawsuit to nullify and invalidate the arbitration award, which was issued in favor of Dubai Islamic Bank. Dr. Hamoda was able to terminate the case by obtaining a final ruling of rejection. For this reason, Dubai Islamic Bank seeks the help of Dr. Hamoda to proceed series of success by registering housing and administrative units in another major project in Al Haram district, Giza Governorate and the residential and administrative units in Gamat El Dewal Al Arabia street. Immediately Dr. Hamoda ended all registration procedures in favor of the bank and end all disputes over those projects.
Accordingly, Dubai Islamic Bank achieves great financial gains. In recognition to Dr. Hamoda's dedication, the main branch in the United Arab Emirates honored Dr. Mohamed Hamoda with a certificate of appreciation for his efforts and financial gains that no one else could achieve.