A Dubai court, in a precautionary attachment, has asked Dubai Islamic Bank to freeze AED4 billion worth of funds belonging to Ahmad Sulaiman Al Rajhi, chairman of Tameer Holding Investment LLC, who is involved in legal action with the company's former chief executive and shareholder, Omar Ayesh. Ayesh, a UAE national, resigned as Tameer's chief executive last year. He still holds a 25 per cent stake in the company. The precautionary attachment, seen by Gulf News, was requested by Ayesh.
Referring to Case No. 176/2009, the Dubai Court of First Instance on October 29 notified Dubai Islamic Bank "to temporarily freeze the bank accounts of Ahmad Sulaiman Al Rajhi equivalent to Dh4 billion as a precaution.
Tameer's portfolio includes the Dh30 billion Al Salam City in Umm Al Quwain which is on hold. It is also building the 107-storey Princess Tower.
The order is understood to have been issued to safeguard the amount. A precautionary attachment order is a legal term used to place goods
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