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After 9 years, a Jordanian court does justice to a businessman and removes an obstacle to his plans to invest $100 million

Amman Today

publish date 2022-02-14 11:27:08

The Compass – A Jordanian court has finally done justice to the Canadian businessman of Palestinian origin Omar Ayesh after a legal arbitration process that lasted for an unusual and record time, and posed a real obstacle to his investment projects inside the country, as he announced earlier.
The decision of the Court of Appeal came after Al-Quds Al-Arabi revealed in a report it had previously prepared about the details of the legal arbitration process, which lasted nine years between the real estate investor on the one hand and a building contractor on the other.

The case came as a real shock to its owner, who has already invested tens of millions of dollars in the real estate sector and has plans for projects in excess of $100 million, and directly affected his projects in the country for a long time, because the arbitrator, Mazen Irsheidat, who is the head of the Bar Association in Jordan, abstained from issuing the ruling. for nine years.
In an exclusive video interview with Al Quds Al Arabi, Omar Ayesh, Chairman of the Board of Directors of Nobles Investment Company, who resides in Washington, DC, welcomed the court’s decision and praised it for its professional handling of the case file without delay, and it is “a psychologically comfortable and encouraging factor by giving him a kind of confidence.” and safety to expand its investment projects in Jordan,” he said.

Ayesh called on the parties that obstructed his project to apologize for the damage, holding them fully responsible for violating public order and ignoring forged invoices, which led to the suspension of his investment projects throughout that period.
The real problem, according to Ayesh, is that there is no mechanism in Jordanian law to hold his opponents accountable. “I will file an official complaint with the Bar Association to study impartially and without conflict of interest, and not to be the opponent and the judge,” he says.
Ayesh indicated that the court’s decision brought him back to zero to file a new case after 10 years of stopping work to claim his rights again, in addition to the costs of lawyers, experts and arbitration.

According to the decision of the Court of Appeal, the arbitration decision issued previously was invalid for its violation of public order for several reasons, the most important of which are: that the arbitrator violated the arbitral award when he issued a ruling in favor of the opponent for an amount more than what he requested, and the arbitrator exceeded the limits of the term of the agreement and deviated from the limits of the professionalism entrusted to him, and the arbitral award was void in Its fifteen pages are free of any reason at all, that is, without justifying its judgment, in violation of the text of the law and the agreement of the parties, the arbitrator’s failure to observe the conditions that must be met in the judgment in a way that affected its content, and the judgment was based on invalid arbitration procedures that affected it.

After the court’s decision and in preparation for the launch of a package of projects whose investment value is estimated at $100 million in the tourism and industry sectors, Omar Ayesh had a meeting with Jordanian Minister of Investment Khairy Amro in the capital, Amman recently, during which they discussed ways to benefit from the set of investment incentives provided by the state.

Minister Amr affirmed the Ministry of Investment’s readiness to provide all possible forms of support needed by the “Nobles” real estate company to launch the projects discussed, considering that Jordan has a promising investment environment in various fields, calling on business owners and investors to take advantage of the investment opportunities and advantages available in the country based on Security, stability and a developed business environment, and that the government’s royal directives have constantly focused on improving the business environment, setting a road map and a holistic vision for the process of attracting investments and creating job opportunities, and approving legislation and economic measures in a way that develops the business and investment environment in Jordan.

Ayesh talked about the projects that he has achieved and that he seeks to achieve, noting that his first project, “Al Shahd City” in the Airport Road area in the capital, Amman, has achieved great success. It is a housing project that contains “environmentally friendly” villas that depend on alternative energy, serviced plots and a good green space. It is located on an area of ​​(235 acres), or 325 thousand square meters.
As for his second project, “Al Shahd Village”, it was completely sold out before its official launch, due to the project’s reliance on the quality of life in the region. The project is located on an area of ​​50 acres, while the cost of the two projects together is $30 million.

He added, “There are unique projects that Nobles will implement in Jordan, some of which we have submitted to the Amman Municipality for study. They are tourist towers located on an area of ​​10 acres at a cost of up to $60 million, in addition to an industrial city in Mafraq, north of the capital. Amman, where the project is currently being developed with the competent authorities.

On the reason for the success of these projects at this difficult time, especially what the world has been going through from the Corona pandemic two years ago, Ayesh explained that this was for two reasons, the first is that real estate is considered one of the safe havens and a protection for funds from the huge inflation that the world is going through, and the second reason is the quality The product, its advantages, attractive price, and good location, which achieve success and returns for the investor.
Ayesh points out that there are those who view the Jordanian market negatively, adding, “But in fact, we found that it is a good market and appreciates the different products on the ground and the best quality.”

He also provided advice to investors and businessmen, saying, “After experience in the case, as a businessman, I made a mistake when I chose one legal arbitrator, it was more appropriate for me to appoint at least three arbitrators.”

Arab Jerusalem

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Jordan News

Source : اخبار الاردن

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