An Iranian businessman is suing members of Dubais ruling family for close to two billion dollars over real estate investments, in a case which opened on Wednesday. Shahram Abdullah Zadeh, former CEO of Al-Fajer Properties who was fired in 2008, has filed the lawsuit against the firm and its owner Sheikh Hasher Maktoum bin Jumaa al-Maktoum, a brother-in-law of the emirates ruler, Sheikh Mohammed bin Rashid al-Maktoum.
The lawsuit also targets Sheikh Hashers daughter as a partner of the firm and a son, Sheikh Maktoum, who has since been appointed president of Al-Fajer, according to legal documents obtained by AFP.
The case demands the "recovery of all material assets of Al-Fajer Properties," which gave no immediate reaction to the opening of the case. Zadeh insists he was the real owner of the company and the only investor. He had used Sheikh Hashers name to obtain the firms licence, as foreigners are not allowed to register real estate companies under their own name in the United Arab Emirates.
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