United Development Company Announces Arbitral Tribunal Award, Annulment Suit

Doha, March 15 (QNA) - The United Development Company (UDC) announced that the Arbitral Tribunal of the International Chamber of Commerce has issued its award in the suit filed by one of the contractors at The Pearl- Qatar against United Development Company, and the other one filed by the latter against the said contractor. After stating that each party should compensate the other, the Arbitral Tribunal ended by ordering United Development Company to pay the contractor an amount of Thirty Million Three Hundred Seventy Four Thousand Five Hundred Seventy Six Qatari Riyal and Sixty One Dirham, with annual interest of 4% on the original amount of Twenty Seven Million Nine Hundred Thirty Five Thousand One Hundred Fifty Six Qatari Riyal and Ninety Three Dirham. The United Development Company has filed an annulment suit before the competent Qatari court. The esteemed court has decided to suspend the execution of the arbitral award till the issuance of the judgment in the annulment suit. (QNA)