Case studies

Tameer Case

Tameer Case

  • April 7, 2019
Omar Jamal Ayesh vs. Tameer Holding Investment, Ahmed Suleiman Al Rajhi, Federico Tauber, Asma Khan, Shetha Abdul Jabbar Al-zubaidi.

Omar Ayesh is a Canadian businessman and entrepreneur focused on real estate, the automotive sector and technology. He established Tameer Holding Investments, a real estate development company in the United Arab Emirates UAE in 2003; and he was eventually forced out of its management through a hostile management takeover. In the years that followed, Ayesh sued for compensation of his shares; however, he faced significant challenges in seeing the legal process proceed unhindered.

Tameer and Al Rajhi Investment Group

Ayesh accrued a significant land bank and launched a number of high-profile properties following Tameer’s establishment. After that,  he entertained shareholding bids by several regional investors, finally agreeing to Saudi Arabia’s Al Rajhi Investment Group, headed by Ahmed Suleiman Al Rajhi. It initially purchased a 50% stake in the company in 2005, steadily increasing its shareholding to 75% in early 2008.

During Ayesh’s tenure at the helm, Tameer developed over a dozen projects from individual towers to master developments; and Gulf International Bank valued the company at USD$5.2 billion. However, by May 2008, Al Rajhi engineered an aggressive management takeover levering its majority shareholding, prompting Ayesh to step down as President. He subsequently presented claims of compensation for his shares, whereupon The Rajhi Group claimed management discrepancies and Ayesh countered that Rajhi Group was intentionally undermining the operations and devaluing the firm to avoid fulfilling its financial obligations.

Ayesh sued both the management of the company as well as individuals within the management team, presenting documentary evidence of embezzlement, corruption and the reallocation of assets to Rajhi-owned companies, which the Rajhi’s disputed. The matter continued in the Dubai legal system until the Dubai Court of Cassation found in favor of Ayesh. Dubai Court of Cassation ruled that Ayesh had legitimate dues of $1.16 billion; however, execution of the ruling has not taken place as of this writing.