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29 April 2014

Mr. Omar Ayesh

c/o Nobles Investment L.L.C
Office No. 407
Building 7, AB Plaza, Mamzar
P. O. Box: 233228, Dubai, UAE
T: +971 4 2963663
F: +971 4 2963990

Re: Your letter received on 23 April 2014

Dear Mr. Ayesh,

1. We have received a letter from you dated 22 April 2014, although we received this letter on 23
April 2014 via e-mail from Rabab Biko.

2. We reject all the statements contained in your letter and further, for the avoidance of doubt, reject
and refute any and all explicit and implicit allegations that any alleged “shares” is held in trust for
you pursuant to the Agreement for the Sale and Purchase of Share and Land Portions and
Assignment and Novation of Projects, dated 11 December 2007 (“2007 SPA”).

3. We must advise that we are surprised by the contents of your letter and knowing the fact that you
have read the arbitral award in DIAC Case No. 252/2009 (the “Award”).

4. The Award clearly states that your rights have not crystallized due to your own breaches of the
2007 SPA. We draw your attention to Paragraph 367 of the Award which states, “… the Tribunal
finds that Claimant’s contractual interest in the business has not crystallized to date and he
therefore does not possess the rational personae to bring claims against the Respondent …”

5. We remind you that the Dubai Court of First Instance has issued a judgment confirming and
ratifying the Award in our favor and we remind you that Paragraph 298 of the Award decrees,
“…UAE law precludes the Claimant from arguing that the Respondent has breached his
obligations under Clauses 2, 3, and 6 of the 2007 SPA where the Claimant has failed to fulfill his
own obligations under the same agreement.”

6. Further, we refer you to the judgment rendered in Dubai Case No. 15/2009.

7. We refer now to the requests made in your letters dated 18 July 2013 that were unclear and
unspecific. We wrote to you on 17 February 2014 responding to each of your letters dated 18
July 2013 and re-attach them here for your reference. We therefore again reject your unspecified
requests made in this letter and refer you to our responses dated 17 February 2014 and
Paragraphs 2 and 3 above.

8. We refer now to the allegations that you have made regarding “hiding” of information and other
such misplaced untrue allegations in your prior correspondence and before the Arbitral Tribunal.
We remind you that this has been resolved by the Arbitral Tribunal. The Tribunal fully and finally
concludes, “… no other independent documentary evidence has been put forward by Claimant to

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corroborate the substance of these claims… In sum, the Tribunal declares that the Respondent
is not in breach of his fiduciary obligations under the UAE Civil Code and the UAE Commercial
Companies Law.” We trust this fully and finally close these accusations which have been
confirmed by the Tribunal as having no basis in fact.

9. We confirm to you, again for the avoidance of doubt, that till the date of this letter, your breaches
identified by the Award remain unrectified.


Ahmed Al Rajhi

Delivery: By Fax: (+971 4 2933 999)

By Email: (
By Courier: (Waybill No. )

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