Dubai Bank Takes UAE Man To High Court Over £41.8M

By Alex Baldwin (July 26, 2022, 6:07 PM BST) -- Dubai's state-owned Emirates NBD Bank PJSC is suing an Emirati national in London, asking the court to rule that he still owns assets he transferred to his son as it chases a £41.8 million ($50.1 million) payment for a loan he guaranteed.

The bank alleges that £2.5 million from Rashed Abdulaziz Almakhawi's U.K.-based HSBC account and a London property that he gave to his son in 2019 were not "gifts," and that he was looking to offload the assets before a Dubai court could enforce an order requiring him to pay back the debt.

Almakhawi also transferred ownership of a Dubai...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!