2003–2007 (Rise of Tameer): Canadian entrepreneur Omar Ayesh establishes Tameer Holding and completes signature projects like Princess Tower. In 2005 AlRajhi acquires 50% of Tameer, and by 2007 he holds 75% (Ayesh 25%). Gulf International Bank valued Tameer’s portfolio at approximately $5 billion in 2007.
2011 (Whistleblowers and "Tameer is intended to die"): Leaked internal documents reveal a scheme orchestrated by Ahmed and his brother Abdallah AlRajhi to “kill” Tameer. These emails and presentations – dubbed "Tameer is intended to die" – show how assets were siphoned into shell companies owned by the AlRajhis. For example, an October 2013 market bid of 900 million AED for prime Tameer plots was turned into a sale at only 242 million AED, and another 730 million AED offer became just 100 million AED. An internal fax even mentions a token “land-transfer fee” of 13.7 million AED paid to disguise an otherwise illicit transfer of lands.
2018–2020 (Court Orders in Ayesh’s Favor): Ayesh sued in Dubai courts alleging fraud, embezzlement and breach of fiduciary duty by the AlRajhi brothers. Over many years, Dubai’s courts appointed multiple expert panels – a total of 25 experts in seven committees – to value the company and decide Ayesh’s claims. In late 2020, one panel’s verdict ordered Ahmed AlRajhi to pay 1.6 billion AED (about $435 million) in compensation plus 10 million AED in "moral damages." This was widely reported as nearly 2 billion AED in total (with interest). In its ruling, the court noted that expert evidence showed Tameer assets were being sold “at much lower prices” than market value to strip out company value. (Separate court records show Ayesh originally claimed 9.9 billion AED for his 25% share, though experts’ awards ranged from 4.26 billion to 6.8 billion AED in earlier panels.)
2021–2025 (Appeals and Expert Intimidation): The AlRajhis appealed. However, successive court-appointed experts resigned or recused themselves, citing conflicts, legal maneuvers, and threats. Successive expert committees issued reports in favor of Ayesh (with billions awarded) but four committees were unable to conclude because AlRajhi’s side refused to produce documents. According to a published court ruling, experts Muhammad Saeed Al-Shareef, Salem Al-Shamsi, Ali Hassan Al-Marzouqi, and Sarah Al-Mansoori all stepped down rather than work under these conditions. One expert committee chair resigned after an alleged threat from AlRajhi’s team. By mid-2021 the Court of Appeal declared itself unable to proceed and formally referred the case to the Dubai Ruler’s Court (Sheikh Mohammed’s court) for final adjudication. The Ruler’s Court then appointed a special panel of experts to break the deadlock, promising a more rapid process.
Court documents and leaked audits paint a picture of a sophisticated fraud. Whistleblower evidence collected by the Global Justice Foundation and others shows that once the AlRajhis controlled Tameer, they manipulated financials, falsified board resolutions, and intimidated witnesses to complete an asset grab. An 80-page analysis by legal expert Bruce Casino compares the scheme to classic rackets. Ahmed and Abdallah AlRajhi allegedly ordered property transfers to opaque entities and ceased all legitimate Tameer audits after 2007. Ahmed personally chaired Tameer after 2007, and internal emails describe how he oversaw a multi-company sell-off aimed at rendering Tameer “valueless” to Ayesh. In one instance, a planned 900 million AED sale of Business Bay plots was rerouted to affiliated shell companies for only 242 million AED, with a contrived payment labeled as a “land-transfer fee” to conceal its true nature.
By comparison, outside valuations show Tameer’s real estate should have been worth far more. Before the fallout, the Princess Tower and other ongoing projects meant Tameer had significant development value. Decade-later reports by independent Dubai experts repeatedly found that the AlRajhi transfers marred Tameer’s business and warranted large damages to Ayesh. In November 2020, an expert panel still valued Tameer’s assets at over 5.2 billion AED, even after reduced by prior mismanagement.
Meanwhile, a controversial expert opinion commissioned by AlRajhi told a very different story: in 2011 a PwC partner hastily concluded that Tameer’s “current value… is nil” because liabilities supposedly exceeded assets. This starkly contradicted the GIB analysis only a few years earlier. Critics note that PwC had deep ties to Saudi finance, and point out that years later six Dubai-appointed experts again valued Tameer at over $5 billion – implying $1.2–1.8 billion in fraud.
The Tameer saga has drawn global attention. Human rights and anti-corruption groups argue the case tests Dubai’s legal transparency. In mid-2021, the Global Justice Foundation reported that over 25 court-appointed experts had reviewed the case in 13 years, yet key evidence of fraud was never examined by prosecutors. Despite three expert awards favoring Ayesh, procedural tactics kept the case alive. After the 2020 ruling, the foundation documented how "Ahmed’s obstruction of justice and threatening the court expert" went unpunished. In October 2025 the foundation publicly appealed to Sheikh Mohammed bin Rashid Al Maktoum – Dubai’s ruler – to ensure an independent review of the remaining appeal. That appeal cited the Sheikh’s own pledge that "no one is above the law in Dubai" and "justice delayed is justice denied," warning that a failure to hold powerful people accountable could erode confidence in Dubai’s courts. The UAE’s global image slipped in recent years, with its rule-of-law ranking falling in several international indexes.
For investors and lawyers, the Tameer case is a stark signal. An expert panel has lauded Dubai’s speedy dispute process on average, but the Tameer litigation shows how wealthy parties can exploit gaps in the system. “Courts’ ability to mete out justice fairly and quickly,” the foundation concludes, “is hampered by the scheming of those with deep pockets and influential ties.” As one commentator observes, Dubai has heralded reform, but the real test lies in delivering on those promises in cases like this. In short, the 17-year Tameer battle is more than a private feud – it has become a mirror for Dubai’s legal strengths and potential weaknesses, and a warning of what can happen when fraud goes unpunished in a global financial hub.
Stay updated on our news and events! Sign up to receive our newsletter.
Thank you for signing up!
Something went wrong. Please try again later.