Dubai ruler dissolves tribunal related to Dubai World's financial disputes. All cases filed after the decree comes into effect will be referred to specialised courts.
23 May 2022, 12:00 AM
31 May 2022, 12:00 AM
Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum said on Friday he had issued a decree dissolving a tribunal hearing disputes related to Dubai World, the state conglomerate that was at the centre of Dubai's debt crisis more than a decade ago.
The tribunal was formed pursuant to Decree No. (57) of 2009. All cases and claims filed after Decree No. (20) of 2022 comes into effect will be referred to specialised courts.
The new decree states that the tribunal will continue to review all pending cases and claims during a transition period.
Dubai World, which restructured $23.5 billion in debt after the global financial crisis, said in June 2020 it had made a final payment to creditors of $8.2 billion.
All cases and requests that have not been resolved by a final judgement before December 13, 2022, will be referred to specialised courts, in line with judicial legislations in Dubai, without any new fees being charged.