Sheikh Mohammed bin Rashid Al Maktoum, ruler of Dubai, Vice President and Prime Minister of the UAE, has issued a decree dissolving the “Tribunal to Decide the Disputes Related to the Settlement of the Financial Position of Dubai World and its Subsidiaries”, reports say.
Per the decree, the court established in 2009, will be dissolved, and all cases and claims related to the financial settlement of Dubai World and its subsidiaries filed after this Decree comes into effect will be referred to specialized courts.
However, the tribunal will continue to review all pending cases and claims during the transition period. All cases and requests that have not been resolved by a final judgment before 13th December 2022, will be referred to specialized courts, in line with judicial legislations in Dubai, without any new fees being charged.
The decree comes as 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.