Dubai ruler dissolves Dubai World financial disputes tribunal

DUBAI: 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.

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.

Sheikh Mohammed, who is also Prime Minister of the United Arab Emirates, said in a statement on his website the tribunal would continue to review pending cases and claims until Dec. 13.

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All future cases as well as those outstanding after Dec. 13 would be handled by specalised courts, the statement said.