Dubai announced on Friday that it is disbanding a special tribunal established in 2009 to settle financial settlement disputes involving Dubai World and its subsidiaries. Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, issued a decree on the subject, according to a statement from the Dubai Media Office. “All cases and claims connected to Dubai World and its subsidiaries’ financial settlement filed after this decision takes effect will be referred to specialized courts,” the statement stated.
During the changeover time, the tribunal will continue to consider all pending cases and claims. According to the statement, any cases and petitions that have not been addressed by a final judgment by December 13, 2022 will be referred to specialized courts, in accordance with Dubai judicial rules, without any extra costs being levied. This decree takes effect when it is published in the official gazette.