Dubai said on Friday it is dissolving a special tribunal that was set up in 2009 to resolve disputes pertaining to financial settlements related to Dubai World and its subsidiaries.
A decree on the matter was issued by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, a statement from Dubai Media Office said.
"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 specialised courts," the statement said.
The tribunal will continue to review all pending cases and claims during a transition period.
All cases and requests that have not been resolved by a final judgment before December 13, 2022 will be referred to the special courts, in line with judicial legislation in Dubai, without any new fees being charged, the statement said.
This decree is effective from the date of its publication in the official gazette.
Government-owned Dubai World, which owns the majority of ports operator DP World and investment company Istithmar World, began a refinancing programme in 2010 and made a $8.2 billion final payment to creditors two years ahead of schedule in 2020.
The repayment of the loan amount was achieved through funds received from portfolio companies, including $6bn from Port and Free Zone World, the sale of Economic Zones World for $2.7bn, dividend payments from portfolio companies, a $1.6bn dividend from Infinity World and a $3bn loan from Dubai Islamic Bank, the company said at the time.
The conglomerate has streamlined its core activities and is focused on transport and logistics, drydocks and maritime, urban development, investment and financial services.
DP World, one of the world's largest port operators, has continued to expand and posted a 1.7 per cent increase in gross container shipping volumes in the first quarter of 2022, driven by higher volumes in the Asia Pacific, Middle East, Europe and Africa and Americas regions.
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UAE currency: the story behind the money in your pockets
The biog
Hobby: Playing piano and drawing patterns
Best book: Awaken the Giant Within by Tony Robbins
Food of choice: Sushi
Favourite colour: Orange
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Killing of Qassem Suleimani
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Places to go for free coffee
- Cherish Cafe Dubai, Dubai Investment Park, are giving away free coffees all day.
- La Terrace, Four Points by Sheraton Bur Dubai, are serving their first 50 guests one coffee and four bite-sized cakes
- Wild & The Moon will be giving away a free espresso with every purchase on International Coffee Day
- Orange Wheels welcome parents are to sit, relax and enjoy goodies at ‘Café O’ along with a free coffee
Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
More on Quran memorisation:
Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.
Brief scores:
Toss: Sindhis, elected to field first
Pakhtoons 137-6 (10 ov)
Fletcher 68 not out; Cutting 2-14
Sindhis 129-8 (10 ov)
Perera 47; Sohail 2-18
Founders: Ines Mena, Claudia Ribas, Simona Agolini, Nourhan Hassan and Therese Hundt
Date started: January 2017, app launched November 2017
Based: Dubai, UAE
Sector: Private/Retail/Leisure
Number of Employees: 18 employees, including full-time and flexible workers
Funding stage and size: Seed round completed Q4 2019 - $1m raised
Funders: Oman Technology Fund, 500 Startups, Vision Ventures, Seedstars, Mindshift Capital, Delta Partners Ventures, with support from the OQAL Angel Investor Network and UAE Business Angels
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