Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, issued a decree on Monday to dissolve a special tribunal that was formed to settle disputes related to real estate lenders Amlak Finance and Tamweel, the Dubai Government Media Office wrote on Twitter.
The special judicial committee was created in 2009 to protect creditors of mortgage lenders Amlak and Tamweel following the global financial crisis that impacted the emirate’s economy and the property sector.
"Pursuant to the Decree, all complaint[s] and lawsuits that have been reviewed by the Special Tribunal and haven't received a final judgment will be referred to the concerned Court of First Instance at Dubai Courts," a statement on Sheikh Mohammed's website said.
Amlak and a number of other banks with exposure to the home financing market suffered when prices fell following the 2008 crisis. Defaults on mortgages forced financial institutions to book losses and made it difficult for them to raise fresh funding to continue lending.
Last year, Amlak Finance said it received approval for its debt restructuring terms from creditors holding 95 per cent of its liabilities. However, it was not able to complete the process as one of its creditors abstained from signing the deal.
Amlak is 55 per cent publicly listed, with the remaining 45 per cent owned by Dubai property developer Emaar.
The government also planned to merge Amlak with Tamweel but the process could not be completed. Tamweel is majority-owned by Dubai Islamic Bank and had more than Dh2.8bn of assets at the end of last year.
“The new Decree annuls Decree No. (61) of 2009 and any other legislation that contradicts or challenges its articles,” the statement said.
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
The Rub of Time: Bellow, Nabokov, Hitchens, Travolta, Trump and Other Pieces 1986-2016
Martin Amis,
Jonathan Cape
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
The%20specs
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The five pillars of Islam
Results
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Second Test, Day 2:
South Africa 335 & 75/1 (22.0 ov)
England 205
South Africa lead by 205 runs with 9 wickets remaining
SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2a)
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FIXTURES
All kick-off times 10.45pm UAE ( 4 GMT)
Tuesday
Mairobr v Liverpool
Spartak Moscow v Sevilla
Feyenoord v Shakhtar Donetsk
Manchester City v Napoli
Monaco v Besiktas
RB Leipzig v Porto
Apoel Nicosia v Borussia Dortmund
Real Madrid v Tottenham Hotspur
Wednesday
Benfica v Manchester United
CSKA Moscow v Basel
Bayern Munich v Celtic
Anderlecht v Paris Saint-Germain
Qarabag v Atletico Madrid
Chelsea v Roma
Barcelona v Olympiakos
Juventus v Sporting Lisbon
UAE currency: the story behind the money in your pockets
Results
5pm Maiden (PA) Dh80,000 1,400m
Winner No Riesgo Al Maury, Szczepan Mazur (jockey), Ibrahim Al Hadhrami (trainer)
5.30pm Handicap (PA) Dh80,000 1,600m
Winner Marwa W’Rsan, Sam Hitchcott, Jaci Wickham.
6pm Handicap (PA) Dh80,000 1,600m
Winner Dahess D’Arabie, Al Moatasem Al Balushi, Helal Al Alawi.
6.30pm Handicap (PA) Dh80,000 2,200m
Winner Safin Al Reef, Connor Beasley, Abdallah Al Hammadi.
7pm Wathba Stallions Cup Handicap (PA) Dh70,000 2,200m
Winner Thulbaseera Al Jasra, Shakir Al Balushi, Ibrahim Al Hadhrami.
7.30pm Maiden (TB) Dh 80,000 2,200m
Winner Autumn Pride, Szczepan Mazur, Helal Al Alawi.
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
COMPANY%20PROFILE
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TV: World Cup Qualifier 2018 matches will be aired on on OSN Sports HD Cricket channel
UAE currency: the story behind the money in your pockets
