Dubai dissolves tribunal handling financial settlements related to Dubai World

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.