Dubai Dissolves special tribunal for settling disputes with home lenders
The special tribunal was formed in 2009 after the global financial crisis over a decade ago to settle disputes. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, in his capacity as Ruler of Dubai, dissolved by decree a special tribunal for settling disputes with real estate lenders. The special tribunal was formed in 2009 after the global financial crisis over a decade ago to settle disputes related to mortgage firms Amlak Finance and Tamweel. The tribunal had the jurisdiction to consider and adjudicate any request or claim submitted against Amlak Finance and Tamweel or any of their subsidiaries, including liquidation and dissolving requests. The new decree annuls Decree No. (61) of 2009 and any other legislation that contradicts or challenges its articles. The decree is active from its date of issuance and will be published in the official gazette.