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- Dubai 05:41 06:57 12:35 15:44 18:09 19:24
The statement stressed that the settlement of the disputes related to the financial situation of the ‘Dubai World Corporation and its subsidiaries’ will be considered by the special Judicial Committee which was formed in accordance with Resolution No. 57 of 2009.
The statement said that due to the separation of Nakheel from the DWC in 23rd August, the disputes of Nakheel registered on that date and onwards will no longer be looked at by the special Judicial Committee and will be considered by the courts of Dubai.
The statement mentioned that Dubai courts previously accepted cases against Dubai World Corporation and its subsidiaries, in violation of the Decree No. 57 of 2009.
On the other hand, the statement called for the non-recurrence of the practice because Dubai courts had no jurisdiction to consider the disputes of Dubai World Corporation (DWC) and its affiliates, with the exception of Nakheel.
It was mentioned that His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, issued after the global financial crisis and the problems between Dubai World Corporation with its creditors, Decree No. 57 of 2009, which stipulated the formation of a special judicial committee to settle the disputes relating the settlement of the financial situation of Dubai World and its affiliates.
This decree was issued by the Government of Dubai in order to preserve the rights of creditors of Dubai World and its subsidiaries, and to ensure access to financial institutions on the full financial rights, and a confirmation of their ability to meet the obligations of its contracts with creditors.
It is worth mentioning that the operational plan of Nakheel has been fully funded by the Government of Dubai, was also allowed to sell some assets of the company to move forward.
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