ID :
94987
Tue, 12/15/2009 - 14:47
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https://oananews.org//node/94987
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Mohammed bin Rashid sets up tribunal to decide the disputes related Dubai World and its subsidiaries
Dubai, Dec 15, 2009 (WAM) - Vice President and Prime Minister of UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum, in his capacity as Dubai Ruler, has issued a decree setting up a tribunal to decide the Disputes Related to the Settlement of the Financial Position of Dubai World and its Subsidiaries.
The decree is based on the keen interest of Dubai Government in preserving the rights of Dubai World creditors, on its commitment to further strengthen the position of the emirate of Dubai in global economy as well as on its pledge to make sure financing establishments will get all their financial rights in view of the strength of its economy that is based on dynamism of the UAE economy which is capable of assimilating the consequences of the global financial crisis as well as on Dubai's big and diverse infrastructure and structural assets.
The issuance of the new decree comes as a realization of Dubai Government's decision to fully transparently restructure Dubai World and its subsidiaries.
The decree is based on the keen interest of Dubai Government in preserving the rights of Dubai World creditors, on its commitment to further strengthen the position of the emirate of Dubai in global economy as well as on its pledge to make sure financing establishments will get all their financial rights in view of the strength of its economy that is based on dynamism of the UAE economy which is capable of assimilating the consequences of the global financial crisis as well as on Dubai's big and diverse infrastructure and structural assets.
The issuance of the new decree comes as a realization of Dubai Government's decision to fully transparently restructure Dubai World and its subsidiaries.
