Dubai dissolves special tribunal for settling disputes with home lenders

Dubai - 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 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. — File photo
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. — File photo
by

Issac John

Published: Mon 17 May 2021, 5:51 PM

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, in his capacity as Ruler of Dubai, on Monday 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.

“Pursuant to the decree, all complaint 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.

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.

Dubai offers a wide range of dispute resolution methods and relevant authorities governing real estate sector wherein the litigation courts seem like a last resort for the parties, considering the timeline and costs involved.

Prominent authorities licensed to act upon real estate disputes include Dubai Land Department- Amicable Settlement Centre; Legal Affairs Department of DLD; Cancelled project committees for liquidation; Judicial Committee for returned cheques; Rental Dispute Settlement Committee; Dubai International Arbitration Centre; and Civil Court- Property Division.

— issacjohn@khaleejtimes.com


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