Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, issued a decree on Monday to dissolve a special tribunal that was formed to settle disputes related to real estate lenders Amlak Finance and Tamweel, the Dubai Government Media Office wrote on Twitter.
The special judicial committee was created in 2009 to protect creditors of mortgage lenders Amlak and Tamweel following the global financial crisis that impacted the emirate’s economy and the property sector.
"Pursuant to the Decree, all complaint[s] 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.
Amlak and a number of other banks with exposure to the home financing market suffered when prices fell following the 2008 crisis. Defaults on mortgages forced financial institutions to book losses and made it difficult for them to raise fresh funding to continue lending.
Last year, Amlak Finance said it received approval for its debt restructuring terms from creditors holding 95 per cent of its liabilities. However, it was not able to complete the process as one of its creditors abstained from signing the deal.
Amlak is 55 per cent publicly listed, with the remaining 45 per cent owned by Dubai property developer Emaar.
The government also planned to merge Amlak with Tamweel but the process could not be completed. Tamweel is majority-owned by Dubai Islamic Bank and had more than Dh2.8bn of assets at the end of last year.
“The new Decree annuls Decree No. (61) of 2009 and any other legislation that contradicts or challenges its articles,” the statement said.
if you go
The flights
Flydubai offers three daily direct flights to Sarajevo and, from June, a daily flight from Thessaloniki from Dubai. A return flight costs from Dhs1,905 including taxes.
The trip
The Travel Scientists are the organisers of the Balkan Ride and several other rallies around the world. The 2018 running of this particular adventure will take place from August 3-11, once again starting in Sarajevo and ending a week later in Thessaloniki. If you’re driving your own vehicle, then entry start from €880 (Dhs 3,900) per person including all accommodation along the route. Contact the Travel Scientists if you wish to hire one of their vehicles.
WEST ASIA RUGBY 2017/18 SEASON ROLL OF HONOUR
Western Clubs Champions League
Winners: Abu Dhabi Harlequins
Runners up: Bahrain
Dubai Rugby Sevens
Winners: Dubai Exiles
Runners up: Jebel Ali Dragons
West Asia Premiership
Winners: Jebel Ali Dragons
Runners up: Abu Dhabi Harlequins
UAE Premiership Cup
Winners: Abu Dhabi Harlequins
Runners up: Dubai Exiles
UAE Premiership
Winners: Dubai Exiles
Runners up: Abu Dhabi Harlequins
BUNDESLIGA FIXTURES
Friday (all kick-offs UAE time)
Hertha Berlin v Union Berlin (10.30pm)
Saturday
Freiburg v Werder Bremen (5.30pm)
Paderborn v Hoffenheim (5.30pm)
Wolfsburg v Borussia Dortmund (5.30pm)
Borussia Monchengladbach v Bayer Leverkusen (5.30pm)
Bayern Munich v Eintracht Frankfurt (5.30pm)
Sunday
Schalke v Augsburg (3.30pm)
Mainz v RB Leipzig (5.30pm)
Cologne v Fortuna Dusseldorf (8pm)
THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
COMPANY%20PROFILE
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Mina Cup winners
Under 12 – Minerva Academy
Under 14 – Unam Pumas
Under 16 – Fursan Hispania
Under 18 – Madenat
How to help
Call the hotline on 0502955999 or send "thenational" to the following numbers:
2289 - Dh10
2252 - Dh50
6025 - Dh20
6027 - Dh100
6026 - Dh200
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F1 2020 calendar
March 15 - Australia, Melbourne; March 22 - Bahrain, Sakhir; April 5 - Vietnam, Hanoi; April 19 - China, Shanghai; May 3 - Netherlands, Zandvoort; May 20 - Spain, Barcelona; May 24 - Monaco, Monaco; June 7 - Azerbaijan, Baku; June 14 - Canada, Montreal; June 28 - France, Le Castellet; July 5 - Austria, Spielberg; July 19 - Great Britain, Silverstone; August 2 - Hungary, Budapest; August 30 - Belgium, Spa; September 6 - Italy, Monza; September 20 - Singapore, Singapore; September 27 - Russia, Sochi; October 11 - Japan, Suzuka; October 25 - United States, Austin; November 1 - Mexico City, Mexico City; November 15 - Brazil, Sao Paulo; November 29 - Abu Dhabi, Abu Dhabi.
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
