Dubai ruler dissolves tribunal for settling disputes with home lenders

Dubai's ruler dissolved by decree a special tribunal formed after the global financial crisis over a decade ago to settle disputes related to real estate lenders Amlak Finance and Tamweel, the government media office said on Twitter on Monday.

Sheikh Mohammed Bin Rashid Al Maktoum ordered the creation of the special judicial committee in 2009 to protect creditors of mortgage lenders Amlak and Tamweel following the debt and property crisis that wobbled the emirate's economy.

"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.