Dubai today set up a special tribunal to deal with financial claims arising out of any future formal reorganization and restructuring of Dubai World and any of its subsidiaries.   

The tribunal will be headed by Sir Anthony Evans, Chief Justice of the DIFC Courts and will be based in the Dubai International Financial Centre (DIFC), a free zone established as a regional centre for finance.

Earlier today, Dubai said it had received $10 billion from fellow UAE member Abu Dhabi to help it repay a $4.1 billion Islamic bond issued by Nakheel, the property arm of Dubai World, one of Dubai's main holding companies.

A decreee issued by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai said a comprehensive legal framework consistent with international standards of transparency and creditor protection that will govern the restructure of Dubai World.

The decree establishes a tribunal of three to five internationally recognized judges, which will be empowered if necessary to supervise the financial reorganization of Dubai World and its subsidiaries and which will be authorized to adjudicate disputes relating to restructuring of the debt of Dubai World and any of its subsidiaries.       

The tribunal is initially be composed of three senior international judges from the Dubai International Finance Centre Courts.  - Sir Evans, a former High Court Judge of England and Wales, Michael Hwang, Deputy Chief Justice of the DIFC Courts and a former Judicial Commissioner of the Supreme Court of Singapore,  and Justice Sir John Murray Chadwick, Judge of the DIFC Courts and a former Judge of the Court of Appeal of England and Wales and is a world renowned bankruptcy and insolvency specialist.

Dr Lowai M K Belhoul, the director general of the Legal Affairs Department of the Government of Dubai, stated: 'The decree establishes a clear, transparent and effective legal framework incorporating international best practices in restructuring.' - Reuters