Dubai Real Estate Court to handle Tamweel-related cases
Latest Research
The number of transactions and enquiries is expected to continue rising in 2012 with the supply/demand gap narrowing.
This review focuses on the three most dominant residential markets in the Eastern Province of Saudi Arabia, namely Dammam, Dhahran and Al Khobar.
The buoyancy in the economy coupled with a growing population has increased consumer confidence in Jeddah’s residential property market.
Dubai Real Estate Court has been authorised by Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to rule on cases related to mortgage provider Tamweel and its subsidiaries.
According to the decree, the Judicial Panel will stop issuing rulings on disputes related to Tamweel and would instead refer them to Dubai Real Estate Court.
The Panel, however, shall continue to issue rulings on Amlak-related issues, according to the decree. The 40 cases and disputes related to Tamweel have been referred to the Dubai Real Estate Court following the decree, said Judge Mohammed Khamis Bassiouni, Head of the Judicial Panel.
The special panel was formed in 2009 to offer full protection of the rights of creditors of the two Islamic mortgage lenders, Tamweel and Amlak Finance, and their subsidiaries.
It was tasked with considering applications and legal claims connected with the settlement of the financial position of the two mortgage firms, including those which have been already filed at courts of law, befor
Your Comments
You must be logged in to add comments.