Special Tribunal Related to Dubai World – Arbitration Claims

The Special Tribunal to decide the disputes related to the Settlement of the Financial Position of Dubai World and its Subsidiaries (the Tribunal) has issued its first Practice Direction.

Tribunal Practice Direction No.1 of 2010 - Arbitration Claims (TPD 001/2010) was issued on 30 March 2010 and came into immediate effect. The Practice Direction states that the Tribunal will respect and enforce arbitration agreements made between Dubai World and/or its subsidiaries and its creditors.

It further provides that where disputes have already risen, the Tribunal expects the parties to continue with pending arbitration proceedings in accordance with their contractual obligations. However any applications in relation to arbitration agreements or to pending arbitration references are to be made to the Tribunal and not to a court.