DUBAI // A new judicial committee will be set up to oversee claims and cases between property developers of stalled projects and buyers.
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, issued a decree yesterday to form the committee to oversee liquidation of stalled projects and subsequent settlements, the state news agency Wam reported.
The decisions and rulings of the committee will be final and are not subject to further appeal. The decisions will be carried out by the Execution Department of the Dubai Courts.
"In order to carry out its tasks, the committee is authorised to seek assistance of experts and consultants and to appoint auditors whose expenses shall be paid by the developers, to audit the financial position of the stalled projects and to verify the amounts paid by the buyers and the amounts spent by the developers," Wam reported.
All Dubai courts, including the Dubai International Financial Centre Courts, will no longer handle property dispute claims.
The new decree also postpones execution of prior rulings related to liquidation of any development under the committee's jurisdiction made by other courts.