Dubai’s Highest Court Asked To Review Ruling On Dispute Between Local Bank And International Investor

Dubai’s Highest Court Asked To Review Ruling On Dispute Between Local Bank And International Investor

General view of Dubai skyscrapers during a heavy fog on September 27, 2017 in Dubai, United Arab ... [+] Emirates. (Photo: Tom Dulat/Getty Images) A Cayman Islands-based investor involved in logistics projects around the world has filed a request to Dubai's highest court asking it to reconsider a ruling which saw it lose a multi-million-dollar claim for missed interest payments from a local bank. The complex case dates back to November 2017, when $497 million belonging to The Port Fund was frozen at a branch of Noor Bank in Dubai, the commercial capital of the United Arab Emirates. The money remained frozen for almost 15 months, until February 2019. The money represented the proceeds of a development project in the Philippines called Sabah Al-Ahmad Global Gateway Logistics City. This was sold in 2017, with the amount transferred to the bank account in Dubai. The money was frozen following a request from authorities in Kuwait who claimed there was a risk of embezzlement; Kuwait's interest stemmed from the fact that the fund's shareholders included the Kuwait Port Authority (KPA) and the Public Institution for Social Security The Central Bank of the UAE initially ordered Noor Bank to pay that sum in