DUBAI, United Arab Emirates (AP) — Dubai says it has set up a special committee to “resolve multiple disputes” involving a government-owned developer as it faces a series of lawsuits amid an economic slowdown gripping the city-state.
The government’s Dubai Media Office told The Associated Press on Tuesday that the committee of judges will handle all cases against Meydan, a developer whose name graces the Dubai racecourse that hosts horseracing’s richest race.
The office said: “Although Meydan should be able to cover its liabilities, the government is prepared to stand behind it and make good on any payments ordered by the judges.”
Dubai similarly relied on such special committee amid its 2009 financial crisis.
The Financial Times first reported about the creation of the committee. Meydan officials could not be reached for comment.