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Thursday , February 25 2021

Dispute between Dubai and Kuwait ends – UAE bank releases $496 million

DUBAI: A dispute between Dubai and Kuwait appeared to have ended on Tuesday as the United Arab Emirates’ central bank authorised the release of $496 million which had been frozen at Dubai’s state owned Noor Bank since late 2017.

Cayman Islands-registered Port Fund, part of a Kuwaiti private equity group and holder of the account at Noor Bank, said the funds had been released.

The UAE central bank and Noor Bank did not immediately respond to requests for comment. Two Kuwaiti government entities, its port authority and pension fund, were owed around $200 million after the funds were frozen when Dubai’s public prosecutor, working with its Kuwaiti counterpart, investigated its transfer from the Philippines. (RTRS)

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