Dubai has set up a tribunal to settle all financial disputes between Dubai World and its creditors. Dubai World is seeking to restructure around 26 billion US dollars of debt. A statement issued by the emirate ruler, Sheikh Mohammed bin Rashid Al Maktoum said that the tribunal will hear and decide any demand or claim against Dubai World, including any demand to dissolve or liquidate the state-owned corporation. The setting up of the tribunal is part of a new insolvency code used in the Emirate.The move came hours after the government announced it would repay 4.1 billion dollars to holders of the Islamic bonds (sukuk) of Nakheel, the property developing unit of Dubai World, which matured yesterday, following a 10 billion dollar support from Abu Dhabi. Dubai World announced on November 25 it would seek a standstill agreement with all creditors and extend all loan maturities to at least May 30, 2010.