The United Arab Emirates is releasing $ 496 million frozen and ending a dispute with Kuwait by Reuters



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© Reuters. The United Arab Emirates is releasing $ 496 million frozen and ending its dispute with Kuwait

By David Barbuchia

DUBAI (Reuters) – A dispute between Dubai and Kuwait ended on Tuesday with the central bank agreeing to spend $ 496 million frozen by Noor Bank in Dubai since the end of 2017.

The Port-Vand Fund, registered in the Cayman Islands, part of a Kuwaiti direct investment group and Noorbank brokerage, said the funds were released. The central bank of the United Arab Emirates and the Noor bank did not immediately respond to requests for comments.

Two Kuwaiti government entities, the country's port authority and its pension fund, were entitled to a total of $ 200 million after the funds were frozen when the Dubai public prosecutor was working with his Kuwaiti counterpart to investigate the transfer of funds from the Philippines.

"We are pleased that we have been able to return the original capital and some profits to our investors," Mark Williams, investment manager at Port Vand told Reuters.

Williams added that most of the amount in the fund account was transferred on Tuesday to Port Vand investors, including Kuwaiti government entities. The Dubai government did not respond to the request for comment.

(Al عداد إسلام يحيى للنشرة العربية – Edit Alaa Rushdi)

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