Dubai authorities pay $ 734 million to princess in royal divorce | Business and Economic News

A London judge has ordered Sheikh Mohammed bin Rashid Al Maktoum to pay his wife Princess Haya Bint Al Hussein.

The Dubai authorities were ordered to give his wife and their children at least £ 554 million ($ 734 million) in the highest financial award ever seen by UK family courts.

A London judge has ordered Sheikh Mohammed bin Rashid Al Maktoum to pay Princess Haya Bint al-Hussein £ 251.5 million within three months to cover security and cover up lost items such as jewelery and clothing. He also has to make payments of around £ 11 million a year while he is in education for his children’s expenses, and the judge will guarantee him a bank guarantee of £ 290 million. The remaining millions are back amounts and a study fund.

That would give Princess Haya a “clean break” from the post-divorce jeikh, Judge Philip Moor said in a ruling released Tuesday. He said the sheikh, who did not testify in the case, had brought himself an extraordinary security reward after another judge ordered him and his legal team to order the phones to be hacked.

The total amount that Sheikh will have to pay to his family is likely to be much higher due to the annual security costs that he has to pay directly to his children after graduation.

Sheikh said in a statement that he “always made sure that his children were equipped.” Princess Haya’s lawyers declined to comment on the verdict.

Family courts in London have been well-known destinations for high-value legal battles, with judges usually willing to order a more equal share of a couple’s property. Prior to Tuesday’s ruling, the highest-paid court-ordered divorce was worth £ 450 million for the wife of billionaire Farkhad Akhmedov, both of whom were paid less than a third of that amount.

“Setiopean”

Over the past two years, London courts have received a number of explosive allegations and rulings concerning the royal family in Dubai.

Princess Haya said the case was “under siege” and that the sheikh “could not have been more intrusive and disturbing”, according to the verdict. His only claim for financial supplies was the loss of security and some personal belongings.

The case also highlights the plentiful spending of the kings and queens of the Middle East.

As part of the settlement, Judge Moor gave her more than £ 5 million a year to spend on family holidays, including private jet flights. There are nearly 300,000 pounds each year to cover the maintenance of horses and other pets, as well as 39,000 pounds to install two trampolines.

Princess Haya said at the hearing that relying on regular payments would put “tremendous extra pressure” on the family, “because they will always live in the shadow of possible litigation.” Judge Moor ruled that the amount of money given to him could be trusted.

He acknowledged that the “prosperous and unprecedented standard of living of these parties in Dubai” should be “a reasonable conclusion, noting the extraordinary richness and standard of living of these children during their marriage.” it takes it out of the ordinary. ‘