Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum has been ordered by the High Court to pay £550m to ex-wife Princess Haya in a divorce settlement, Sky reports.
The staggering amount is thought to be the largest award of its kind ordered by an English court.
As Sheikh Mohammed makes headlines for the divorce settlement, we take a look at his net worth.
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£550m divorce settlement explained
According to Sky News, Princess Haya, 47, left United Arab Emirates for England in 2019 with their two children after claiming she was “terrified” of her husband Sheikh Mohammed bin Rashid al-Maktoum.
Sheikh Mohammed is the ruler of Dubai but has now been ordered by the court to pay a divorce settlement of about £550m to his former wife.
Princess Haya’s ex-husband must compensate her for possessions lost as a result of the marital breakdown, make a one-off payment of £251.5m for the upkeep of her homes in the UK, contribute £3m towards the education of their children, and pay £9.6m in arrears.
Sky News reports Sheikh Mohammed is further required to pay £11.2m a year for the children’s maintenance.
Judge Moor ruled: “She [Princess Haya] is not asking for an award for herself other than for security.”
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Sheikh Mohammed’s net worth revealed
According to Celebrity Net Worth, Sheikh Mohammed, 72, is worth $14 billion. The Dubai ruler’s large fortune stems from his ventures as a politician and businessman.
Serving as vice-president and prime minister of the UAE, as well as ruler of the Emirate of Dubai, Sheikh Mohammed is the owner of a reported 99.67% of Dubai Holding. Likewise, the billionaire is responsible for the huge growth of economic assets in Dubai.
As reported by Biography.com, the 72-year-old has invested in the development of Palm Islands, the Burj al-Arab hotel and the Burj Khalifa skyscraper, turning Dubai into a luxury travel destination.
How long were the couple married?
According to The Sun, Sheikh Mohammed bin Rashid al-Maktoum and Princess Haya had been married for 16 years before she left in 2019.