The ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, was ordered to pay around £550 million (USD 730 million) for his ex-wife, Princess Haya Bint al-Hussein, and their children as a divorce settlement, which is the highest ever awarded by a UK court, according to AFP Tuesday.

Judge Philip Moor said that Sheikh Mohammed must pay £251.5 million upfront to Princess Haya and provide a bank guarantee of £290 million for annual payments to cover the expenses of childcare and their security as adults after a custody battle.