Wahat Al Zaweya is a massive project in Abu Dhabi that has recently settled 822 execution cases brought by buyers. The court rulings mandated refunds totaling Dh702 million to be deposited into the buyers’ bank accounts. The judicial body is now working on completing the second phase of settlement with 630 buyers, offering them the option to continue in the project based on current real estate market conditions.
The goal of the second phase is to ensure all claimants receive their due rights and provide a legal option to proceed based on updated market information. The company’s board of directors has proposed resolving outstanding legal issues by the end of the year. Their plan includes resuming development through authorised contractors and handing over properties to rightful owners within specified timelines ranging from one to three years.
To ensure accountability and transparency, the company has committed to strict financial protocols, with all collected amounts deposited into an escrow account. Disbursements will be based on progress confirmed by relevant authorities. The company has also promised timely payments for initial instalments and legal assurances to fulfil the project under agreed terms with buyers who have not filed claims and are willing to proceed with the project.
The Wahat Al Zaweya and Wahat Yas projects’ case files were handed over to a special judicial body in 2021 to ensure a speedy resolution of conflicts and preserve plaintiffs’ funds until debts are repaid. The body was established by the decision of Sheikh Mansour bin Zayed Al Nahyan, with the aim of protecting claimants’ funds and providing guarantees for execution. The company is dedicated to closing the Wahat Al Zaweya Project file comprehensively.
Stay updated with the latest news by following KT on WhatsApp Channels. The company is working towards re-initiating the project, which had been paused earlier. By submitting a proposal to resolve legal issues, the company aims to resume development and hand over properties to owners within specified timelines. The company’s commitment to transparency, financial accountability, and timely payments ensures that the project progresses smoothly and efficiently towards completion.
