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Abu Dhabi Court Orders 702 Million Refund to Buyer in Wahat Al Zaweya Project Dispute

An Abu Dhabi court has reached a comprehensive settlement in the lawsuits filed by buyers involved in the Wahat Al Zaweya Project. These lawsuits included 822 execution cases, with the final court rulings mandating a refund of deposits totaling Dh702 million.

The special judicial body overseeing the case ordered the termination of contracts with the buyers and directed that settlement amounts be deposited into their bank accounts. This action led to the closure of the 822 execution files.

In addition to this, the judicial body is now focusing on the second phase of settlements for buyers who had filed lawsuits before the first phase commenced. These 630 buyers have the option to continue with the project, which will be re-offered based on the current real estate market conditions.

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The aim of this second phase is to ensure that all claimants receive their rightful dues while offering them a legal option to proceed with the project, considering updated market information. The ultimate goal is to comprehensively resolve the Wahat Al Zaweya Project file.

To facilitate the project's re-initiation, which had previously been stalled, the company's board of directors has proposed resolving outstanding legal issues by the end of the year. The proposal includes resuming development through authorized contractors and handing over the properties to their rightful owners within specified timelines, ranging from one to three years, depending on the project's ten segments.

The company has pledged to adhere to strict financial protocols to ensure transparency and accountability. All collected amounts will be deposited into an escrow account, with disbursements contingent on obtaining a certificate from the relevant authority confirming the completion percentage of the work. Disbursements will be proportional to the progress made on the completed work.

Additionally, the company has committed to making timely payments for initial installments and has provided legal assurances to fulfill the project terms with buyers who have not filed claims. The company is also committed to settling with claimants who wish to proceed with the project.

The case files for the Wahat Al Zaweya and Wahat Yas projects were handed over to the special judicial body in 2021 to ensure a swift resolution of conflicts and to safeguard the plaintiffs' funds until the debts are repaid.

This judicial body was established by the decision of Sheikh Mansour bin Zayed Al Nahyan, Vice-President of the UAE, Deputy Prime Minister, Chairman of the Presidential Court, and Chairman of the Judicial Department in Abu Dhabi. Its primary aim is to take necessary precautionary measures to preserve the claimants' funds until the debts are settled, while ensuring sufficient guarantees for execution.

May 27, 2024 3:47 p.m. 497

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