Abu Dhabi Court Mandates Dh702 Million Refund in Wahat Al Zaweya Dispute

asmaa - | Arab News

In a sequence of legal disputes pertaining to the Wahat Al Zaweya Project, an Abu Dhabi court has effectively resolved a collection of 822 execution cases through full settlement. At the conclusion of these formal proceedings, the court issued orders mandating the reimbursement of deposits amounting to Dh702 million to the purchasers who were impacted.

The court mandates refunds and continuing settlement efforts

An Abu Dhabi court has successfully resolved a series of lawsuits related to the Wahat Al Zaweya Project, with a total of 822 execution cases reaching full settlement. These legal proceedings concluded with court orders mandating the refunding of deposits totaling Dh702 million to the affected buyers.

The final rulings, issued by a specialized judicial body, ordered the termination of contracts between the buyers and the project, as well as the deposit of settlement amounts into the buyers' bank accounts. Subsequently, the execution files associated with these cases were officially closed.

Meanwhile, efforts are underway to address additional legal matters pertaining to the project's buyers, who were not covered in the initial settlement phase. Approximately 630 such buyers are being given the opportunity to either continue their involvement in the project under revised conditions reflecting current real estate market dynamics or pursue alternative legal avenues.

This secondary phase of settlement aims to ensure that all stakeholders receive fair treatment and appropriate remedies, taking into account updated market information. The overarching objective remains the comprehensive resolution of all outstanding issues related to the Wahat Al Zaweya Project.

A commitment to legal obligations

In order to resume development activities for the project, which had been temporarily halted, the company's board of directors has put forth a proposal to resolve remaining legal disputes by the end of the year. This proposal outlines plans to recommence development work through authorized contractors and deliver properties to their rightful owners within specified timeframes ranging from one to three years, depending on the project's individual segments.

To uphold transparency and financial integrity throughout this process, the company has committed to stringent financial protocols. All funds collected will be placed into an escrow account, and disbursements will be contingent upon obtaining certification from relevant authorities confirming the completion status of the work. Payments will be disbursed proportionally to the progress achieved in completing the project's various components.

Furthermore, the company has pledged to meet its financial obligations by making timely payments for initial installments and has provided legal assurances to fulfill contractual agreements with buyers who have not initiated claims. Additionally, the company remains committed to negotiating settlements with claimants who express a desire to proceed with their involvement in the project.

By adhering to these measures and commitments, the company aims to resolve outstanding issues surrounding the Wahat Al Zaweya Project in a transparent, equitable, and legally sound manner, ultimately facilitating its successful completion and delivery to its stakeholders.

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