Abu Dhabi: Dispute Against Developers Resolved After Dh1-Billion Settlement

Abu Dhabi's court settled a dispute against two major developers, Wahat Al Zaweya and Wahat Yas real estate project, the Abu Dhabi Judicial Department announced Monday.

The authority disbursed nearly Dh1 billion in financial entitlements to beneficiaries.

In detail, the judicial committee concluded all lawsuits and enforcement files submitted against Wahat Al Zaweya Investment and Real Estate Development Company, totaling 1,348 cases. Financial entitlements amounting to Dh983,721,217 were disbursed to beneficiaries.

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Key settlements in Wahat Al Zaweya project included resolving a major file submitted by a bank against the company, which resulted in an agreement to reschedule a debt of Dh360 million.

Additionally, negotiations with several buyers led to agreements to continue existing contracts, supporting stability in related real estate transactions.

These settlements and communications paved the way for the resumption of construction works at Wahat Al Zaweya, in accordance with procedures approved by the Abu Dhabi Real Estate Centre. The project has been divided into 14 phases, and the company is now required to deposit all purchase payments into an escrow account supervised by the centre.

As for Wahat Yas, the judicial committee resolved a dispute between Wahat Yas Real Estate Development Company and Wahat Al Zaweya Investment and Development Company over a plot of land in Al Raha Beach area. All related lawsuits and enforcement files - 53 in total - were also concluded.

Across both projects, the dispute resolution process involved issuing 1,043 settlement reports, executing 1,237 disbursement transactions, holding 85 meetings, and documenting 167 correspondences with partners.

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