The final rulings by a special judicial body mandated the termination of contracts with the buyers, the deposition of settlement amounts into their bank accounts, and the subsequent closure of the execution files.
Meanwhile, the judicial body is working on completing the second phase of settlement with buyers who had lawsuits filed before the start of the first phase of settlement. The 630 buyers are given the option to continue in the project after it is re-offered according to current real estate market conditions.
This second phase aims to ensure that all claimants receive their due rights while providing a legal option to proceed based on updated market information before finalising the lawsuits. The goal is to ultimately close the Wahat Al Zaweya Project file comprehensively.
To facilitate the re-initiation of the project, which had previously been paused, the company’s board of directors submitted a proposal to resolve outstanding legal issues by the year’s end.The proposal includes plans to resume development through authorised contractors and hand 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 committed to strict financial protocols to ensure transparency and accountability. All amounts collected 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 of the completed work.
Furthermore, the company has committed to make timely payments for the initial instalments and provided legal assurances to fulfil the project under the agreed terms with buyers who have not filed claims. Additionally, the company is committed to settling with claimants who wish to proceed with the project.
The Wahat Al Zaweya and Wahat Yas projects case files were handed over to the special judicial body in 2021 to ensure a speedy resolution of the conflicts and preserve the plaintiffs’ funds until the debts are repaid.
The judicial body was established by the decision of Sheikh Mansour bin Zayed Al Nahyan, Vice-President of the UAE, Deputy Prime Minister, Chairman of Presidential Court and Chairman of the Judicial Department in Abu Dhabi, with the aim of taking necessary precautionary measures to preserve the claimants’ funds until the debt is settled, while ensuring sufficient guarantees for execution.
