{"id":92445,"date":"2024-05-28T00:00:00","date_gmt":"2024-05-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/wahat-al-zaweya-to-refund-aed-702-mn-to-buyers\/"},"modified":"2024-05-28T00:00:00","modified_gmt":"2024-05-28T00:00:00","slug":"wahat-al-zaweya-to-refund-aed-702-mn-to-buyers","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/05\/28\/wahat-al-zaweya-to-refund-aed-702-mn-to-buyers\/","title":{"rendered":"Wahat Al Zaweya to refund AED 702 mn to buyers"},"content":{"rendered":"

Wahat Al Zaweya to pay up AED 702 mn in court settlement:<\/strong> The Judicial Department in Abu Dhabi has ordered Abu Dhabi-based real estate developer Wahat Al Zaweya<\/a> to refund AED 702 mn in deposits to buyers in the Wahat Al Zaweya project as part of the first phase of settling 822 lawsuits, according to a statement<\/a>.<\/p>\n

In detail: <\/strong>Final rulings were issued by the ad hoc judicial body overseeing the Wahat Al Zaweya project file. The judicial body ordered the termination of all contracts with the buyers and ordered refunds to be deposited into the bank accounts of the claimants. <\/p>\n

Background:<\/strong> A special judicial body was established in 2021<\/a> to resolve disputes related to the Wahat Al Zaweya and Wahat Yas projects. This body was mandated to manage all legal cases \u2014 whether already settled, pending, or newly filed \u2014 concerning the projects. It was also responsible for evaluating the financial position of Wahat Al Zaweya to ensure that it can fulfill its settlements. The judicial body was established after nearly a decade-long delay in delivering the properties and reported issues of financial mismanagement.<\/p>\n

What\u2019s next?<\/strong> The second phase of the settlement will address lawsuits filed by 630 buyers before the first phase of the settlement, offering the claimants the option to be re-offered units in the project. This phase aims to settle all pending cases through agreements, allowing buyers to decide whether to proceed in the project after reviewing the market conditions, aiming to ultimately close the Wahat Al Zaweya file.<\/p>\n

Wahat Al Zaweya intends to resume development of the halted project<\/strong> after resolving outstanding legal issues by the end of 2024. The developer\u2019s board of directors proposed a plan to appoint authorized contractors to complete the project and hand over properties to owners within one to three years.<\/p>\n","protected":false},"excerpt":{"rendered":"

The developer plans to hand over properties within one to three years<\/p>\n","protected":false},"author":1,"featured_media":92446,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1625],"tags":[833,7,98],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-92445","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dispute-watch","tag-dispute-watch","tag-enterpriseam-uae","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"44d1a4c8-36e1-42b4-83b4-123f35fa9581","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/2234.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Abu Dhabi\u2019s Wahat Al Zaweya to refund AED 702 mn to buyers","related_issue":[92435],"teaser":"The developer plans to hand over properties within one to three years","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.2749285d-5c2b-4e1d-90f9-e91cdf73f19b.mp3"},"yoast_head":"\nWahat Al Zaweya to refund AED 702 mn to buyers - 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