In a landmark legal development, the Judicial Department in Abu Dhabi has brought closure to a significant chapter of disputes surrounding the Wahat Al Zaweya Project. A staggering 822 execution files have been meticulously addressed, culminating in final court rulings mandating the reimbursement of deposits amounting to AED702 million.
The intricate settlement emerged from the dedicated endeavors of the judicial entity entrusted with navigating the intricacies of the Wahat Al Zaweya Project disputes. Established under the auspices of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court, and Chairman of the Judicial Department in Abu Dhabi, this body was tasked with safeguarding claimants’ interests while ensuring the judicious resolution of financial matters.
Delving into the specifics, the specialized judicial body swiftly resolved execution files linked to purchasers, orchestrating the termination of contracts, the restitution of settlement sums to designated bank accounts, and the eventual closure of litigation-induced execution files.
Furthermore, a proactive approach has been adopted to address pending lawsuits, involving 630 additional buyers. These stakeholders are presented with the option to either recommence their involvement in the project, guided by prevailing market dynamics, or pursue alternate recourse consonant with their legal entitlements.
Notably, efforts are underway to recommence the paused project, predicated on a comprehensive proposal tabled by the company’s board of directors. The envisaged roadmap entails the resolution of legal impediments by year-end, alongside the resumption of development activities under the aegis of authorized contractors. Commitments have been made to expedite property handovers within stipulated timelines, contingent upon the project’s ten segments’ geographical nuances.
Crucially, stringent financial protocols have been instituted to safeguard stakeholders’ interests. All collected funds are mandated to be channeled into escrow accounts, with disbursements contingent upon requisite progress certifications. This prudent measure ensures a judicious allocation of resources commensurate with project advancement.
Moreover, the company has pledged punctual installment payments and provided legal assurances to honor contractual obligations with unaffected buyers, besides facilitating equitable settlements with claimants opting to proceed with the project.
In summation, the resolution of 822 lawsuits in the Wahat Al Zaweya Project underscores the UAE’s unwavering commitment to upholding the rule of law, ensuring equitable redressal, and fostering investor confidence in the real estate landscape.
