Latest news with #WahatYas
Arabian Business
3 days ago
- Business
- Arabian Business
Abu Dhabi real estate disputes end in $268m settlement
Abu Dhabi authorities have settled real estate disputes after handing out $268m settlements. The Abu Dhabi Judicial Department (ADJD) has successfully completed a comprehensive settlement of all disputes related to the Wahat Al Zaweya and Wahat Yas real estate projects, disbursing nearly one billion dirhams in financial entitlements to beneficiaries. This is part of the department's ongoing efforts to enhance the efficiency of the judicial system and uphold rights through fair and transparent settlement mechanisms. Abu Dhabi real estate disputes The judicial committee concluded a total of 1,348 lawsuits and enforcement files submitted against Wahat Al Zaweya Investment and Real Estate Development Company. Financial entitlements amounting to AED983,721,217 ($268m) were disbursed to beneficiaries. 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 AED360m ($98m). 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. 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. These organised and thorough procedures reflect the Judicial Department's commitment to delivering effective solutions that strengthen confidence in Abu Dhabi's investment and real estate environment.
Khaleej Times
4 days ago
- Business
- Khaleej Times
Abu Dhabi: Dh1-billion settlement resolves dispute between developers
Abu Dhabi's court settled a dispute between 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. 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.
