Latest news with #disputes
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.
Zawya
7 days ago
- Business
- Zawya
China sets up international mediation body in Hong Kong
HONG KONG - China signed a convention setting up an international organisation for mediation in Hong Kong on Friday that Beijing hopes will be on par with the International Court of Justice and bolster the city's international credentials. The move comes amid growing geopolitical tensions that have been exacerbated by U.S. President Donald Trump's global trade war and fuelled risks of a sharp worldwide economic downturn. Escalating trade tensions between China and the U.S. have been a focal point for investors and markets in recent months, with the trade war leading to significant impacts on global commerce and supply chains. The mediation body aims to cement Hong Kong's presence as a top centre to resolve disputes between countries, leader John Lee said earlier this week, adding that it's status would be on par with the International Court of Justice and the Permanent Court of Arbitration of the United Nations in The Hague. It would help bring "substantial" economic benefits and job opportunities and stimulate various sectors including hospitality and transport, Lee said. Indonesia, Pakistan, Laos, Cambodia and Serbia were among the countries attending the signing ceremony. Representatives from 20 international bodies including the United Nations were also expected to join, public broadcaster RTHK said. A video shown at the signing, which was presided by Chinese Foreign Minister Wang Yi, said the scope of cases that would be handled include disputes between countries, between a country and nationals of another country and between private international entities. The mediation group could advance China's influence internationally and promote a more assertive role for the world's second-largest economy in global governance, some analysts said. Hong Kong's Justice Secretary Paul Lam said that the new body would help Hong Kong cope with challenges that arise when "hostile external forces are attempting to de-internationalise and de-functionalise" the city. Hong Kong tied with Singapore for second place, behind London, as the top choice for a seat of arbitration in 2025, according to the 2025 International Arbitration Survey conducted by Queen Mary University of London. The new organisation's headquarters will be located at a former police station in the bustling Wan Chai district, and is due to open by the end of this year or early 2026.
CNA
7 days ago
- Business
- CNA
China sets up international mediation body in Hong Kong
HONG KONG: China signed a convention setting up an international organisation for mediation in Hong Kong on Friday (May 30) that Beijing hopes will be on par with the International Court of Justice and bolster the city's international credentials. The move comes amid growing geopolitical tensions that have been exacerbated by United States President Donald Trump's global trade war and fueled risks of a sharp worldwide economic downturn. Escalating trade tensions between China and the US have been a focal point for investors and markets in recent months, with the trade war leading to significant impacts on global commerce and supply chains. The mediation body aims to cement Hong Kong's presence as a top centre to resolve disputes between countries, leader John Lee said earlier this week, adding that its status would be on par with the International Court of Justice and the Permanent Court of Arbitration of the United Nations in The Hague. It would help bring "substantial" economic benefits and job opportunities and stimulate various sectors, including hospitality and transport, Lee said. Indonesia, Pakistan, Laos, Cambodia and Serbia were among the countries attending the signing ceremony. Representatives from 20 international bodies, including the UN, were also expected to join, public broadcaster RTHK said. A video shown at the signing, which was presided by Chinese Foreign Minister Wang Yi, said the scope of cases that would be handled include disputes between countries, between a country and nationals of another country and between private international entities. The mediation group could advance China's influence internationally and promote a more assertive role for the world's second-largest economy in global governance, some analysts said. Hong Kong's Justice Secretary Paul Lam said that the new body would help Hong Kong cope with challenges that arise when "hostile external forces are attempting to de-internationalise and de-functionalise" the city. Hong Kong tied with Singapore for second place, behind London, as the top choice for a seat of arbitration in 2025, according to the 2025 International Arbitration Survey conducted by Queen Mary University of London. The new organisation's headquarters will be located at a former police station in the bustling Wan Chai district, and is due to open by the end of this year or early 2026.
