AED 702m returned to buyers of stalled real estate project

An Abu Dhabi court has settled 822 enforcement cases, worth AED702 million, relating to a suspended real estate project in the UAE capital.

The Abu Dhabi Judicial Department (ADJD) has ordered the return of deposits to buyers of the Wahat Al Zaweya project and the termination of real estate contracts.

This decision comes as the judicial body was responsible for settling disputes from buyers, whose money had been collected in an escrow account.

ADJD settles 822 execution files in prosecutions relating to Wahat Al Zaweya project worth AED 702 million pic.twitter.com/HSZeb5ZNvu

– دائرة القضاء-أبوظبي (@ADJD_Official) May 27, 2024

The court is also working to finalize the second phase of settlement with 630 other buyers who had also filed lawsuits against the stalled real estate project.

The ADJD was established in October 2021 to resolve disputes related to the Wahat Al Zaweya and Wahat Yas projects, with the aim of ensuring dispute resolution and reimbursement of funds.