A development once sold exclusively to Emirati nationals by an Abu Dhabi–listed company is being replaced by a new community of villa and mansion plots called Arabian Hills Estate. Customers who paid the developer, Wahat Al Zaweya Holding PJSC, never saw the project handed over and many have pursued litigation to secure their money back, but others still hold out hope of receiving their properties.
Formally launched last year, Arabian Hills Estate is being promoted as offering lush gardens, a swimmable lagoon, an equestrian center, shopping malls, resorts and “extraordinary experiences right on your doorstep”.
Plots ranging from 12,000 to 132,000 sq.ft are being sold with a proposed completion date of February or March 2027 or Q4 2027. It has been dubbed the “Beverly Hills of Dubai” by one real-estate broker, though it falls on land just across the Abu Dhabi border in Al Ain.
Before Arabian Hills Estate, another development, the “paused” Wahat Al Zaweya (WaZ), was marketed as “a city filled with all the elements of modern luxury, designed for a distinguished lifestyle in line with the UAE’s goal of making its people and residents the happiest in the world.” Up to 2,500 plots were sold, but none were delivered, and many buyers eventually resorted to a special judicial body to get their money back.
Plots at Arabian Hills Estate are available on a five-year payment plan at AED 140 or AED 155 per sq.ft, but those who can raise the money within two or three working days can pay between AED 55 and AED 60 per sq.ft up front, starting at around AED 760,000 ($207,000) for a plot, two real-estate agents told Zawya.
Industry experts said such a discount, which amounts to more than 60%, is unusual, bearing in mind developers’ margins. Discounts for cash up front are usually 10–12%, with the largest otherwise in the UAE at around 50%.
While plots are listed on property portals on a 50/50 payment plan, agents are offering prospective buyers substantial discounts over phone calls and WhatsApp messages if they can raise and pay the full amount of money within a week.
Wahat Al Zaweya PJSC’s status
One WaZ buyer said he agreed to pay around AED 800,000 on a payment plan for a 14,000 sq.ft. plot in 2014 and wrote post-dated cheques. The two-year handover date passed and no plot was delivered.
In 2018, while there was no sign of the development’s completion, Wahat Al Zaweya Holding PJSC was listed as a joint stock company on the Abu Dhabi Securities Exchange (ADX). The share capital of the company is 2.3 billion shares according to ADX data, with the share price closing at AED 4.07 when it last traded.
In 2019, the WaZ buyer was given a bigger plot of 17,000 sq.ft. to compensate him for the delay.
Do not stop paying your instalments, he was told, or you will lose everything. He last heard from the developer in 2021 when he visited the site, but was refused entry due to COVID-19 infection risk.
The company, which rebranded to Anan Investment Holding PJSC in 2021, stopped cashing his cheques in 2022, by which time he had paid AED 600,000.
Data from Dari, the Abu Dhabi government–backed real-estate portal, shows Wahat Al Zaweya listed as a project but marked as 0% complete. There are two listings named Arabian Hills. The first is Arabian Hills Estate, listed as a plot project, 12.5% complete, registered in 2024, and developed by Arabian Hills Investment and Real Estate. A construction report shows 0.64% progress made between two site visits carried out in January and February, and photographs show work being carried out at the site.
The second, named simply Arabian Hills, also by the same developer, was registered on the same day and marked 55.89% complete, with progress of 0.25% between site visits in January and February.
Zawya reached out to Abu Dhabi Real Estate Centre, which regulates the sector in the emirate, about the Arabian Hills Estate project, but a spokesperson said the office is unable to comment at present.
Audited financial results for FY 2019 for the company, then known as Wahat Al Zaweya Holding PJCSC, show material doubts about its ability to continue as a going concern and that it was subject to legal cases from buyers due to delayed handovers.
One former insider said the project was large and complicated and financial constraints were compounded when legal cases and costs piled up.
By the end of 2021, accumulated losses reached AED 250 million, and current liabilities exceeded assets by AED 4 billion. The company’s stock has not traded since August 2022 and is on “temporary” suspension due to failure to file financial results since March 2022.
When asked about the company’s status, a statement from ADX said listed companies are required to comply with both ADX and the UAE’s Securities and Commodities Authority’s (SCA) requirements and listing standards.
The statement added ADX is not in a position to comment on behalf of its listed companies, and referred Zawya to its website or the company’s investor relations unit.
Zawya contacted Anan and Arabian Hills Estate’s development partners Core International Holding, ARA Real Estate Development and property development manager DECA Properties, but received no response.