Investors in Hydra Village, on the outskirts of Abu Dhabi, have been given a break in payments to give them more time to raise money and limit defaults.

Investors who have paid 50% or more will have until the middle of next year to resume their instalments, while penalties for late-paying customers who have invested less will be waived.

The move comes after a long-running dispute between the developer and its customers over construction delays, payments, price rises and contract changes, and is the first sign that investor revolts can be successful.

The National