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
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