(This is based on the quran with Rasm Uthmani script).

How to recite the verse with this situation found in the quran as illustrate in the picture?

Does the waaw exist in the writing but not exist in recitation ?

This is only an example for explaination. There are few places in different verse in some surahs of quran. The basic guideline is whenever the waaw has a fathah ( ⁄ ), then the waaw need to be in the recitation. Otherwise, just ignore the existence of the waaw during the recitation.

While reciting quran, we need to identify this situation and recite it correctly.