Dubai resumes 43 projects with more than Dh10 billion funds

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Dubai resumes 43 projects with more than Dh10 billion funds

Dubai resumes 43 projects with more than Dh10 billion funds

At least 43 mired projects worth over Dh10 billion have been revitalized by the Dubai Land Department (DLD) through two of its realty project resurgence initiatives, a senior DLD has discussed.

They have assisted the takeover of 39 projects worth Dh10 billion by several developers under Tanmia initiative, according to a top official of DLD. They already arranged funding for another four projects under the programme, bringing the total to 43. Forty-five projects have been registered under the scheme.

In July 2013, Majida Ali Rashid, Chairwoman of the Real Estate Investment and Promotion Centre, that DLD was studying 158 projects that could be revived through its realty initiatives.

45 projects registered under Tanmia and another 45 under the Tayseer scheme. Now they are presently studying another 158 projects. Meanwhile, Tayseer is a guaranteed funding initiative and was commenced in June 2010. It originally had covered 40 projects across Jumeirah Lake Towers, Business Bay and Dubai Marina.

In order to meet the requirement under the scheme, projects require to have sufficient infrastructure designed or in place; escrow trust account have to be appropriately controlled; technical report must reveal that a minimum 60% of construction is concluded and that a minimum 60% of the project has been sold.

Under the scheme, property investors were also given the right to register their stalled projects with the DLD.

Mohamed Dekkak