Al Manal Development has become the first real estate developer to secure a two-year funding of Dh65 million from Mashreq for its Lakeside Residence in Jumeirah Lakes Towers.
The funding has been initiated through the Dubai Land Department’s Tayseer programme.
Majida Ali Rashid Senior Consultant and Senior Director of Planning & Organizational Development at the Land Department said in a press statement: “Mashreq was the first to join the Tayseer programme by signing a funding agreement for the Lakeside Residence project being developed by Al Manal Development. The 358-apartment project has secured a two-year loan depending on completion percentages.”
“The mechanism through which Lakeside Residence was selected and accredited under the programme requires it to be registered with the department; should meet a specified completion percentage; must have an escrow account; be moving forward as per the construction schedule; and have a competent contractor who can deliver on time,” added Majida.
Abbas Hasan, Co-Head of Corporate Banking Investment Group at Mashreq said: “The Lakeside Residence loan agreement reflects positively on the real estate sector in Dubai and facilitates its reactivation. We hope that this success will encourage other banks to follow the same steps. The existence of an authority such as Tayseer will ensure that well assessed projects are completed, while ensuring transparency between financial institutions and developers.”
An official from Al Manal Development said: “The loan ensures the completion of the project on schedule and reflects the importance of restoring confidence in the sector by financial institutions as per the criteria set by the Tayseer programme.”
Tayseer was launched in June last year with 40 projects in Business Bay, Dubai Marina and Jumeirah Lake Towers being approved in the first phase.
Emirates 24/7 reported on Sunday that the number of accredited projects now stand at 114.