Tayseer funds issue-free projects

Projects in Dubai that are facing no issues with buyers and moving forward as per the construction plans are being considered for the Tayseer programme, as five banks are joining hands with the Dubai Land Department to fund selected projects.

Sultan Butti Bin Mejren, Director General, Dubai Land Department, said: “For projects to be selected and accredited with Tayseer, they should be registered at the department, completion of project not less than 60 per cent, a trustee account, moving forward with construction plans with no issues with buyers. Projects should have a solid infrastructure and has a competent contractor to deliver on time.”

On Saturday, it was announced that Mashreq had joined the programme, becoming one of the first five banks to join the initiative.

Bin Mejren added: “Tayseer programme focuses on assisting banks to reduce administrative expenses and assist them to offer real estate financing services, through maintaining low proportion on risk involved in financing and increased high turnover for banks. The objective of Tayseer is to encourage social responsibility of banks towards financing the property market, hence development of Dubai’s infrastructure.”

Under Tayseer, the DLD aims to offer services to developers committed to present properties for financing and registering it through a government programme. As a result, developers will offer competitive rates lower than the market, which assures banks to finance guaranteed projects with no risks involved.

Abbas Hasan, Co-Head of Corporate Banking Investment Group at Mashreq said: “The main objective of this partnership is to facilitate the reactivation of the property sector in Dubai and we hope that it 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.

A total of 40 projects within the Dubai Marina, Business Bay, and Jumeirah Lake Towers have been short listed in the first phase of the initiative launched by DLD to offer developers and investors confidence and security of completion of the project. This will continue boost the property market in Dubai and safeguard the rights of all parties involved.
 

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