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22 April 2024

Dubai's Dh12 billion push revives 51 projects

By Parag Deulgaonkar

Dubai has revived 51 projects worth Dh12 billion under its Tanmia initiatives since 2011, the Dubai Land Department said in a statement exclusively sent to Emirates 24|7.

Twelve new projects, worth Dh2 billion, were activated in the last one year.
This website had reported in October 2014 that 43 projects worth Dh12 billion had been revived.

Dubai restarts 43 projects worth over Dh10 billion

The Tanmia initiative was launched in September 2011 and was aimed at getting semi-government/private investors on board to get projects completed.
Under the scheme, property investors were also given the right to register their stalled projects with the department.

The Tayseer initiatives, which are guaranteed funding initiatives, were launched in June 2010 and DLD said it saw completion of 1,110 units valued at Dh137 million.
Currently, there are eight organisation listed under the scheme.
Though names have not been disclosed, previously we reported that Emaar Properties, Wasl Properties, ICD-Brookfield were among some of the entities listed under the initiatives.

The initiatives initially covered 40 projects across Business Bay, Dubai Marina and Jumeirah Lakes Towers.
As to qualify under the scheme, projects must have adequate infrastructure planned or in place; escrow trust account has to be properly managed; technical reports need to show that a minimum 60 per cent of construction is complete and a minimum of 60 per cent of the project has been sold.