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The Dubai Land Department (DLD) has revived 43 projects worth US$2.7bn through real estate initiative Tanmia
Tanmia translates to investment in Arabic, and has been launched to handle incomplete projects in the emirate. According to officials at DLD, 39 projects have been taken over by developers under the Tanmia scheme, and another four projects are being considered for funding under the same scheme.
In addition to the Tanmia scheme, 45 projects have been registered under the Tayseer scheme, revealed Majida Ali Rashid, chairwoman of the Real Estate Investment and Promotion Centre. The organisation, she added, is surveying another 158 projects.
Tayseer is a guaranteed funding initiative that was launched in 2010 and had covered 40 projects across Dubai Marina, Jumeirah Lake Towers and Business Bay.
For projects to qualify under these schemes, they must have adequate infrastructure planned, a properly managed escrow trust account, a technical report that shows a minimum of 60 per cent of construction has been completed and a minimum of 60 per cent of the project sold, stated local reports.