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FINANCIAL NEWS
Dubai’s DLD to revive USD2.7b worth of projects
16 Nov 2014
(MENAFN) Dubai Land Department (DLD) announced it is planning to revive stalled projects, which are worth USD2.7 billion, Arabian Business reported
DLD said that a total of 43 stalled projects have been revived an initiative called Tanmia, which looks after incomplete projects in difficulty and that are not progressing.
Under this initiative, DLD is expected to play a mediator role between developers of such projects and investors who might be interested in buying or investing in these projects, thus facilitating their completion.
“We have facilitated takeover of 39 projects valued at USD2.72 billion by various developers under our Tanmia initiative. We arranged funding for another 4 projects under our program,” Senior Deputy Director of Dubai Land Department said.
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