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FINANCIAL NEWS
Dubai’s Tayseer program works with Al Manal
29 Mar 2011
(MENAFN) Dubai’s Land Department senior director of planning and organizational development, Majida Ali Rashid, said that Al Manal Development was able to secure a USD17.7 million loan from a commercial bank for financing work on its Lakeside Residence project, reported Arabian Business.
Rashid said that what makes this deal remarkable is the fact that it is the first real estate one under the Tayseer program the government started in 2010.
Rashid added that the new program seeks encouraging and boosting investment in the real estate sector in Dubai as it evaluates all under construction projects which were at least sixty percent completed.
It is worth noting that currently, the Tayseer program is cooperating with 114 projects.
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