Dubai initiative sees 43 stalled projects worth $2.7bn given green light

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Stalled projects worth AED10 billion ($2.7 billion) have been revived by Dubai Land Department (DLD), according a senior official.

A total of 43 projects that were stalled have been revived through a DLD initiative called Tanmia, which looks after incomplete projects in difficulty and not progressing, according to Emirates 24/7.

Launched in 2011, the initiative sees DLD play a mediator role between developers of such projects and investors who might be interested in buying and/or investing in same.

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“We have facilitated takeover of 39 projects valued at AED10 billion by various developers under our Tanmia initiative,” Duaa Issam Dablan, senior deputy director, Dubai Land Department, told a real estate seminar last month.

“We arranged funding for another four projects under our programme,” he added.

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