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.
“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.