DLD, Wasl launch Tanmia
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The Dubai Land Department has signed an agreement with Wasl Asset Management Group, a subsidiary of Dubai Real Estate Corporation, to join the DLD’s real estate development plan (Tanmia) initiative.
The new plan aims to identify, propose and evaluate ‘unique investment opportunities’ in around 100 stalled projects in 2012, over the next three to four years.
“One project already has approval under the initiative and two more will be signed this week,” said Sultan bin Butti bin Mejren, Director General of the Land Department.
According to the agreement, DLD and Wasl would select on-hold projects in the Emirate and offer them for sale or lease to investors in an effort to restart developments that had been abandoned or stalled during the global financial crisis.
“The initiative aims to address the problems that stand in the face of completion of faltering projects in the domestic market in the emirate,” said bin Mejren. The Tanmia initiative will complement other plans like the guaranteed funding plan, Tayseer. Launched in June last year, Tayseer was aimed to significantly boost liquidity in the market and enhance confidence in Dubai’s real estate sector. Last March, the number of projects registered under Tayseer had reached 114.
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