Dubai initiative to kickstart AED12 billion worth of troubled projects

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The Dubai Land Department’s ‘Tayseer’ and ‘Tanmia’ initiatives – launched in 2010 – aim to offer financial support from government and private investors to kickstart stalled property projects.

A total of 51 real estate projects have been restarted under the government-backed funding and more developers are registering their stalled properties with the Land Department.

Out of the 51 projects, 12 development worth AED2 billion were restarted in the past year alone.

Tayseer initially covered 40 projects across Business Bay, Dubai Marina and Jumeirah Lakes Towers (JLT). There are eight developers listed under this scheme at present, according to the report, including Emaar Properties, Al Wasl and ICD-Brookfield.

In order to qualify under the scheme: projects need to:

  • Have adequate infrastructure planned or already in place.
  • A properly managed escrow trust account for off-plan sales under Dubai real estate law.
  • A technical report showing that at least 60 percent of the construction is completed.
  • At least 60 percent of the project has been sold.

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