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Dubai establishes “Tayseer” fund to finance real estate developments
“Tayseer” will initially fund projects currently under construction, or nearly completed.
July 1, 2010 9:38 by Rasha Reslan
The Dubai Land Department yesterday announced yesterday the creation of the “Tayseer” real estate funding, designed to provide government-backed monies to fund completion of certain “shortlisted” developments, the Gulf News reported Thursday. A meeting with real estate developers, Marwan Bin Galita, CEO of the Real Estate Regulatory Agency (Rera), and senior officials of the department was held yesterday to disclose details of the plan.
Tayseer funding will effect a four way partnership between the government’s Land Department, leading banks, real estate investors, and developers, according to Director General of the Land Department, Sultan Bin Butti Bin Mejren,the Gulf News reported.
“This will offer clear transparency and in doing so, inspire confidence among developers, end users and all those with an interest in Dubai’s property sector,” Bin Mejren was quoted as saying.
“It is linked with a clear commitment to manage supply and the overall quality of Dubai’s property stock and urban planned space through infrastructure development,” the report added.