Dubai Land Department launches fund for 100 housing projects

19/09/2011 - Dubai Property News Posted by Bob Brunskill
Dubai Land Department launches fund for 100 housing projects

The Dubai Land Department has launched a real estate fund for 100 projects in the emirate in an attempt to help investors and developers.In news that could interest property investors in the Middle East, the Real Estate Development plan will see projects facing various problems get offered a rescue package.Emirates 24-7 reports that the plan will be overseen by the Dubai Land Department and will work in conjunction with Tayseer, another project that has 48 projects signed up.Sultan bin Butti bin Mejren, director general of the Dubai Land Department, told the news provider that only three projects have received necessary funding so far."The initiative aims to address the problems that stand in the face of completion of faltering projects in the domestic market in the emirate," he explained."The number of these projects are more than 100, compared to 225 projects which are in progress and will be delivered in the next three years."Meanwhile, passenger traffic to the Middle East is expected to hit 140 million in 2015, according to the Boston Consulting Group.