gulfnews : New initiative to revive stalled Dubai realty

Dubai's stalled real estate projects could be granted a new lease of life under an initiative by the Dubai Land Department and Wasl Asset Management Group.

The agreement, signed on Monday, will see the DLD and Wasl pick on-hold projects in the emirate and offer them for sale or lease to investors in an effort to restart developments that were abandoned or stalled during the financial crisis.

Majida Ali Rashid, senior director of planning and institutional development, president of the Center for Promotion and Management of Real Estate Investment, explained that the DLD and Wasl would work together to provide attractive packages to investors.

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