Thursday 27 February 2014

Dubai gains traction reviving stalled projects | GulfNews.com

Dubai gains traction reviving stalled projects | GulfNews.com:



"Major reforms are in the offing to streamline the entry of bulk (angel) investors into stalled projects in Dubai and turn them around, according to market sources.



“There is an existing programme that’s been operating under the Dubai Land Department; but the proposed changes could make it easier for investors to come in and in the way they can commit funds in reviving projects,” said Samir Munshi, managing director of Orion Holdings. “We believe such discussions are at an advanced stage and would create a robust system that would benefit all stakeholders.”



One of the proposals, Munshi hopes, would relate to staggered payment scheduled for those investors coming on board. “Rather than have funds to clear up all outstanding payments related to a stalled project upfront, staggering them would be ideal from an investor perspective,” said Munshi."



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