A Jumeirah Lakes Towers project is the first development to receive financing through a programme established last year by the Dubai Government to aid stalled projects.
Al Manal Development will receive Dh65 million (US$17.6m) from Mashreq to finance completion of Lakeside Residence, a partially built 35-storey tower, the Dubai Land Department announced yesterday. The financing from the bank was arranged through the department's Tayseer programme, which is aimed at boosting investment in stalled projects.
Such developments need to be registered with the department and have to meet certain requirements, including an escrow account for buyer payments, the government agency said. The projects must also be "moving forward" on their construction schedules.
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