‘White knight’ investors rescue Dubai’s distressed projects:
“White knights” are again getting active in Dubai’s real estate market, picking up distressed plots and projects and trying to make them viable again.
Such investors are also providing a much-needed safety net to the wider market, ensuring that delayed or shelved projects — and the ensuing angry property buyers who have put money into these — are as few as possible.
Dubai’s real estate authorities are also doing their bit by signing off on the revival plans as soon as the new investor manages to clear all payments and other legal obligations on the distressed asset. There is a review process underway to “expedite revival of stalled projects, and this could lead to renewed interest in distressed projects,” one source said.
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