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1st Real Estate ‘tayseer’ Project secures AED 65 million in financing
Deal successfully arranged by the Land Department in Dubai and Financed by Mashreq Bank
The Land Department in Dubai has announced that Al Manal Development, a leading real estate developer in the region, has successfully secured an AED65 million loan from Mashreq Bank to finance its “Lakeside Residence” project. The loan is the first to be secured by the Tayseer real estate program, which was launched by the Land Department to boost finance market and encourage investment in real estate projects in accordance with standards set by the Department.
UAE-based banking and financing institutions have welcomed the Tayseer initiative as it takes the role of the Land Department beyond the registration processes to play an integral role in catalyzing investments in the real estate sector in the Emirate of Dubai. Seven banks and Islamic banking institutions have joined the program, where projects covered under the initiative reached 114 real estate projects.
Majida Ali Rashid Senior Consultant and Senior Director of Planning & organizational Development at the Land Department said: “Mashreq was the first to join the Tayseer program by signing a funding agreement for the ‘Lakeside Residence’ project being developed by Al Manal Development. The 358-apartment project has secured a two-year loan depending on completion percentages.”
“The mechanism through which ‘Lakeside Residence’ was selected and accredited under the program requires it to be registered with the department; should meet a specified completion percentage; must have an escrow account; be moving forward as per the construction schedule; and have a competent contractor who can deliver on time,” added Majida.