"Tanmia Initiative" Arranges New Agreement Regarding A Tourism Project, The Seller Is Dubai Real Estate Corporation & The Buyer Is Dubai Properties Group
Under the auspices and supervision of Dubai Land Department (LD), Dubai Real Estate Corporation (DRC) has signed an agreement to buy a plot of a tourism project from Dubai Properties Group (DPG), a member of Dubai Holding.
The deal was arranged through “Tanmia Initiative” launched by the Real Estate Investment Management and Promotion Center, the investment arm of LD. This transaction is one of the biggest deals arranged through Tanmia which focuses on supporting serious investors.
The signing of the agreement was attended by Sultan Butti bin Mejren LD’s Director General, Hisham Abdullah Al Qassim CEO of DRC, Saeed Al Mulla Contracts and laws implementation manager at DPG and Majida Ali Rashid Chairwoman of the LD’s Real Estate Investment Management and Promotion Center.
Sultan Butti Bin Mejren LD’s Director General said “The success of the Real Estate Investment Management and Promotion Center in bringing these parties together in professional manner embodies the success of objectives stand behind the establishment of this Center and reflects the keenness on consolidating the role of LD in organizing & enhancing the market to draw a map of the investment opportunities in Dubai.
The Government & Semi Government companies & corporations that joined “Tanmia Initiative” are certain of the benefits of this initiative which the LD has created to provide investment opportunities and to become a destination for serious investors willing to enhance their investment profiles.
He pointed that LD supports the members of “Tanmia” either they are government, semi government or private entities by taking necessary measures to ensure the success of the initiative and achieving its goals of promoting the investments by facilitating procedures or through the assessment of real estate projects presented as distinct investment opportunities.
The initiative offers a variety of options to complete the transactions, whether by buying an entire project or setting partnership with a second developer on this regard, in addition to providing financial support for the project’s current developer.
LD’s strives to achieve property boom & protect the rights of investors; said Sultan bin Mrjren. This trend is reflects in “Tanmia” initiative that focuses on stalled or other projects and present them for investment to public & private entities to benefit from these projects in achieve their investment plans.
Hisham Abdullah Al Qassim, CEO of Dubai Real Estate Corporation said: “Tanmia is a leading step in promoting investment by transforming challenges into comprehensive development opportunities backed by a basket of distinctive services for new and existing investors”.
Al Qassim explained that DRC has joined “Tanmia Program” in the beginning of 2011 through agreement signed with Real Estate Investment Management and Promotion Center. He added that this agreement has helped DRC in this deal and in other opportunities DRC is considering in the future.
He stressed that LD provides favorable investment environment for all parties and provides guidance to them as per the best practices and standards in the sector.
For her part, Majida Ali Rashid Chairwoman of the LD’s Real Estate Investment Management and Promotion Center said the “Tanmia Initiative” main concern at all stages is preserving the rights of all parties. She said as per the new agreement “DRC has bought a plot of 16441 Square meters
dedicated for hotel and apartment project in Umm Hurair 2 in Dubai Healthcare City, a member of Dubai Holding.
She added that the investment opportunities offered through “Tanmia” come in line with the third phase of Dubai’s development and reflects the vision of Dubai leadership in converting the Emirate into a hub for international economics, tourism and creativity so Dubai becomes a unique model for sustainability, specialization, creativity, innovation and entrepreneurship.
Majida Ali Rashid added that “At the Center we provide package of humanitarian and economic gains, as we are determined to serve the expectations of our people by focusing on economy based on knowledge and innovation to promote UAE’s ranking and diversify the national economy.
She said the return of the real estate boom and preserving the rights of individual and corporate investors are top priorities for LD. She noted that “Tanmia Real Estate Initiative” launched by LD compromises of three main elements, namely finding a good opportunity for sale, financially competent real estate entities that look for feasible acquisitions, the LD evaluates the assets of troubled companies wishing to sell then it presents the neutral evaluation report to entities wishing to purchase.
Emirate: Dubai
Date: Dec 17, 2012
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