ICD to help Dubai “incomplete” projects

ICD-Brookfield, a $1-billion Dubai-based real estate fund, has joined the Dubai Land Department’s (DLD) Tanmia initiative that aims to finish “incomplete” projects. The total number of companies now participating in the programme has reached 12. Wasl Asset Management Group, a subsidiary of Dubai Real Estate Corporation, was the first to join the initiative in September last year. ICD-Brookfield, a joint venture between Investment Corporation of Dubai and Canada’s Brookfield Asset Management, was formed in October 2011. The fund’s investment strategy includes targeting opportunities currently available in Dubai’s real estate sector with focus on a wide class of assets in both freehold and non-freehold areas. Majida Ali Rashid, Manager-Real Estate Investment Management & Promotion Center, DLD, said: “The agreement to join Tanmia will lead to further quality developments in the real estate market, especially with the ICD-Brookfield’s aim to buy existing real estate projects to distribute to beneficiaries of its programmes.” She stated that the real estate market has become a perfect model in terms of turning challenges into opportunities. The Tanmia initiative, launched in September 2011, aims at revitalising the real estate market by focusing on the incomplete projects under all categories. The department has appointed a number of audit firms to undertake technical and financial audits on number of stalled projects. “Increasing investors’ confidence in the market is our top priority, and we are sure that our initiatives will play a major role in raising investors’ confidence,” Majida asserted. Khaled Al Bakhit, Chairman of ICD-Brookfield, said: “We believe that this initiative will promote efficient collaboration between the department and interested investors in Dubai real estate, such as ourselves as participants in the programme, and will ultimately enhance real estate investment decision making.” In October 2011, Sultan bin Butti bin Mijren, DLD Director-General, told this website that the Tanmia will cover 100 projects in 2012 and the initiative will be continued for the next three to four years. We reported earlier that Santevill, a Dh400 million 25-storey tower in Business Bay, was to be the first recipient of funding under Tanmia. In July 2010, the land department had launched Tayseer initiative, which aimed at facilitating financing for purchasers in certain pre-qualified projects. To date, only two projects have been financed under this scheme. Earlier this month, we reported that the department would be launching Tanweer programme designed to enhance investors’ confidence and act as a reference guide aimed at setting the frameworks and general principles of the rights and duties of investors.