Font Size

- Aa +

Wed 25 Feb 2015 01:49 PM

Font Size

- Aa +

Saudi developer to spend $218m to finish delayed Dubai projects

Tanmiyat says committed to complete developments that were halted due to the 2008 real estate crash

Saudi developer to spend $218m to finish delayed Dubai projects

Saudi developer Tanmiyat plans to spends AED800 million ($218 million) this year to complete projects in Dubai which were halted due to the 2008 real estate crash, it was reported on Wednesday.

Among the projects to be finished are Living Legends, a $1.9 billion mixed use development, plus two office towers in the Business Bay area known as The Exchange Tower and The Court, Bloomberg reported.

It said the company will invest AED600 million on Living Legends, which aims to complete next year, and a further AED200 million on the Business Bay project.

Tanmiyat CEO Muhammad Bin Odah told Bloomberg: “Even with all the hardship the market went through, we still believe in Dubai.

“Nowhere else in the Middle East can compete with this city and its ability to draw buyers from different nationalities who feel comfortable enough to make it home.”

Last week, Tanmiyat said it plans to to deliver its first 150 villas in Living Legends in the second quarter of 2015 with completion of the project slated for 2016.

The developer had launched Living Legends - which includes homes, shopping mall, boutique hotel, schools, clinics, and a world-class 9-hole golf course - before the property crash and was meant to deliver parts of the development between 2008-2010.

However, work remained at a standstill for years and only picked up again as the market improved.

For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.