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Funding for off plan projects dries up
- United Arab Emirates: Wednesday, November 12 - 2008 at 08:57
Funding for off plan projects in Dubai is on hold for the time being, Ali Al Shihabi, CEO of Rasmala Investment Holdings told delegates at the monthly Dubai Property Society meeting. Properties that have broken ground will continue to be financially supported, but developments that are only on paper, which still represent a huge chunk of the city's projects, will find it hard to get funding. 'Even the big developers, the Emaars and Nakheels, will have huge problems getting financing, and what is offered will be very expensive. A lot of projects are going to be scaled down or stopped,' he said.
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Jeff Florian, Senior ReporterWednesday, November 12 - 2008 at 08:57 UAE local time (GMT+4)
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