'Funds in place for all projects'

The Dubai Properties Group has assured that when it comes to financing all the new projects announced, they have it covered. Dubai Properties Group (DPG), the real estate development arm of Dubai Holding, has funds in place to complete all its projects, a senior company executive told Emirates24|7.
“For the time being, we have funds for every single project,” said Mohammad Al Habbai, chief officer for urban planning and infrastructure, DPG.
“Despite sales or not, we will go ahead with these projects,” he added.
Last month, the master developer of Jumeirah Beach Residence, Business Bay and many other developments in Dubai, launched the AED800 million Dubai Wharf, a waterfront district in Culture Village and Maram Residence, an upscale twin-tower in Burj Khalifa district, during Cityscape Global.
The DPG senior executive revealed that construction was all set to commence on Dubai Wharf project by year-end and was slated for completion in the two year’s time.
“Enabling work has already commenced on Maram Residence with main construction contract being awarded soon,” he added.

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