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In June 2010, due to huge impacts of economic slowdown in Dubai’s property market, the government has launched its new initiative called as a ‘Tayseer Scheme’ that has an objective to help investors or property buyers in particular finance their properties which are located in certain pre-qualified projects. Fortunately, there were at least two projects which have been already financed under such scheme so far. One of them is located in Jumeirah Lakes Towers (JLT).

After one year, the government launched another initiative which was the Dubai Land Department’s (DLD) Tanmia Scheme that also has an objective to make all the qualified semi-government or private realty projects completed. As a matter of fact, the latter is currently auditing more than 100 projects in the Emirate. In line with this, there are a total of three projects which will be soon revived because of such Tanmia Scheme; for the DLD has recently approved the following property projects in Dubai: Wind Tower I & II in JLT and Burj Pacific in the Business Bay, which was just renamed by the Indian Developer and will be a 21-story residential tower comprising of 150 apartments and penthouses. Then, its completion date is expected after three years from now.

As a Chairman of Pacific Ventures, Parvez Khan has confirmed that the company took over its project which is now under the above-mentioned Tanmia initiative as it is working with a number of new investors. On the other hand, the majority of its original investors have already agreed to continue their investments with the firm’s approved project. As of now, the company has new contractors working on the project’s site.

Moreover, prior to such newly-approved projects by DLD to be under its Tanmia Scheme, Parvez Khan further said that the Pacific Ventures has unveiled its plan to spend a total of AED50 million over a two-year period to take over its projects which have been listed under the department’s aforementioned scheme itself. So far, indeed, it has already acquired two projects in Jumeirah Village Triangle that initially renamed them. They are as follows: Pacific Residencia and Pacific Edmonton Elm.

Now, according to Dubai Sovereign Bond Prospectus for the previous year, there were around 291 realty projects which have been put on hold; but, as of March 31, 2012, there was a report that each of those registered projects would be qualified for either of the two initiatives implemented by Dubai Land Department.