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Submission + - SPAM: Dubai Issues New Payment Rule

susanaseo writes: Dubai's Real Estate Regulatory Agency (Rera) has issued a new rule which says developers can collect no more than 20% of the cost of a property from a buyer until construction begins, reported Emirates Business. 'We have sent out letters to 100 developers — as well as having meetings with them and lending banks and institutions — telling them to take payments from buyers worth only up to 20% of the contract value, Essa Saeed Ahmed Al Mansoori, Head of the Trust Accounts Section at Rera's Real Estate Development Trust Account Department, told the daily. Rera has set up an 11-member Real Estate Development Trust Account Department that will supervise and monitor the construction process and ensure the escrow amounts are collected in accordance with the agreed schedule.
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Submission + - SPAM: Aldar Properties Dubai hopes for profits in 2011

susanaseo writes: Aldar properties in Dubai which is going through crisis for the last several years is expecting to get to profit in 2011. Aldar properties chief financial officer had told reuters that Aldar properties which was going through losses would recover its losses soon as it has sold some of its assets to Government to repay its debts of Dh13bn over the nest 3 years.
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