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The Development
Board is an official body which was established for financing
the construction of real-estate projects for limited income
citizens. The Board studies the landlord’s applications of
this category for approval and those who shall be entitled
to such finance. Moreover, the Board undertakes, on the landlord
behalf, all necessary steps and procedures for performing
the project and its management after completion as well as
paying a percentage of the project's profits to owners. While
the remaining profits shall be used, after deducting the operation
expenses, in settling the project's credit which was recorded
as a loan without adding any charges or interests as a support
by Dubai Government for citizens and for helping them upgrade
their living standard as well as improving their social and
economic conditions. |
