Tanmiyat, a Saudi property developer, will be spending Dh800 million ($218 million) this year to complete its  projects that were stalled in Dubai, UAE, following the 2008 real estate market crash, said a report.

The company will spend Dh600 million ($163.3 million) to complete its ambitious Living Legends, a 15 million sq-ft project in the Dubailand area that includes 500 villas, 12 residential buildings as well as a mall, schools and a nine-hole golf course, reported the Bloomberg, citing a top official.

Also it will spend Dh200 million ($54.4 million) for finishing its two office towers - The Exchange Tower and The Court, a 33 storey building in Business Bay area, the report stated.

“Even with all the hardship the market went through, we still believe in Dubai,” CEO Muhammad Bin Odah told the Bloomberg in an interview.

“Nowhere else in the Middle East can compete with this city and its ability to draw buyers from different nationalities who feel comfortable enough to make it home,” he stated.

Living Legends was one of many developments that stalled after the city’s property bubble burst, pushing Dubai to the brink of insolvency.

Bin Odah said the buyers will receive keys for the first 150 villas in the second quarter compared with an original deadline in 2010.

“We reduced the prices to every single buyer by between 10 and 40 per cent,” revealed the company chief. “We also consolidated the purchases of buyers. It was our way of telling them we are sorry we are late,” he added.

In another development, Tanmiyat has roped in Carrefour SA, the French supermarket chain, as the anchor tenant in its 300,000-sq-ft mall which is set to open in 2017.