Kuwait-based Al Mazaya Real Estate has announced that it has pumped money in 30 residential units spread across The Palm Jumeirah, Burj Dubai and Dubai International Financial Centre areas.

As per sources, Al Mazaya has set aside $100 million (Dh367 million) in order to acquire property in the three locations along with investors from Kuwait likely to pump another $50 million to Al Mazaya's own contribution of alike amount.

Sources added that the company has put on hold another $100 million fund that it was envisaging to deploy in distressed real estate.

Meanwhile, Al Mazaya has already commenced the handover of the first as well as second stage of its Dh1.5 billion villa project in Dubailand.

According to the developer, in three phases the units will be delivered to owners. Handover of phase one plots including 104 villas as well as phase two of 150 villas has already started. The last set of 446 villas will be handed over to owners in March fiscal 2010.