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Thu 30 May 2019 09:31 AM

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Abu Dhabi orders nearly $1bn in housing loans to citizens

A total of 12,100 loans were distributed to Emiratis in Abu Dhabi last year

Abu Dhabi orders nearly $1bn in housing loans to citizens
Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Chairman of the Executive Council of the Emirate of Abu Dhabi (Source: WAM state news agency, May 20, 2019)

The Crown Prince of Abu Dhabi has ordered housing loans worth AED3.4 billion ($0.9258), as well as government houses and residential plots, to be distributed to Emirati in the emirate as part of the first instalment of the 2019 housing programme.

“The approval of this instalment for Emirati citizens in Abu Dhabi stems from the leadership’s commitment to ensure social stability, enhance living standards and provide the citizens with all their needs to enable them to be active contributors to the development of their community,” the WAM state news agency said in a report on Wednesday.

The allocation is part of the Abu Dhabi Government Accelerators Programme "Ghadan 21".

Last year, a total of 12,100 residential loans were granted as part of the programme and in 2019 Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Chairman of the Executive Council of the Emirate of Abu Dhabi, is planning to double the target.

Earlier this year, the Arab Youth Survey 2019 found that 77 percent of young people surveyed said they believe it is the responsibility of governments to provide citizens with housing.

The results of the annual survey, which has been running since 2008, were released on Tuesday. It includes 3,300 face-to-face interviews with Arab youth aged 18 to 24 years. Interviews were carried out between January 6 and 29 in 15 Arab states, including Bahrain, Kuwait, Oman, Saudi Arabia, the UAE, Algeria, Egypt, Libya, Morocco, Tunisia, Jordan, Iraq, Lebanon, the Palestinian Territories and Yemen.

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