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Tue 30 Aug 2011 12:01 PM

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Abu Dhabi draws up home loans list for Aldar project

Some 4,857 villas will be built for Emiratis in Aldar’s Al Falah housing project

Abu Dhabi draws up home loans list for Aldar project
The UAE said in June it had ringfenced AED7bn from its 2011 budget funds for housing projects and home loans for citizens

An Abu Dhabi housing committee is preparing a list of Emiratis
set to receive a housing grant for 4,857 residential villas in the Al Falah
housing project Aldar Properties is building.

The 12.5 million sq m plot will house more than 60,000 UAE nationals,
the company said in an emailed statement, with the first phase of development
slated for completion in early 2012.

Oil-rich Abu Dhabi in
August announced plans to distribute AED2.3bn (about $626m) to more than 1,400
citizens in the form of housing loans, to build homes or renovate their properties.

The UAE said in June it had ringfenced AED7bn from its 2011
budget funds for housing projects and home loans for citizens, and
infrastructure spending.

The UAE, which has escaped social unrest unlike nearby
Bahrain, Oman and Yemen, promised in March to spend $1.6bn on electricity and
water networks in northern emirates, which are a sharp contrast to oil-rich Abu
Dhabi and trade hub Dubai.

The world’s third largest crude oil exporter also moved in
May to cap the price of around 400 food and household items across 70
retailers, and raise military state pensions by 70 percent.

Soaring food prices were a key factor in the popular
uprisings that swept rulers from power in Egypt and Tunisia.

State-owned Adnoc said Monday it would sell cooking gas in
four of the northern emirates
of the UAE at the same price as liquefied
petroleum gas in Abu Dhabi.

In neighbouring Saudi Arabia, the wealthiest Gulf state,
King Abdullah has unveiled more than $100bn in social handouts since March.

Red Snappa 8 years ago

Would it not be in Dubai's interests to get Nakheel building a social housing programme too? Especially in the Satwa area where a major redevelopment was launched and then shelved, but many older properties were demolished in anticipation as opposed to being refurbished.

I also understood that a number of Emirrati national families were relocated from Satwa to Al Muhaisnah and Al Mizra, beyond Mirdif?