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Mon 15 Jun 2020 02:13 PM

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UAE nationals in Abu Dhabi receive $1.5bn in housing benefits

More than 5,500 nationals have received housing loans, houses and residential plots

UAE nationals in Abu Dhabi receive $1.5bn in housing benefits

A directive from Sheikh Mohamed bin Zayed to double the number of housing loans to UAE citizens falls within Abu Dhabi’s Development Accelerator Programme, ‘Ghadan 21’.

Housing loans, houses and residential plots totalling AED5.5 billion ($1.5m) have been granted to more than 5,500 UAE nationals in Abu Dhabi, according to a report by state run Emirates News Agency (Wam).

A directive from Sheikh Mohamed bin Zayed to double the number of housing loans to UAE citizens falls within Abu Dhabi’s Development Accelerator Programme, ‘Ghadan 21’.

It has also been ordered to exempt 429 retired citizens repaying housing loans in Abu Dhabi, with a total value of AED444 million ($121m).

In Dubai, the Mohammed bin Rashid Housing Establishment stressed that its total housing grants and loans amounted to AED202m ($55m) in the first quarter of 2020, accounting for 300 approvals distributed over five housing services, including 212 house construction approvals, 14 prefabricated houses owned through its purchase loans, 21 prefabricated houses not owned through its purchase loans, 59 maintenance, addition or substitution loans, and four facilitated apartment rentals.

In Sharjah, citizen housing projects are continuing. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, ordered the completion of 4,400 housing requests made at the start of the year within a year and a half.

In January, the Sheikh Zayed Housing Programme’s Board of Directors approved applications from 503 eligible citizens worth AED395m ($108m). In May, the programme approved 500 applications worth AED486m, coinciding with Eid al-Fitr.

The programme plans to deliver 1,729 houses worth AED2bn ($545m) by the fourth quarter of 2020, including 888 over three phases in Ras Al Khaimah, 500 in Ajman, and 341 in in Dubai.

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