Dubai will provide AED7bn ($1.9bn) in loans and around 11,500 housing plots as it looks to enhance the lives of citizens in the country.
The loans will be given to around 7,000 people in the country.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of Dubai Executive Council and Chairman of Dubai’s Higher Committee for Development and Citizens Affairs, said the Government “endeavours to provide citizens with the highest quality of life and ensure their stability and prosperity”.
Dubai housing loans
Sheikh Hamdan chaired a meeting of the Committee established last year as per the directives of Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.
During the meeting, Sheikh Hamdan was briefed by Committee members on its latest achievements and efforts to boost the social and family stability of citizens, enhance their quality of life and provide the youth with enriching opportunities.
Sheikh Hamdan said: “Initiatives launched by the Higher Committee for Development and Citizens Affairs seek to enhance all aspects of Emiratis’ lives.
“We have developed clear plans in coordination with various entities to implement them.
“We have approved the allocation of 11,500 housing plots to citizens in Dubai, and housing loans worth AED7bn ($1.9bn) for around 7,000 beneficiaries.
“We have launched a new vision for designing and building model residential neighbourhoods, provided financial support for people with limited income, people of determination and senior citizens, accelerated Emiratisation plans and launched additional investment opportunities for Emiratis.
“We continue our efforts to ensure citizens can enjoy happiness, wellbeing and a promising future”.
In addition to being briefed on the committee’s accomplishments in the first year since its formation, Sheikh Hamdan reviewed a number of key future projects aimed at enhancing Dubai citizens’ quality of life and promoting their social stability.
During its first year, the Higher Committee for Development and Citizens Affairs started work on various projects and initiatives targeting key aspects including retirement, social services, housing, quality of life and an innovative endowment structure.
These projects and initiatives include a revamped vision for model residential neighbourhoods that offer investment opportunities.
The first phase of the project covered Al Mizhar 1, Al Khawaneej 2 and Al Barsha 2.
Last April, 426 UAE citizens were exempt from paying off AED146m ($40m) worth of housing loans, under the directives of Sheikh Mohammed.
The Committee also launched the “Bayti” social initiative, which aims to support citizens of Dubai with limited income who have received housing grants and require additional funds for the construction or completion and furnishing of their homes, thereby alleviating their financial burden.
Seasonal investment opportunities through events like Farmers’ Souq and Souq Al Freej aimed to gather Emirati farmers in one place to market their produce directly to consumers, as well as support Emirati SME owners who get to showcase and promote their homemade products.
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