Written by Neil Halligan

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Abu Dhabi approves $544.5m in housing loans for citizens

Loans are refundable in equal monthly installments without profits – report

By Neil Halligan
Skyscrapers stand on the skyline viewed from the Central Market in Abu Dhabi, United Arab Emirates, on Wednesday, Jan. 11, 2012. Abu Dhabi, the oil-rich sheikhdom that spent 36 billion Dirhams ($9.8 billion) bailing out its biggest developer in 2011, will probably reach for its checkbook again as property companies in the United Arab Emira
Skyscrapers stand on the skyline viewed from the Central Market in Abu Dhabi, United Arab Emirates, on Wednesday, Jan. 11, 2012. Abu Dhabi, the oil-rich sheikhdom that spent 36 billion Dirhams ($9.8 billion) bailing out its biggest developer in 2011, will probably reach for its checkbook again as property companies in the United Arab Emira

Abu Dhabi’s Crown Prince, Sheikh Mohamed, has approved $544.5 million worth of new housing loans for 1,000 citizens in the Emirate of Abu Dhabi.

Abu Dhabi’s Housing Authority has been instructed to pay the housing loans, which will cover 553 beneficiaries in Abu Dhabi, 404 in the Eastern region, and 43 in the Western Region, according to the WAM news agency report.

The move follows the directives by President Sheikh Khalifa, who is keen to provide decent living conditions for families to ensure the socioeconomic stability.

The loans are refundable in equal monthly installments without profits.

The citizens are exempted from paying 25 percent of the total value of the loan granted to them upon completion of construction of the building.

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