Abu Dhabi Crown Prince approves Dh2.7bn housing fund

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, has approved a Dh2.74 billion ($746 million) housing support plan for Emiratis in the capital.

The crucial assistance will be offered to 1,800 citizens and delivered under the directives of President Sheikh Mohamed.

Limited- income retirees and families of mortgage holders who have died will not be required to make housing loan repayments under the initiative.

Housing loans will also be provided to eligible citizens as part of the plan.

UAE leaders regularly instate housing benefit projects that aim to enhance the quality of life for Emiratis across the country.

The latest financial package has been announced to coincide with the country’s Eid Al Fitr celebrations, which mark the end of Ramadan.

The holiday will begin in the Emirates on either Friday or Saturday.

The official date of Eid is confirmed by the sighting of the Moon, which heralds the end of the holy month and the start of Shawwal, the 10th month of the Islamic calendar.

Government staff and private sector employees will begin their paid public holidays on Thursday.

Sheikh Mohamed last month named his eldest son Sheikh Khaled as Crown Prince of Abu Dhabi.

Sheikh Khaled holds key roles in public life and has helped to thrust the emirate into the future.

He has led several initiatives to boost growth, including major accelerator programmes and a start-up centre for businesses.

Sheikh Khaled was behind the launch of Abu Dhabi’s global tech ecosystem Hub71 in 2019, which has created more than 900 jobs since its inception.

During the pandemic, the hub doubled the number of start-ups to which it is home.

Sheikh Khaled has served as a member of the Abu Dhabi Executive Council and is Chairman of the Abu Dhabi Executive Office.