Sheikh Khaled clears Dhs3.5b Yas Canal housing project

ABU DHABI: His Highness Sheikh Khaled Bin Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of Abu Dhabi Executive Council, has approved the launch of the Yas Canal residential project in Al Raha Beach.

The Dhs3.5 billion project will include 1,146 residential villas for UAE Nationals and is being overseen by the Abu Dhabi Housing Authority in cooperation with the Abu Dhabi Centre for Projects and Infrastructure and the ICT Real Estate Development Company. Completion is expected in the last quarter of 2027.

Sheikh Khaled highlighted that the residential project reflects the leadership’s commitment to offering high-quality housing tailored to meet the needs of Emirati families in Abu Dhabi, ensuring their overall wellbeing and quality of life and fostering social stability to support the emirate’s ongoing development.

The Yas Canal residential project covers 1.8 square kilometres and includes villas, three mosques, a school and a gym, along with various amenities and shops over an area of 10,000 square metres.

The project offers three to six-bedroom villas, ranging from 350 to 525 square metres, on plots ranging from 600 to 780 square metres.

The Yas Canal residential project offers UAE citizens with housing loans from the Abu Dhabi Housing Authority the opportunity to buy villas within the development. The project offers a diverse range of architectural designs.

The Yas Canal residential project is part of a public-private partnership, with ICT Real Estate Development Company leading the project’s design, construction and infrastructure, under the supervision of the Abu Dhabi Centre for Projects and Infrastructure. Sales of residential units allocated to UAE Nationals are managed in partnership with the Abu Dhabi Housing Authority.

In November last year, under the directives of President His Highness Sheikh Mohamed Bin Zayed Al Nahyan, in his capacity as Ruler of Abu Dhabi, Sheikh Khaled had approved the disbursement of a housing benefits package to UAE Nationals in the emirate.

The value of the package amounts to Dhs7.6 billion, from which 5,685 UAE Nationals across the emirate have benefited, bringing the total value of housing benefit packages disbursed in Abu Dhabi during 2023 to Dhs13.44 billion, from which 9,292 UAE Nationals in total have benefited.

This latest package included housing loans of all types, with a total value of Dhs6 billion, from which 3,714 UAE Nationals have benefited, in addition to exempting low-income retirees and families of those who passed away in 2023 from loan repayments.

This segment of the package totalled more than Dhs573 million, from which 549 UAE Nationals benefited.