Dh1m housing loans for Dubai citizens
The Dubai Ruler on Monday raised the limit for interest-free housing loans for Emiratis to Dh1 million for eligible categories.
His Highness Sheikh Mo hammed bin rash id alma k to um, vice president and Prime Minister of the UAE and Ruler of Dubai, also approved the allocation of 4,000 land plots and houses to citizens of Dubai at a cost of Dh5.2 billion. This serves as the first phase of an Emirati housing programme he had announced earlier.
Sheikh Mohammed said housing and social infrastructure projects represent one of the government’s highest priorities. “Our housing projects are developed after taking into consideration the needs of the entire family as part of our efforts to create an environment that promotes social welfare and cohesiveness,” he said. “We will continue to implement high-quality housing projects to provide a decent life to our citizens.”
Sheikh Mohammed had recently approved the allocation of Dh65 billion to the Emirati housing programme in Dubai. He had also issued directives to quadruple the number of citizens benefiting from the housing programme, effective from next year, and to increase the total area of land plots allocated to Emirati housing projects in Dubai to 1.7 billion square feet.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of the Dubai Executive Council, said: “Dubai’s policies have always sought to address all aspects of social welfare and we continue to allocate resources to projects that bring happiness and prosperity to our citizens.one of the key focuses of our sustainable development plans is meeting the housing requirements of Emiratis over the next 20 years. Achieving this objective requires the optimal utilisation of land plots, based on projections for population growth, which is among the major objectives of the Dubai 2040 Urban Master Plan,” he added.
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance, said: “The development of a comprehensive housing plan for Dubai citizens over the next 20 years reflects a longterm vision for addressing the aspirations of Emirati families. Our housing development plans not only aim to enhance lifestyle standards by improving the quality of construction and services, but also strengthen social wellbeing and cohesiveness.”