Dubai’s Sheikh Mohammed approves AED1.6bn housing package for UAE citizens
29 May 2023, Arabian Business
Sheikh Mohammed bin Rashid Al Maktoum, the Vice-President, Prime Minister, and Ruler of Dubai, has approved a housing package worth AED1.6 billion ($435 million) for UAE citizens.
The package, which falls under the Sheikh Zayed Housing Programme, will benefit 2,000 citizens and aims to provide housing and a decent life for all UAE nationals.
In a statement, Sheikh Mohammed emphasised the UAE’s commitment to empowering its citizens and ensuring their social and economic well-being.
He highlighted the importance of the Sheikh Zayed Housing Programme, named after the country’s founder, in realising the goals for which it was established.
Sheikh Mohammed’s statement quoted UAE’s founding father, the late Sheikh Zayed bin Sultan Al Nahyan, saying that money and life may end, but the work done for the homeland will endure.
The approval of this housing package aligns with the UAE leadership’s vision to support its citizens and promote societal stability.
The Sheikh Zayed Housing Programme had previously approved 550 housing decisions in March 2023, totalling AED435.75 million ($118.69 million).
Sheikh Mohammed’s housing policy
In 2022, the Council of Ministers, led by Sheikh Mohammed bin Rashid Al Maktoum, introduced a new policy for federal government housing loans.
The policy aimed to provide housing financing through partnerships with the private sector and national banks, with the goal of reducing the waiting period for loan applications.
The Sheikh Zayed Housing Programme was entrusted with financing the accrued profits of these loans on behalf of citizens.
The housing finance programme, based on the Council of Ministers’ policy, aims to issue 13,000 housing decisions from 2022 to 2026, at a cost of AED11.5 billion ($3.14 billion), to meet the future housing needs of UAE citizens.
Suhail bin Mohammed Faraj Faris Al Mazrouei, the Minister of Energy and Infrastructure, expressed his gratitude for the leadership’s vision and commitment to supporting citizens and reducing financial burdens on housing loan applicants.
“With the vision of His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State, and under the directives and follow-up of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the State, President The Council of Ministers and the Ruler of Dubai, we are moving forward in the housing file, to secure all the needs of citizens, and reduce the financial burdens on applicants for housing loans from the state,” he said.
He emphasised that housing is a top priority, contributing to family stability and the well-being of UAE society.
Since Sheikh Mohammed bin Rashid Al Maktoum assumed the presidency of the Council of Ministers in 2006, the government has provided approximately AED39 billion ($10.61 billion) in housing facilities and assistance, benefiting over 63,000 individuals.
These efforts reflect the UAE’s dedication to its citizens’ happiness, housing stability, and its pursuit of leadership and prosperity as part of the UAE Centennial 2071 goals.
