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UAE grants $1.9bn in loans and housing support to its citizens

November 30, 2017 at 11:10 am

Mohammed Bin Zayed Bin Sultan Al-Nahyan, the crown prince of Abu-Dhabi on 30 November 2018 []

Crown Prince of Abu Dhabi, Mohammed Bin Zayed Al-Nahyan, yesterday approved AED7 billion ($1.9 billion) worth of loans and ordered the distribution of housing and residential plots among the country’s citizens.

“The housing loans will benefit some 6,794 nationals,” Al-Nahyan said on twitter.

The Deputy Supreme Commander of the United Arab Emirates (UAE) Armed Forces noted that the initiative aims at providing a “decent life” for Emiratis as well as “mobilising all energies and possibilities to push forward the process of comprehensive development.”

Under the grant, some 1,789 residences, worth AED 2.1 billion ($57 billion), and 2,647 residential plots, worth AED1.3 billion ($35 billion), will be distributed among Abu Dhabi national residents.

Read: Half of UAE’s residents in debt

The government initiative comes two days after Al-Nahyan’s announcement of the launch of “Al-Riyadh City” new housing project in Abu Dhabi, which is expected to be the largest project undertaken by the Emirates in many years.

Abu Dhabi, the capital, is the largest emirate in the UAE. Some 551,000 people are currently living in the city, representing 19 per cent of the UAE’s entire population. 81 per cent of the UAE residents are foreigners, according to official data.

Earlier this month, a similar $78 million-grant was approved by the Sharjah Executive Council (SEC) to provide housing support to 502 beneficiaries in the emirate.