Dubai ruler: 80% of Emiratis own their homes

Eighty per cent of Emiratis own their homes, making the UAE one of the countries with the highest rate of property ownership in the world, Vice President, Prime Minister of the United Arab Emirates (UAE) and ruler of Dubai, Sheikh Mohammed Bin Rashid Al Maktoum, revealed yesterday.

Chairing a cabinet meeting at the Presidential Palace in Abu Dhabi, Sheikh Mohammed announced the approval of a seven billion dirham ($1.9 billion) housing programme.

This includes the building of 7,200 homes for Emirati citizens over the next three years, he explained.

Though the UAE claims to have a zero poverty rate amongst its nationals, many struggle as a result of increased property and living costs in particular in Dubai and Abu Dhabi.

In addition, a large number of Emiratis cave in to real and imagined pressure to live up to  the lifestyle standards which the country has become known for, causing them to go in to debt to ensure they own the right car, handbags etc.

The government offers Emiratis subsidies and access to special funds in an effort to help them overcome financial hardships.

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