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UAE approves $17.7bn housing program for Emiratis

Sheikh Mohammed Bin Rashid Al Maktoum in AlUla, Saudi Arabia on 5 January 2021 [Royal Council of Saudi Arabia/Anadolu Agency]
Sheikh Mohammed Bin Rashid Al Maktoum in AlUla, Saudi Arabia on 5 January 2021 [Royal Council of Saudi Arabia/Anadolu Agency]

United Arab Emirates Prime Minister and Dubai Ruler Sheikh Mohammed Bin Rashid Al Maktoum approved a 65 billion-dirham ($17.70 billion) housing programme for Emirati citizens to be implemented over the next 20 years, the Dubai Government Media Office said on Twitter today.

"Decent housing is a dignity and a right for all," he said.

The funds will be used to ensure Emiratis have good places to live. The UAE maintains large areas where only nationals can purchase land and property, while expats and foreign investors are only able to own accommodation in certain developments.

The country has long seen house price rises in both the sale and rental sectors with many priced out of the some Emirates and forced to commute to work from neighbouring cities.

Critics claim such financial measures are used to appease nationals who have been priced out of the local market and suffer poverty as a result of the inflated prices in both the housing and other sectors.

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