Sheikh Mohammed approves Dh6.3 billion Dubai housing investment project

Vice President and Ruler of Dubai, Sheikh Mohammed bin Rashid, approved a Dh6.3 billion ($1.7bn) investment project on Sunday, 24 April, that will provide land and housing for around 4,600 Emiratis.

Vice President and Ruler of Dubai, Sheikh Mohammed bin Rashid, approved a Dh6.3 billion ($1.7bn) investment project on Sunday, 24 April, that will provide land and housing for around 4,600 Emiratis.

Another plan to build a housing complex in Al Khawaneej was also approved, said Sheikh Mohammed, which will include 1100 residential villas.

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The initiatives are a part of a strategy that will provide standards of high living for citizens of the YAE.

“Quality housing is a pride and a right for all,” said Sheikh Mohammed.

“A decent life for the country’s people is the government’s priority.”

Last November, Sheikh Mohammed laid out plans for Dubai housing projects of around Dh3.8 billion to give the best living environments to citizens.

The plan will include the dissemination of almost 2000 residential plots, 900 villas and also a Dh500 million complex for small families, stated Sheikh Mohammed.

In February, Dubai had begun to build 803 new houses for Emiratis under a Dh1.2 billion project.

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The additional housing is to serve Al Warqa and the Al Kawaneej 2 districts of the emirate.

Mohammed bin Rashid Housing Establishment is overseeing the initiative.

A package of Dh10 billion containing housing loans, plots of homes and land for Emiratis in Abu Dhabi was also announced last November.

It also includes the exemption of almost 10,032 low-income retirees and families of dead mortgagors from repayments, said Abu Dhabi Media Office.

These orders came under the directives of President Sheikh Khalifa and Sheikh Mohamed bin Zayed, Deputy Supreme Commander of the Armed Forces and Crown Prince of Abu Dhabi.

The investment in housing infrastructure in Dubai continues as the population in the city is expanding with every passing day.

Beaches will be extended by 400%, and 60% of Dubai will be nature reserves under another plan of 2040.

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