UAE President announces Dh2.3bn for housing loans

President Sheikh Mohamed has announced Dh2.3 billion for grant applications made to the Sheikh Zayed Housing programme to be completed.

President Sheikh Mohamed has announced Dh2.3 billion for grant applications made to the Sheikh Zayed Housing programme to be completed.

The move is per the directives of a long-standing vision to give appropriate living conditions to Emiratis and increase their quality of life. It comes under the initiatives of the President.

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The Minister of Energy and Infrastructure, Suhail Al Mazrouei, stated that all the pending applications for funds would be processed in the coming five years.

This also includes requests for construction, maintenance and upgrades.

Al Mazrouei stated that his ministry would work with the Follow-up Committee of the Initiatives of the UAE President to process the directives within five years.

He also said that the policy was a testament to the President’s determination to fulfil the requirements of the citizens.

Last month, the United Arab Emirates disclosed plans to support several Emiratis as a part of its housing strategy.

13000 Emirati families residing in the Northern Emirates will be able to apply for interest-free home loans under this government initiative.

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Around Dh11.5 billion ($3.1bn) will be provided to those families in Sharjah, Ras Al Khaimah, Ajman, Fujairah and Umm Al Quwain during the first phase of the plan will be held between 2022 and 2026.

Emiratis must submit applications to the Ministry of Energy and Infrastructure to acquire housing loans via the Sheikh Zayed Housing Programme.

On May 9, the project was disclosed by Sheikh Mohammed bin Rashid, Ruler and Vice President of Dubai.

The Sheikh Zayed Housing Programme was launched in 1999 and gave interest-free loans that are repayable over a period of 25 years to citizens with low salaries.

Grants and non-reimbursable aid are given to those who require it the most.

The Sheikh Zayed Housing Programme prioritises widows, orphans, aged people and people with special needs.

Tariq Saeed

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