The Abu Dhabi Department of Finance’s commercial buildings finance committee approved 245 loans for funding commercial buildings at a total cost of more than Dh3 billion on instructions of Sheikh Khalifa, President of the UAE.
Sheikh Mohammed bin Zayed, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, also helped in the approval of the property loans for Emiratis who own lands but did not have adequate financing to build commercial business facilities, Wam, the state news agency, reported.
Of the total 245 finance facilities, 133 were allocated for demolishing and rebuilding residential investment towers and villas, 103 for building new buildings and 9 for building annexes to buildings.
Hamad Al Hurr Al Suwaidi, chairman of the Finance Department, said finance plays a vital role in economic life for having positive impact on other sectors.
The finance, he added, would push the urban development agenda forward in line with the Abu Dhabi Government's vision and strategy to provide public finance to stimulate the property sector. He added that this finance facility would encourage property investment and supply the property with new high-quality buildings consistent with the emirate's urban development.
The Abu Dhabi Government issued the commercial buildings finance law in 2005 to help landowners get funds for property developments.
* WAM