Ruler of Dubai approves Dh1m housing loans and 4,000 plots for Emirati families

Sheikh Mohammed bin Rashid gives go ahead for immediate construction on new housing districts

hi-res. DUBAI, 23rd April, 2021 (WAM) -- His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, reaffirmed the UAE’s commitment to transform the challenges of climate change into future opportunities for the next generation, as well as work closely with the United States, the global community and the private sector to make a step-change in the global response to climate change. YOUSEF BIN SHAKAR ALZAABI / Wam

Emirati families in Dubai will be entitled to loans of up to Dh1 million to help them get on the property ladder.

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, approved the measure on Monday as he gave the go-ahead for 4,000 homes to be built.

The value of the project is Dh5.2 billion.

The decision came after Sheikh Mohammed said at the weekend that Dh65 billion would be allocated to Emirati housing in the next 20 years.

"As we mentioned previously, I will follow up the housing policy myself with Hamdan and Maktoum during the coming period," he wrote on Twitter.

Several housing areas designed for Emiratis have been completed in the past year.

In May, a Dh1.264 billion ($344m) housing project for Emiratis was inaugurated in Al Mirfa City, Al Dhafra.

Al Mughirah project on the coast in Al Dhafra includes 410 modern villas designed with features inspired by Emirati culture. Each of the villas is 543 square metres in size and built on a plot of 1,080 square metres.

The project also includes four mosques, buildings for 30 shops, 13 parks and beach facilities.

In October 2020, a Dh674 million ($183.5m) development was opened in Abu Dhabi. Al Samha project is about a 40-minute drive from Abu Dhabi city centre. The housing project was built for UAE citizens and comprises 250 villas.

Updated: September 27th 2021, 1:56 PM