President Sheikh Mohamed has ordered all submitted applications to the Sheikh Zayed Housing Programme to be finalised. Photo: Crown Prince Court Abu Dhabi
President Sheikh Mohamed has ordered all submitted applications to the Sheikh Zayed Housing Programme to be finalised. Photo: Crown Prince Court Abu Dhabi
President Sheikh Mohamed has ordered all submitted applications to the Sheikh Zayed Housing Programme to be finalised. Photo: Crown Prince Court Abu Dhabi
President Sheikh Mohamed has ordered all submitted applications to the Sheikh Zayed Housing Programme to be finalised. Photo: Crown Prince Court Abu Dhabi

UAE

President Sheikh Mohamed orders delivery of Dh2.3bn housing loans for Emiratis

He calls for all pending applications through the Sheikh Zayed Housing Programme to be completed

The National

June 05, 2022

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President Sheikh Mohamed has ordered Dh2.3 billion of grant applications made to the Sheikh Zayed Housing Programme to be finalised.

The move is in line with a long-standing vision to provide decent living conditions for Emiratis and enhance their quality of life and falls under the initiatives of the President.

Suhail Al Mazrouei, Minister of Energy and Infrastructure, said all pending applications for funding assistance will be processed in the next five years.

This includes requests for construction, upgrades and maintenance.

Mr Al Mazrouei said his ministry would work with the Follow-Up Committee of the Initiatives of the UAE President to carry out the directives within the five-year time frame.

He said the policy was testament to the President's determination to meet the needs of the country's citizens.

The UAE last month announced plans to support thousands of Emiratis as part of its housing strategy.

Thirteen thousand Emirati families living in the Northern Emirates will be eligible for interest-free home loans under the government plan.

A total of Dh11.5 billion ($3.1bn) will be given to families in Sharjah, Ajman, Ras Al Khaimah, Umm Al Quwain and Fujairah in the first phase of the plan, which will take place between 2022 and 2026.

Emiratis must submit requests to the Ministry of Energy and Infrastructure to obtain housing loans through the Sheikh Zayed Housing Programme.

The project was announced by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, on May 9.

The Sheikh Zayed Housing Programme was established in 1999 and provides interest-free loans repayable over a 25-year period to citizens with low incomes.

Grants and non-reimbursable assistance are dispensed to those who most need support.

The Sheikh Zayed Housing Programme gives priority to orphans, widows, aged people and people with special needs.

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Short-term let permits explained

Homeowners and tenants are allowed to list their properties for rental by registering through the Dubai Tourism website to obtain a permit.

Tenants also require a letter of no objection from their landlord before being allowed to list the property.

There is a cost of Dh1,590 before starting the process, with an additional licence fee of Dh300 per bedroom being rented in your home for the duration of the rental, which ranges from three months to a year.

Anyone hoping to list a property for rental must also provide a copy of their title deeds and Ejari, as well as their Emirates ID.

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

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Key figures in the life of the fort

Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.

Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.

Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.

Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.

Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.

Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.

Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.

Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.

Sources: Jayanti Maitra, www.adach.ae

Updated: June 06, 2022, 5:12 AM
Sheikh Mohamed bin ZayedEmirati