Abu Dhabi to grant citizens Dh18.3 billion in new loans, homes and residential land

Initiative will "bolster social stability and a good life for nationals", says Abu Dhabi Crown Prince

Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, announced a large, three-year stimulus package to help boost the UAE economy. Crown Prince Court -Show more

Abu Dhabi will grant Dh18.4 billion worth of new loans, homes and land in the emirate to thousands of its citizens, said Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces.

More than 12,000 people are set to benefit from the move, which comes as the country celebrates National Day on Sunday.

The announcement was made on Saturday based on the directive of the President, Sheikh Khalifa.

The intiative will "bolster social stability and a good life for nationals", Sheikh Mohamed tweeted on Saturday.

The Crown Prince approved 8,662 housing loans valued at Dh16.2bn, allocated 953 government houses valued at Dh79 million, and the provision of 2,213 residential plots valued at Dh1.41 billion.

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Following the announcement, the phrase 'from the leader in the Year of Zayed' was trending on Twitter in Arabic.

The Abu Dhabi Housing Authority tweeted on Saturday afternoon that "all beneficiaries of the final loan payments of 2018 were notified by text messages sent today".

Federal National Council member Saeed Al Romaithi tweeted that this move would demonstrate to those people not aware of the "amount of happiness we live and the dignity that we have and the leaders with who we are proud of" in the UAE.

One beneficiary of the housing initiative, Mubarak Al Yafai tweeted his gratitude saying he was "praising and thanking God for the blessed UAE".

In June, Abu Dhabi announced a Dh50bn stimulus package aimed at boosting economic growth, creating jobs and attracting investments over the next three years.

The drive to accelerate growth, called Ghadan 21, or Tomorrow 2021, includes launching new housing projects for Emiratis.