Housing loans worth Dh7.5 billion will be distributed among Emiratis in Abu Dhabi as part of government efforts to provide its citizens with decent living standards.
Sheikh Mohammed bin Zayed ordered the distribution late on Tuesday night. It is the first phase of an annual 5,000 housing-loan package for Emiratis in the capital that was announced by the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces this month.
No-interest loans are ordinarily granted to Emiratis in Abu Dhabi for the construction, expansion and renovation of a home.
Emiratis are also allotted the land on which they build their homes by the government. Those who earn a lower income are granted land with houses already built – these are plots of land in government housing projects such as Al Falah and Riyadh City.
According to Abu Dhabi Housing Authority, Emiratis seeking to build their own home on a granted plot of land are provided a loan of between Dh500,000 to Dh2 million.
The amount is to be repaid on equal monthly or easy instalments, as specified by ADHA, over a period of up to 25 years.
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Read more:
Sheikh Mohammed bin Zayed announces new social support programme
New housing plans will help make Abu Dhabi 'number one globally' for home ownership
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The new 2,500 housing loans will be distributed across 1,300 construction loans at a total value of Dh2.4bn.
Up to 700 loans, valued at Dh1.24bn total, will be granted to Emiratis seeking to complete renovation of existing houses. Some 75 loans valued at Dh133m will go towards those demolishing or reconstructing their houses entirely, for demolition and reconstruction, 100 loans worth Dh89.8m for maintenance and expansion, and 325 additional loans costing more than Dh382m.
On Tuesday, Sheikh Mohammed bin Zayed also approved the allocation of 696 residential plots and 798 government houses at a total value of Dh1.6bn, in addition to 163 loans, worth Dh195.6m, for citizens to buy ready houses in different areas of the Abu Dhabi emirate.
He also sanctioned projects to build government houses in various areas of the capital, including 306 units in Al Sad and 204 in Sweihan, and ordered an expansion programme with 588 houses in Al Dhafra ranches, at a total value of Dh1.5bn.
Abu Dhabi’s new housing plans will push the country towards having 70 per cent private residence ownership among Emiratis by 2020, which would make it number one in the world for home ownership among citizens.
At 69 per cent, the UAE has the second-highest amount of residence ownership after Singapore. However, Sheikh Mohammed bin Zayed, said this month that Abu Dhabi will double the number of housing loans and reduce waiting times for property allocation.
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Kolarov (56')
The specs: 2018 Mercedes-Benz E 300 Cabriolet
Price, base / as tested: Dh275,250 / Dh328,465
Engine: 2.0-litre four-cylinder
Power: 245hp @ 5,500rpm
Torque: 370Nm @ 1,300rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.0L / 100km
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Mohammed bin Zayed Majlis
Try out the test yourself
Q1 Suppose you had $100 in a savings account and the interest rate was 2 per cent per year. After five years, how much do you think you would have in the account if you left the money to grow?
a) More than $102
b) Exactly $102
c) Less than $102
d) Do not know
e) Refuse to answer
Q2 Imagine that the interest rate on your savings account was 1 per cent per year and inflation was 2 per cent per year. After one year, how much would you be able to buy with the money in this account?
a) More than today
b) Exactly the same as today
c) Less than today
d) Do not know
e) Refuse to answer
Q4 Do you think that the following statement is true or false? “Buying a single company stock usually provides a safer return than a stock mutual fund.”
a) True
b) False
d) Do not know
e) Refuse to answer
The “Big Three” financial literacy questions were created by Professors Annamaria Lusardi of the George Washington School of Business and Olivia Mitchell, of the Wharton School of the University of Pennsylvania.
Answers: Q1 More than $102 (compound interest). Q2 Less than today (inflation). Q3 False (diversification).
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
The specs
Engine: 3.0-litre 6-cyl turbo
Power: 374hp at 5,500-6,500rpm
Torque: 500Nm from 1,900-5,000rpm
Transmission: 8-speed auto
Fuel consumption: 8.5L/100km
Price: from Dh285,000
On sale: from January 2022
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
BIO
Favourite holiday destination: Turkey - because the government look after animals so well there.
Favourite film: I love scary movies. I have so many favourites but The Ring stands out.
Favourite book: The Lord of the Rings. I didn’t like the movies but I loved the books.
Favourite colour: Black.
Favourite music: Hard rock. I actually also perform as a rock DJ in Dubai.
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Abramovich London
A Kensington Palace Gardens house with 15 bedrooms is valued at more than £150 million.
A three-storey penthouse at Chelsea Waterfront bought for £22 million.
Steel company Evraz drops more than 10 per cent in trading after UK officials said it was potentially supplying the Russian military.
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Past winners of the Abu Dhabi Grand Prix
2016 Lewis Hamilton (Mercedes-GP)
2015 Nico Rosberg (Mercedes-GP)
2014 Lewis Hamilton (Mercedes-GP)
2013 Sebastian Vettel (Red Bull Racing)
2012 Kimi Raikkonen (Lotus)
2011 Lewis Hamilton (McLaren)
2010 Sebastian Vettel (Red Bull Racing)
2009 Sebastian Vettel (Red Bull Racing)
