Almost 2,000 Emiratis were granted housing loans or had their debts cleared by the Abu Dhabi government on Monday.
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, said housing loans should be granted to 1,500 Emiratis and that 476 retired UAE citizens should be exempted from loan repayments.
The loans and repayment costs have a total value of Dh2.78 billion.
Sheikh Mohamed gave the order following directives from President Sheikh Khalifa.
It is the second round of housing loan approvals made in the emirate this year and coincides with Eid Al Adha to “ensure social stability and enhance UAE citizens’ living standards”, authorities said.
The UAE capital aims to double the number of housing loans issued to Emiratis as part of Abu Dhabi Government Accelerator Programme, Ghadan 21.
Emiratis who have worked for at least 15 years and lived in the UAE for a decade or longer can apply for loans ranging from Dh500,000 to Dh2.25m from the government to buy a home or plot of land on which to build a house.
This loan is repaid over the remainder of their lives but can sometimes be waived by order of Sheikh Mohamed. Typically, these directives exempt retired or low-income Emiratis.
The loans are distributed by Sheikh Zayed Housing Programme but Emiratis can alternatively apply for a pre-built home with Abu Dhabi Housing Authority.
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
The specs: Rolls-Royce Cullinan
Price, base: Dh1 million (estimate)
Engine: 6.75-litre twin-turbo V12
Transmission: Eight-speed automatic
Power: 563hp @ 5,000rpm
Torque: 850Nm @ 1,600rpm
Fuel economy, combined: 15L / 100km
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