On 9th May 2022, the UAE Cabinet adopted a new federal housing loan policy aimed at providing housing loans via partnerships with the private sector and national banks…reports Asian Lite News
The UAE’s citizens’ housing file in 2022 has achieved significant regulatory progress, and attained massive financial allocations for federal and local plans and projects amounting to some AED25.28 billion.
On 5th June, 2022, President Sheikh Mohamed bin Zayed Al Nahyan ordered the completion of the housing grants from previous years’ worth AED2.3 billion, as part of the Sheikh Zayed Housing Programme and through the President’s Initiatives.
The Ministry of Energy and Infrastructure said that the initiative covers the applications of those eligible to receive housing grants from the Sheikh Zayed Housing Programme.
On 9th May 2022, the UAE Cabinet adopted a new federal housing loan policy aimed at providing housing loans via partnerships with the private sector and national banks.
The housing financing programme under the new policy also aims to issue 13,000 housing resolutions from 2022 to 2026 worth AED11.5 billion.
Under the new policy, the Sheikh Zayed Housing Programme will pay the interest income on the loans on behalf of citizens, which will double the annual number of resolved loans and accelerate the completion of applications.
On 7th June, 2022, the UAE Cabinet approved citizens’ housing loans worth AED2.4 billion for 500 beneficiaries per month.
On 6th July, 2022, the Ministry of Energy and Infrastructure, represented by the Sheikh Zayed Housing Programme, signed a Memorandum of Understanding (MoU) with First Abu Dhabi Bank, Emirates NBD, Dubai Islamic Bank and Abu Dhabi Islamic Bank, with the aim of financing housing loans.
Coinciding with the MoU’s signing, the Ministry of Energy and Infrastructure announced the first batch of beneficiaries under the new housing policy, which included 500 resolutions worth AED400 million, followed by the second batch announced on 3rd August, 2022.
This year, large local financial allocations were made in this vital sector in the emirates of Abu Dhabi, Dubai and Sharjah.
In Abu Dhabi, the number of beneficiaries of housing benefits totalled over 2,447 citizens in 2022, with a total value of AED86.3 billion.
On 24th April, 2022, Dubai approved two housing packages worth AED6.3 billion that include houses and land for 4,610 citizens, as part of the emirate’s citizens’ housing programme.
The package included the construction of 1,110 housing units in the second area of Al Khawaneej, as well as the allocation of 3,500 plots of land in Umm Nahd Al Rabea and Al Awir.
On 3rd January, 2022, Dubai adopted 600 housing loans provided by the Mohammed bin Rashid Housing Establishment worth AED600 million.
In Sharjah, two housing support batches were approved this year totalling AED727 million, which has benefitted some 1,047 citizens.
In 2022, housing support totalling AED1 billion was provided, as part of the directives of H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, who ordered those concerned to keep pace with the growing number of citizens in need of housing.