UAE announces dedicating DH350 million to housing assistance for citizens
During the holy month of Ramadan, the Ministry of Energy and Infrastructure, in collaboration with the Sheikh Zayed Housing Programme, revealed the authorization of 460 housing aids for citizens, totaling around 350 million dirhams.
These aids encompass various forms of support, including government housing, loans, grants, and housing financing through banks.
Specifically, the Ministry greenlighted 188 recipients for housing grants, valued at 128.5 million dirhams, in line with the directives of His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State, issued in June 2022, to fulfil pending requests for housing grants from previous years through initiatives totaling 2.3 billion dirhams. Additionally, 250 individuals were approved for housing loans in collaboration with banks, amounting to 197.5 million dirhams, as part of the housing policy action plan for 2024, with a target of 3,000 decisions this year. Furthermore, 22 housing assistance decisions, comprising loans and government housing grants, were also sanctioned.
The Honourable The Minister of Energy and Infrastructure, Suhail bin Mohammed Faraj Faris Al Mazrouei, emphasised that the new housing aid disbursement is in line with the ministry's mission to support stable families, guarantee a reasonable standard of living, improve quality of life, and promote happiness among the populace. This endeavour is essential to the state's ongoing efforts to help its residents and improve social well-being in an effort to fulfil the leadership's aim of providing all citizens with adequate and sustainable housing.
Al Mazrouei emphasised the ministry's focus on comprehensive national strategies aimed at housing sector development across all regions, with a view to serving citizens, maintaining stability, and fostering prosperity. The plans are designed to facilitate human life and enhance quality of life over the next fifty years.
Engineer Mohammed Al Mansouri, Director of the Sheikh Zayed Housing Programme, underscored the programme's adherence to objective criteria in assessing applications and distributing grants, ensuring fairness and transparency by considering applicants' genuine needs and living conditions. Al Mansouri further emphasised ongoing efforts to promote sustainable housing, aiming to offer flexible residential designs as modern urban planning solutions, facilitating families' adaptation to various life changes.
Since the announcement of the housing financing policy in July 2022 until February 2024, the Sheikh Zayed Housing Programme has announced 6,235 housing financing loans in collaboration with banks, totaling approximately 4.953 billion dirhams. Moreover, the homeownership rate among citizens has surpassed 91%, ranking among the highest percentages globally.
