Abu Dhabi to distribute over $1bn in housing loans

Part of the first phase of an annual 5,000 housing loan package

Housing loans worth $1.16bn will be issued to 2,500 beneficiaries in Abu Dhabi in line with the instructions of Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces and Chairman of the Abu Dhabi Executive Council.

The funds will be split across 1,300 construction loans ($653m), 700 loans for the completion of existing houses ($337m), 75 loans for demolition and reconstruction ($36m), 100 maintenance and expansion loans ($24m) and 325 additional loans ($104m).

This is said to be the first phase of an annual 5,000 housing loan package ordered earlier by Sheikh Mohammed for citizens of Abu Dhabi.

Sheikh Mohammed also approved the allocation of 696 residential plots and 798 government houses at a total value of $436m, in addition to 163 loans, worth $53m, for citizens to buy completed houses in different areas of Abu Dhabi.

The Crown Prince also sanctioned projects to build government houses across the emirate, including 306 in Al Sad, 204 in Suwaihan and to execute an expansion programme with 588 houses in Al Dhafra ranches. The total value of these projects is said to be $408m.


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