Property

Abu Dhabi releases housing benefits worth US $746mn

Citizens based in Abu Dhabi are set to receive funding for key construction and maintenance works

The Abu Dhabi Executive Council has approved the disbursement of housing benefits worth a total of US $746mn to 1,800 Emirati citizens in the UAE capital.

The move follows the directives of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and was approved by Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council.

The housing benefits include the exemption of low-income retirees and families of deceased mortgagors from loan repayments; the benefits will apply across a number of regions, including Abu Dhabi, Al Ain and Al Dhafra.

In late November 2022, Saudi-based Roshn began the handover of villas and townhouses ahead of schedule and, in early January 2023, Bahrain invited developers to bid for the construction of 700 residential units.

Loans for housing include the following categories of work: construction, demolition and reconstruction, as well as maintenance and expansion.

Mohammed Ali Al Shorafa, Chairman of the Department of Municipalities and Transport (DMT) and Chairman of Abu Dhabi Housing Authority said the first housing package of 2023, which coincides with Eid Al Fitr celebrations, reflects the leadership’s commitment to ensuring social stability and enabling citizens to raise strong, stable families that will benefit the future of the UAE.

He emphasised Abu Dhabi Housing Authority’s commitment to developing a modern and sustainable housing system in the emirate, which both achieves the leadership’s vision and meets the needs of citizens and their families.

In late February 2023, 8,500 housing plots were awarded to UAE nationals.

 

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