Dh348million housing assistance for 700 Emiratis



ABU DHABI // Housing assistance worth Dh348million is to be given to 700 Emiratis.

Announced to mark Sheikh Zayed Humanitarian Work Day, the assistance will come in the form of loans and grants in housing aid from the Sheikh Zayed Housing Programme (SZHP).

The names of the beneficiaries were approved during a meeting chaired by Dr Abdullah Al Nuaimi, Minister of Public Works and chairman of SZHP, and is in line with the directives of the UAE’s President Sheikh Khalifa bin Zayed, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, and the close follow up of Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs.

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Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30 

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.

Sukuk

An Islamic bond structured in a way to generate returns without violating Sharia strictures on prohibition of interest.


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