Dh600m worth of housing loans approved for UAE citizens in Dubai

Decision comes after Sheikh Mohammed said Dh65bn will be allocated to Emirati housing in the next 20 years

Sheikh Hamdan bin Mohammed, Dubai Crown Prince and Chairman of The Executive Council of Dubai, said six hundred home loans for UAE citizens in Dubai have been approved by the government. WAM

Six hundred home loans for UAE citizens in Dubai have been approved by the government as part of the national housing programme.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, said on Twitter that the loans were approved in line with instructions from Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai.

The Crown Prince said the value of the loans was Dh600 million.

"Under the directives of Sheikh Mohammed bin Rashid Al Maktoum, we approved today, within the housing programme for citizens in Dubai, 600 housing loans worth AED600 million while raising the value of the housing loan to AED1 million," Sheikh Hamdan wrote.

"We are following up on the housing file of citizens and everything that makes them happy and provides a decent life for them," he said.

In September, The National reported that Emirati families in Dubai will be eligible for loans of up to Dh1 million to help them get on the property ladder.

Sheikh Mohammed approved the measure as he gave the go-ahead for 4,000 homes to be built.

The value of the project is Dh5.2 billion.

That decision came after Sheikh Mohammed said that Dh65bn would be allocated to Emirati housing in Dubai in the next 20 years.

On Sunday, Sheikh Mohammed approved the 2022 to 2024 budget of the emirate that allocates Dh181bn ($49.28bn) of expenditure, including Dh60bn set aside for this year.

The new budget supports the emirate's efforts to stimulate its economy and goals of Dubai Strategic Plan 2030, said the Dubai Media Office.