Dubai waives Dh146m in housing loan repayments for low-income citizens

Sheikh Hamdan bin Mohammed says decision was made to enhance Emiratis' living standards

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, announced housing support for 426 of the emirate's citizens. Photo: Wam

Dubai will waive Dh146 million in outstanding housing loan repayments for 426 low-income citizens.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, said the gesture was made in an effort to boost the living standards of Emiratis.

He said the emirate's Higher Committee for Development and Citizens Affairs would be responsible for implementing the decision.

“We continue to implement initiatives and provide all support to enhance the standard of living for all citizens in Dubai,” Sheikh Hamdan wrote on Twitter.

It is the latest effort by the UAE leadership to support the housing needs of its population.

Dubai's Crown Prince on Tuesday launched an international design competition to produce affordable housing for the city.

Sheikh Hamdan invited architects and designers from around the world to submit their designs for smart homes that families could mortgage for Dh1 million ($272,000).

The “House of the Future” competition comes as the city sees a rise in population and a boom in demand for property.

On Monday, Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, approved a Dh2.74 billion housing support plan for Emiratis living in the capital.

The crucial assistance for 1,800 citizens will be delivered under the directives of President Sheikh Mohamed.

Low-income retirees and families of deceased mortgage holders will not to be required to make housing loan repayments under the scheme.

Housing loans will also be provided to eligible citizens as part of the initiative.