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Abu Dhabi Crown Prince approves housing loans worth $435.6m

The programme has been carried out under the directives of UAE President HH Sheikh Khalifa bin Zayed Al Nahyan

The housing loans are aimed at improving the living standards of Emirati citizens. [representational]
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The housing loans are aimed at improving the living standards of Emirati citizens. [representational]

HH Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Chairman of the Abu Dhabi Executive Council, has ordered the distribution of 1,000 housing loans valued at $435.6m (AED1.6bn)  covering the second tranche of the scheme to Emirati citizens in 2019.

The programme has been carried out under the directives of UAE President HH Sheikh Khalifa bin Zayed Al Nahyan.

According to UAE’s state-held news agency Wam, the distribution of housing loans is a part of the government’s initiative to ensure social stability for citizens and enhance their living standards in the UAE.

The housing loans scheme for UAE citizens is part of the Abu Dhabi Government Accelerators Programme ‘Ghadan 21’ to double the number of housing loans available to Emirati citizens.

Ahead of Eid al-Fitr, in May 2019, a total of 2,000 loans worth $925.6m (AED3.4bn) – along with housing assets including government homes and residential plots – were awarded during the programme’s first tranche in 2019.

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Construction Week - Issue 754
Nov 23, 2019