Built to inform

Sign up for the daily newsletters

No, Thank you

Dubai Ruler waives home loans worth $47m for UAE nationals

HH Sheikh Mohammed bin Rashid Al Maktoum’s decision marks the UAE’s 48th National Day celebrations

HH Sheikh Mohammed bin Rashid Al Maktoum
Logistics Middle East
HH Sheikh Mohammed bin Rashid Al Maktoum

Ruler of Dubai, Vice President and Prime Minister of the UAE, HH Sheikh Mohammed bin Rashid Al Maktoum, has ordered the Department of Finance to waive outstanding home loans worth $47m (AED173m) for Emiratis in the Abu Hail area in Deira.

According to state news agency, Wam, the announcement was made on the occasion of the UAE’s 48th National Day celebrations.

The director general of the Government of Dubai's Department of Finance, Abdulrahman Saleh Al Saleh, said that the Department has started implementing the directives, which reflects His Highness’s keenness to free citizens from financial burdens and enhance their welfare and happiness.

Al Saleh added that the Department is currently coordinating with the Dubai Real Estate Corporation’s Wasl, which manages the project located in the Abu Hail area, for which the home loans were provided.

The $106.7m (AED392m) project has 390 villas owned by 600 Emiratis.

Most popular

Awards

Construction industry conversations around digitisation must evolve
The Middle East construction industry’s approach to tech must evolve and focus on how can

Conferences

CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this
CW In Focus | Leaders in Construction Summit UAE 2019
A roundup of Construction Week's annual summit that was held in Dubai this September

Latest Issue

Construction Week - Issue 754
Nov 23, 2019