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.