UAE residential projects maintain strong momentum in H1 2020
The 2.2km2 Mohamed bin Zayed Residential City, built at a cost of $517.3m (AED1.9bn), will accommodate 1,100 villas
Despite the challenges faced by the COVID-19 outbreak, the UAE has continued supporting housing projects for citizens, maintaining momentum in H1 2020.
The Follow-Up Committee of the Initiatives of the UAE President has completed the construction of the $517.3m (AED1.9bn) Mohamed bin Zayed Residential City in Fujairah.
The project was launched to meet the needs of citizens, support the well-being and stability of Emirati families, improve the quality of their lives, and enhance the social security for citizens through housing projects, roads, and service facilities.
The 2.2km2 Mohamed bin Zayed Residential City will accommodate 1,100 residential villas equipped with advanced facilities, with the aim of providing housing for about 7,000 citizens.
In time, it will include schools, mosques, parks, and commercial stores in addition to a community cultural centre and a men's council, according to state-run news agency, Wam.
Located in the Al Hail area, 3km south of Fujairah airport, Mohamed bin Zayed Residential City includes 20 public parks and plots of land designated for public services.
In addition, the Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces, and Chairman of the Abu Dhabi Executive Council, HH Sheikh Mohamed bin Zayed Al Nahyan has approved the order to disburse housing loans, houses, and residential plots totalling $1.5bn (AED5.5bn), granted to more than 5,500 UAE nationals within Abu Dhabi, under the directives of the UAE President HH Sheikh Khalifa bin Zayed Al Nahyan.
The directive from HH Sheikh Mohamed bin Zayed to double the number of housing loans to UAE citizens also falls within Abu Dhabi’s Development Accelerator Programme, ‘Ghadan 21’.
The UAE’s leadership has also ordered for the exemption of 429 retired citizens from the repayment of housing loans in Abu Dhabi, with a total value of $120.8m (AED444m). These exemptions also aim to relieve citizens' social burdens, especially retirees with low income, to get rid of any related social burdens.
In Dubai, the Mohammed bin Rashid Housing Establishment stressed that its total housing grants and loans amounted to $55m (AED202m) in Q1 2020, accounting for 300 approvals distributed over five housing services.
This includes 212 house construction approvals; 14 prefabricated houses owned through its purchase loans; 21 prefabricated houses not owned through its purchase loans; 59 maintenance, addition, or substitution loans; and four facilitated apartment rentals.
In Sharjah, citizen housing projects are continuing as per the directives of HH D. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, who ordered the completion of 4,400 housing requests within a year and a half.
On a federal level, the Sheikh Zayed Housing Programme is also monitoring the implementation of projects and programmes that aim to provide suitable housing for various segments of the community, by offering housing grants and loans for the construction, completion, and maintenance of houses.
In January 2020, the programme’s Board of Directors approved the applications of 503 eligible citizens worth $107.5m (AED395m). In May 2020, the programme approved 500 applications worth $132.3m (AED486m), coinciding with Eid al-Fitr.
The programme plans to deliver 1,729 houses worth $544.5m (AED2bn) by Q4 2020, including 888 over three phases in in Ras Al Khaimah, 500 in Ajman, and 341 in in Dubai.