The Housing Establishment recently established with paid up capital of Dh12 billion to finance housing for UAE nationals in Dubai under a new law issued by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
Under the decree, which comes at the direction of Law No. 20 for 2006, any UAE national 21 and older is entitled to a loan of up to Dh750,000 to build a house and Dh300,000 for refurbishment, according to Gulf News and WAM.
The Mohammad Bin Rashid Housing Establishment will own, rent, lease out and develop land and real estate for such nationals as well as expedite housing loans from leading banks and mortgage companies.
A year ago, Shaikh Mohammad called for the formation of a Dh10 billion housing program for nationals. Emaar Properties has been assigned to build up to 10,000 villas under the program.
The announcement is a welcome relief for many who find it increasingly difficult to afford housing in the UAE as the real estate industry booms and a growing number of developers focus on upscale housing projects.