UAE Vice President, Prime Minister and Dubai Ruler Shaikh Mohammed bin Rashid has announced a massive plan under which a total of 34,000 residential units will be built across the country for its local population within the next six years, reported state news agency WAM.
Funds worth Dh32 billion ($8.7 billion) have already been allocated for the project which runs until 2025, it stated.
Sheikh Mohammed has also given directives to raise the value of salary ceiling of beneficiaries obtaining support from the Sheikh Zayed Housing Programme from Dh10,000 to Dh15,000, said the report.
He also directed to raise the value of housing loans for citizens in government residential neighbourhoods from Dh800,000 to Dh1.2 million as a maximum loan amount, depending on the value of the premises, it stated.
Will the UAE Markets Recover in 2019?
UAE to Roll Out 5G Services in March 2019
The decisions came during an inspection tour conducted by Sheikh Mohammed bin Rashid on Monday, during which, he visited a number of housing projects and road infrastructure projects in Ras Al Khaimah, said the Wam report.
During the tour, Sheikh Mohammed said: "We have pledged, from the beginning, to ensure that every UAE citizen is provided with a home, and that no area is left undeveloped."
"The quality of housing across the country is of a unified standard," he noted, adding that housing services for UAE citizens are also unified.
"We want higher levels of competitiveness between government sectors for the benefit of Emiratis. The Sheikh Zayed Housing Programme holds a special value providing necessary services to Zayed's children," he added.
Copyright 2022 Al Hilal Publishing and Marketing Group