UAE announces new housing loan policies for citizens

Providing more flexibility for Emiratis under the Sheikh Zayed Housing Program
UAE announces new housing loan policies for citizens
Citizens can now reassign the housing assistance and exchange their current residences

In a recent cabinet meeting, the UAE announced several significant housing policies that will impact the federal housing sector. The announcements were made by Prime Minister and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum. Sheikh Mohammed shed light on the UAE’s commitment to advancing the well-being of its citizens and fostering international cooperation.

Revamping housing policies

One of the key highlights of the UAE cabinet meeting was the introduction of new housing policies. These are aimed at providing more flexibility for Emiratis under the Sheikh Zayed Housing Programme. They will grant citizens the ability to transfer, resell, or mortgage their government-owned residences. The changes allow beneficiaries of housing assistance to apply for mortgage transfers.

Citizens can now reassign the housing assistance they are receiving and exchange their current residences for more suitable options. Additionally, these policies permit citizens to apply for the sale, reconstruction, or purchase of new houses.

Another important decision by the cabinet involves nationals being able to reduce the value of their home financing through a “flexible loan.” Citizens can benefit from reduced financing loan rates within a period of no more than four years. This enhances their access to affordable housing options.

Other important government announcements

During the cabinet meeting, several new initiatives were also approved and announced, including:

Air services agreement with Iran

The UAE also ratified an agreement with Iran regarding air services between the two countries. This agreement covers not only the two regions but also extends to regions beyond them. This showcases the UAE’s dedication to regional cooperation and strategic initiatives that can benefit both nations.

Integrated recycling management

In an effort to promote sustainability, the cabinet approved a set of policies for integrated recyclable material management. These policies encompass regulations for licensing facilities involved in collecting, recycling, and exporting recyclable materials. Recyclable materials include used tires, electronic waste, plastic waste, used cooking oils, and aluminum dross. The move reflects the UAE’s commitment to environmental conservation and waste management.

UAE housing policies

Read: UAE’s commercial property sector prevails in Q3 2023

Education professional license policy

The cabinet further approved the Education Professional License Policy at the Emirates Schools Establishment. This policy aims to develop a framework for the introduction of an Education Professional License in public schools. Thus, it will offer guidance on recruitment and training to enhance the quality of education in the UAE.

Emirates Drug Foundation

In another crucial announcement, Sheikh Mohammed revealed the appointment of Thani Al Zayoudi as the Chairman of the Board of Directors of the Emirates Drug Foundation. He also appointed Dr. Maha Barakat as Vice Chairman.

The foundation will be responsible for regulating and licensing various medical, pharmaceutical, agricultural, cosmetic, and biotic products. This ensures their quality and safety. Moreover, the foundation aims to position the UAE as a global hub for pharmaceutical and medical industries. It aims to promote research and development while attracting investments in the sector.

The foundation’s duties include managing and regulating medical products, issuing licenses, monitoring medical product companies, and conducting pharmaceutical research. Research includes clinical and non-clinical studies. Additionally, its duties involve approving and registering medical products and establishing a national pricing system. This initiative aligns with the UAE’s vision to advance its pharmaceutical and medical industries and enhance their standards and safety.

For more news on real estate, click here.