The UAE Cabinet, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, approved 2,618 housing units worth more than AED2 billion ($544.5 million) during the first half of 2024.
The housing units initiative falls under the UAE’s ongoing efforts to provide suitable housing for all citizens, meeting their needs, enhancing their stability, and improving their quality of life.
The program’s approvals of 2,618 housing units included 631 grants worth AED430.922 million and 1,987 housing loans and financing worth AED1.597 billion.
The housing sector has been a priority since the establishment of the UAE, one of the fastest-growing countries in the world. This rapid growth requires good planning and integrated investment in housing to meet the needs of its citizens.
34,000 units for citizens
Sheikh Mohammed recently announced that the UAE has allocated AED32 billion for 34,000 housing units for nationals within the next six years. The income limit for beneficiaries of housing grants increased to AED15,000 from AED10,000 per month. In addition, the maximum value for housing loans rose to AED1.2 million from AED800,000, he said.
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Abu Dhabi housing and benefits package
Earlier this year, the UAE President also approved the disbursement of an AED2.18 billion housing and benefits package for the year 2024 to the residents of Abu Dhabi. The package goes to 1,502 citizens throughout the emirate. With the disbursement of this package, the cumulative value of housing benefits provided since the establishment of the Abu Dhabi Housing Authority exceeded AED149 billion.
In June, Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, approved the disbursement of a second housing and benefits package to 2,015 citizens across Abu Dhabi with a value of AED3.309 billion. The housing benefits package included over AED3.046 billion in housing loans, which will help 1,766 citizens, including 782 loans to purchase residential units in Abu Dhabi’s Balghaiylam residential project.
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