UAE’S Mohammed bin Zayed orders $1.5 bn in housing packages for Emiratis in Abu Dhabi

General view of the Abu Dhabi city is seen from observation deck of Emirates Towers in Abu Dhabi, United Arab Emirates, December 23, 2018. (Reuters)

Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, approved on Tuesday disbursing housing loans, houses and residential plots worth 5.5 billion dirhams ($1.5 billion), granted to more than 5,500 UAE nationals in Abu Dhabi.

“The approval of the first installment of housing loans, houses and residential plots coincides with Eid al-Fitr, and is part of the wise leadership’s commitment to ensure social stability, enhance living standards of UAE nationals and strengthen their role in contributing to the development in society,” state news agency WAM reported.

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The directive to double the number of housing loans to double the number of housing loans to UAE citizens is part of Abu Dhabi’s Development Accelerator Program “Ghadan 21.”

“Ghadan 21” is a 50 billion dirham ($13.6 billion) three-year program launched by Sheikh Mohammed bin Zayed in 2019 and focuses on the UAE’s economy, knowledge and community.

Abu Dhabi’s stimulus packages launched to mitigate the impact of the coronavirus pandemic also fall under this program.

The coronavirus-related initiatives include:

No annual registration fees for commercial vehicles until the end of 2020.

No toll gate tariffs for all vehicles until the end of 2020.

No individual or commercial real estate registration fees until the end of 2020.

No “Tawtheeq” fees this year for commercial and industrial activities.

Industrial land leasing fees are reduced by 25 percent for new contracts.

Industrial and commercial penalties are waived.

Five billion dirhams ($1.36 billion) to subsidize water and electricity for citizens and commercial and industrial activities.

Subsidies for electricity connection fees for startups this year.

Three billion dirhams ($817 million) for SME credit guarantee program.

Performance guarantees for projects up to 50 million dirhams waived for startups.

Up to 20 percent rebate on rentals for restaurant, tourism and entertainment sectors.

Tourism and municipality fees for the tourism and entertainment sectors are suspended for this year.

New committee to review lending options to support local companies.

Establishment of 1 billion dirhams ($272 million) market maker fund to enhance liquidity and sustain balance between supply and demand for stocks.

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Last Update: Wednesday, 20 May 2020 KSA 10:51 - GMT 07:51
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