Dubai ruler announces $1.72 billion investment in housing for citizens

Dubai ruler announces $1.72 billion investment in housing for citizens

Dubai’s government will invest $1.72 billion (6.3 billion dirhams) for housing and land for 4,610 Emirati citizens, the emirate’s ruler announced in a tweet on Sunday.

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A new residential housing complex in the northeastern suburb of al-Khawaneej consisting of 1,100 villas was also approved, Sheikh Mohammed bin Rashid Al Maktoum said.

Emirati citizens are eligible for generous state-subsidized housing grants and loans.

The UAE government provides free land, housing, loans, and home maintenance to “deserving” Emiratis, according to the government’s website.

The country set up the Sheikh Zayed Housing Program (SZHP), named after its founding father, in 1999 to provide interest-free home loans repayable over 25 years for lower income citizens.

It gives priority to orphans, widows, the elderly, and people with special needs, and provided homes to 14,500 Emiratis between 2000 and 2012, according to the government website.

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