Sharjah Ruler Pays Off Citizens’ Debt Worth Millions

Ruler of Sharjah and Supreme Council Member, Sheikh Sultan bin Muhammad Al Qasimi, has settled debt worth over AED 73 million ($20 million) of several Emiratis.

This action was taken in line with the Sheikh’s commitment to supporting his citizens and improving their quality of life. He ordered Emirates’ Debt Settlement Committee (SDSC) to clear the loans immediately.

Consequently, SDSC approved the amount to clear the debt of 125 Emiratis. The beneficiaries also included widows, disabled persons, and divorced women. In total, the committee has cleared debt worth over AED 1 billion of 2,086 citizens.

This act of kindness has not gone unnoticed by the people, who expressed support for the ruler. Sheikh Sultan’s move serves as an example of leadership and will inspire others to follow in his footsteps.

Soaring House Rents in Popular Areas

House rents in Sharjah are increasing at a 10-25% year-on-year (YoY) rate. This is because tenants are moving to new units with higher lease rates, particularly in the first two months of 2023.

Despite the increase, Sharjah’s rents are still lower than Dubai’s. According to a report from Savills, a two-bed apartment rent in Al Majaz is AED 35,000 a year, up by 9.4%.

The rent for a one-bed apartment in Al Share has increased by 20% to around AED 20,000 per year, while in Al Qassimiya, it has gone up by 22.2% to AED 22,000 per year.

The highest increases have been recorded in one and two-bed apartments, whereas in Dubai, larger units are seeing a rental surge.

Crafts international and UAE news into concise pieces, catering to today's busy readership.

  • I am victim of loans here in UAE with my family. Please help me too. Zazak Allah Khair . Ramadan Kareem.

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