United Arab Emirates (UAE) has approved a whopping $23 billion fund to build 76,000 new homes for nationals. The decision comes after the approval of President UAE and Ruler of Abu Dhabi, Sheikh Mohamed bin Zayed Al Nahyan, and Crown Prince Abu Dhabi, Sheikh Khaled bin Mohamed bin Zayed Al Nahyan.
The amount will be used to develop integrated residential areas in Abu Dhabi, with a goal of providing up to 76,000 homes and plots to citizens in a span of five years.
Under the directives of Mohamed bin Zayed, Khaled bin Mohamed bin Zayed has approved a budget of AED85.4bn to develop integrated, residential neighbourhoods that further enhance quality of life for citizens across Abu Dhabi emirate. pic.twitter.com/9NdeBSuYKl
— مكتب أبوظبي الإعلامي (@ADMediaOffice) May 9, 2023
The upcoming residential projects in UAE will be equipped with a range of services and leisure facilities, including mosques, schools, public parks, and green areas. The aim of these projects is to provide citizens with high living standards and contribute towards the stability and well-being of families throughout Abu Dhabi.
AED 2.7 Billion Housing Aid
Earlier, Sheikh Khaled also approved AED 2.74 billion ($746 million) in funding for housing assistance for 1,800 citizens of Abu Dhabi before Eid Al-Fitr.
The announcement came following the orders of President UAE. The assistance included waiving loan repayments for low-income retirees and families of deceased mortgagors.
