The ruler of Dubai, and vice president and prime minister of the United Arab Emirates, Sheikh Mohammed bin Rashid Al Maktoum has raised the housing loan limit for all the UAE citizens to $272,000.
The government is also set to allocate thousands of plots of land and housing for Emiratis at a cost of 5.2 billion dirhams.
“Today, we approved raising the value of the housing loan for citizens in Dubai to one million dirhams,” Sheikh Mohammed tweeted.
“We directed the immediate start of allocating 4,000 plots of land and housing for citizens at a cost of 5.2 billion dirhams.”
Last week, Dubai approved a 65 billion dirhams budget to provide housing for UAE citizens. The huge outlay will be spent over the next 20 years through the citizens’ housing program.
The UAE government has announced a series of initiatives following the launch of the “Projects of the 50” campaign, which provides a roadmap for the country’s economic, political and social growth.