Dubai has approved 600 housing loans worth a total of AED600 million ($163.38 million), official sources have said.
The loans are to be provided by the Mohammed bin Rashid Housing Establishment as part of housing projects announced last year.
The Mohammed bin Rashid Housing Establishment recently raised the value of the housing loan provided to Emirati citizens to AED1 million (around $272,300).
It also accelerated processing of loans and extended the loan repayment period to 25 years.
In addition, the establishment announced various benefit schemes as part of its housing strategy that aims to design residential neighborhoods to provide citizens the world’s best lifestyle and living environment for families.
The official sources quoted Dubai crown prince Sheikh Hamdan bin Mohammed as saying that the decision reflects the vision of the emirate’s ruler Sheikh Mohammed bin Rashid to provide the best living conditions for Emirati families.
It is said to be in line with the Dubai 2040 Urban Master Plan that lays out a roadmap for sustainable urban development in the emirate.
The crown prince added that Dubai was one of the world’s leading cities that placed people’s happiness and quality of life at the center of its development model, which enabled it to provide an exceptional environment for individuals and families.