The UAE citizens’ housing segment in 2022 achieved significant progress and received massive financial allocation for federal and local plans and projects amounting to $6.88 billion.
On June 5, 2022, President Sheikh Mohamed bin Zayed Al Nahyan ordered the completion of the housing grants, from previous years’, worth $626 million as part of the Sheikh Zayed Housing Program and through the President’s Initiatives.
The Ministry of Energy and Infrastructure said the initiative covers the applications of those eligible to receive housing grants from the Sheikh Zayed Housing Program.
On May 9, the UAE Cabinet adopted a new federal housing loan policy aimed at providing housing loans via partnerships with the private sector and national banks.
The housing financing program under the new policy aims to issue 13,000 housing resolutions from 2022 to 2026 worth $3.13 billion.
Under the new policy, the Sheikh Zayed Housing Program will pay the interest income on the loans on behalf of citizens, which will double the annual number of resolved loans and accelerate the completion of applications.
On June 7, the UAE Cabinet approved citizens’ housing loans worth $653 million for 500 beneficiaries per month.
On July 6, the energy and infrastructure ministry, represented by the Sheikh Zayed Housing Program signed a Memorandum of Understanding (MoU) with First Abu Dhabi Bank, Emirates NBD, Dubai Islamic Bank and Abu Dhabi Islamic Bank, with the aim of financing housing loans.
Coinciding with the MoU’s signing, the energy and infrastructure ministry announced the first batch of beneficiaries under the new housing policy, which included 500 resolutions worth $108 million.
It was followed by the announcement of the second batch on August 3.
This year, large local financial allocations were made in this vital sector in the emirates of Abu Dhabi, Dubai and Sharjah.
In Abu Dhabi, the number of beneficiaries of housing benefits totaled over 2,447 citizens in 2022, with a total value of $23.5 billion.
On April 24, Dubai approved two housing packages worth $1.7 billion that include houses and land for 4,610 nationals, as part of the emirate’s citizens’ housing program.
The package included the construction of 1,110 housing units in the second area of Al Khawaneej, as well as the allocation of 3,500 plots of land in Umm Nahd Al Rabea and Al Awir.
On January 3, Dubai adopted 600 housing loans provided by the Mohammed bin Rashid Housing Establishment worth $163 million.
In Sharjah, two housing support batches were approved this year totaling $198 million, which has benefited 1,047 citizens.
In 2022, housing support totaling $272 million was provided, as part of the directives of Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, who ordered those concerned to keep pace with the growing number of citizens in need of housing.