Sheikh Mohammed approves housing projects worth Dhs 3.6bn

UAE VP, PM and Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum has approved housing projects worth Dhs 3.6 billion, state news agency WAM reported.

The projects are part of Mohammed bin Rashid Housing Establishment and will be built for local families.

Sheikh Mohammed also reviewed the organisation’s other services which include finished houses, maintenance grants, lands, housing loans services, constructed houses loans and maintenance loans.

MRHE has provided construction loans worth Dhs2.9 billion between 2007 and 2014 while the amount loaned for maintenance of the houses reached Dhs46.5 million, WAM said.

The organisation has built about 16 projects, including 4,368 houses at a cost of Dhs4.8 billion between 2007 and 2014.

Free housing is one of the many benefits that Gulf citizens receive from their cash rich governments.

The UAE, specifically, has been quite active in providing free or subsidised housing with Abu Dhabi and Dubai launching a number of new home projects for Emiratis.

Last year, Abu Dhabi property developer Aldar announced that it is building 2,300 housing units for Emiratis in the capital and in Al Ain.

The projects have a total developmental value of Dhs5.7 billion and are being fully funded by the Abu Dhabi government, the developer said in a statement.

The residential projects include a community of 1,020 villas on Yas Island and 996 villas in Al Falah in Abu Dhabi along with 275 villas in Al Ghuraibah area in Al Ain. All three developments are slated to be completed by 2016.

These are in addition to a Dhs2.1 billion housing grant provided to Emiratis looking to build their own homes.

The scheme was approved by Sheikh Mohammed bin Rashid al Maktoum in 2013 and will be provided under Sheikh Zayed Housing Programme, which is expected to help 5,000 families.