Sheikh Mohammed bin Rashid, the esteemed Vice President and Ruler of Dubai, has recently given his approval for housing loans to be granted to 2,000 deserving Emiratis as part of the renowned Sheikh Zayed Housing Programme. The total value of these loans has been set at an impressive Dh1.6 billion ($435 million).
Expressing his thoughts on the matter, Sheikh Mohammed took to Twitter to share the news and highlight the program’s ongoing success. He reiterated its purpose, stating, “The programme, named after its esteemed founder, continues to achieve the goal for which it was established. We recall his quote that wealth and life fade away, but working for the nation endures and is immortal.”
Established in 1999, the Sheikh Zayed Housing Programme aims to provide low-income citizens with interest-free loans that can be repaid over a 25-year period. Notably, individuals facing significant financial hardships are also eligible for grants and non-reimbursable assistance.
This initiative places particular emphasis on supporting orphans, widows, the elderly, and individuals with special needs, ensuring that those who are most in need receive the necessary aid.
In an effort to expand access to housing loans, the Central Bank of the UAE raised the debt burden ratio for beneficiaries under the program in July. This adjustment has allowed a greater number of borrowers to obtain financing, with the debt burden ratio increased to a maximum of 60 percent from the previous 50 percent.
President Sheikh Mohamed, in another display of his commitment to aiding the Emirati population, has ordered financial assistance in the form of electricity subsidies for low-income farm owners. In May, he directed the Ministry of Community Development and Etihad Water and Electricity, primarily serving the Northern Emirates, to provide monthly subsidies starting in July. Each beneficiary will receive an annual amount of Dh8,400, which is equivalent to a maximum monthly consumption of 2,500 kilowatt hours.
These progressive measures demonstrate the unwavering dedication of Sheikh Mohammed and President Sheikh Mohamed to improve the lives of Emirati citizens, ensuring that housing and electricity remain accessible to those who require assistance.
