Dubai: The UAE has allocated 29 crore dirhams (Rs 600 crore) for the citizens’ housing scheme. The amount was allocated as part of the Sheikh Zayed Housing Scheme. Suhail Al Masrouei, UAE Minister of Basic Development, said that the Sheikh Zayed Project will continue to work to improve the quality of life of UAE citizens and ensure a dignified life during Ramadan, the month of charity.
The amount will be sanctioned for house construction, completion, purchase of land, maintenance and expansion. UAE President Sheikh Mohammed bin Zayed Al Nahyan has sanctioned 230 crore dirhams to complete the process by accepting all the applications applied for the housing project. It was also informed that all these applications will be settled within the next five years. As a part of this, 29 crore dirhams were allotted to 432 families.
The money is sanctioned in the scheme without interest. Low income earners need to repay this amount in 25 years. The project was launched in 1999. Writing off large amounts of home loans is also common in the UAE. Priority is given to orphans, widows, elderly and differently-abled persons.
UAE Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum, Supreme Council Member and Ruler of Sharjah Sheikh Dr. Sultan Bin Muhammad Al Qasimi also announced the aid of billions of dirhams.