The United Arab Emirates cabinet has approved 2,618 housing plans valued at over Dhs 2 billion within the first six months of 2024. This significant decision was made under the leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
Focus on Housing for Citizens:
The new housing approvals aim to address the housing needs of UAE residents, reinforcing the government’s commitment to providing suitable and decent living conditions for all. These efforts are part of a broader strategy to ensure social peace and improve the quality of life for citizens.
Government’s Strategic Priority:
According to a statement from the WAM news agency, the UAE government prioritizes the housing sector. This sector is considered a critical strategic axis in the federal government’s coordination with local governments and relevant authorities.
The government aims to support social stability by ensuring that housing needs are met, thereby enhancing the population’s overall well-being.
Breakdown of Housing Approvals:
During the first half of 2024, the UAE housing program issued 2,618 approvals. These approvals included 631 grants worth Dhs 430.922 million and 1,987 housing loans and financing totaling Dhs 1.597 billion.
In a statement on his official website, Sheikh Mohammed emphasized the longstanding importance of the housing sector in the UAE. He highlighted that since the UAE’s establishment, housing has been a priority, reflecting the nation’s rapid growth and the need for careful planning and integrated investment to meet the evolving needs of its citizens.
Historical Commitment to Housing
He stated: “The housing sector has been a priority since the establishment of the UAE, one of the fastest-growing countries in the world. This rapid growth requires good planning and integrated investment in housing to meet the needs of its citizens.”
The cabinet’s recent approval underscores the UAE’s ongoing efforts to provide a high standard of living and adequate housing for all its residents, contributing to the nation’s stability and prosperity.
