Sheikh Mohammed Bin Rashid Al Maktoum
His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. January 4, 2021 marks 15 years since he became the Ruler of Dubai. Image Credit: WAM/Gulf News Archives

Dubai: The total value of residential loans to be granted for Emirati citizens in Dubai has been increased to Dh1 million.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, approved on Monday a decision increasing the value of residential loans to be granted for Emirati citizens in Dubai.

Sheikh Mohammed also instructed competent authorities to allocate 4,000 land plots for Emiratis worth Dh 5.2 billion.

“As I said it before, I will personally follow up with Hamdan and Maktoom the housing policy during the coming period,” Sheikh Mohammed tweeted.

Earlier last Wednesday, Sheikh Mohammed approved the allocation of Dh65 billion to an Emirati housing programme in Dubai. The budget will be spent over the next two decades to provide quality housing for Emiratis.

The Dubai Ruler also issued directives to quadruple the number of citizens benefiting from the housing programme effective from next year, and to increase the land plots allocated to Emirati housing projects in Dubai to 1.7 billion square feet, which will meet the demand from citizens over the next 20 years.

Sheikh Mohammed said quality housing is everyone’s basic right and a top priority for the government. "We have adopted an integrated housing policy, which I will supervise myself. Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, and Sheikh Maktoum bin Mohammed, Deputy Ruler of Dubai, will follow up on its plans."

He added that Dubai’s vision is to be the world’s best city to live in. Developing housing for citizens is a top priority that forms part of this objective, he added.