Stock Abu Dhabi skyline city UAE
The Abu Dhabi Corniche. Picture for illustrative purposes only. Image Credit: AFP

Abu Dhabi: Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, has commended the interest shown by the wise leadership of the UAE in providing sustainable government housing to support Emiratis, improve family stability and provide a decent life for them.

On the sidelines of the signing of the agreement by the Ministry of Energy and Infrastructure — represented by the Sheikh Zayed Housing Programme — a joint memorandum of understanding (MoU) with four national banks, namely First Abu Dhabi Bank (FAB), Emirates NBD, Dubai Islamic Bank and Abu Dhabi Islamic Bank, Al Mazrouei revealed the plan to implement the leadership’s directives and the Cabinet decision regarding the new policy for housing loans.

He added that 3,000 beneficiaries of housing loans will be announced during 2022; 500 housing decisions per month, announcing the names of the beneficiaries of the first instalment within the new housing policy, which includes 500 decisions worth Dh400 million.

The MoU was signed by Mohammed Al Mansoori, Director of the Sheikh Zayed Housing Programme, and representatives of the national banks in the presence of a number of officials.

Al Mansoori explained that the MoU supports the new policy based on national banks taking over the entire process of financing citizens’ housing loans, with the Sheikh Zayed Housing Programme financing the value of the interest on the loan on behalf of the citizen.

He further explained that the Ministry of Energy and Infrastructure aims to meet citizens’ needs for government housing, provide multiple financing options at competitive prices, reduce waiting time for housing assistance and enable citizens to obtain competitive prices for supplementary loans.