Housing benefit for Abu Dhabi citizens tops $500m

Wam

• Houses, grants and loans given out
• Some exempt from payments
• Benefits will aid ‘social cohesion’

Abu Dhabi has handed out over AED2 billion ($500 million) worth of housing benefits to citizens across the emirate.

The first benefits package of the year, to coincide with the Eid Al Fitr celebrations, includes housing loans, ready-built houses and residential land grants. Thety will help 1,400 Emiratis.

Additionally, senior citizens, retirees with low incomes, and the families of deceased citizens have been exempted from housing loan payments totalling more than AED98 million. This will benefit 95 citizens.

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“This initiative strives to improve the welfare of our citizens and their families, promote stability, and nurture familial and social cohesion within the emirate, all while advancing its comprehensive development,” said Mohamed Ali Al Shorafa, chairman of the board of directors of Abu Dhabi Housing Authority.

The total value of housing benefits disbursed since the state-backed Abu Dhabi Housing Authority was established in October 2012 is more than AED149 billion.

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Last month it was announced that the Abu Dhabi government is to build a AED3.5 billion residential project for UAE citizens on Al Raha Beach through a public-private partnership.

The project, comprising over 1,100 residential villas, will be overseen by Abu Dhabi Housing Authority in cooperation with another government entity, Abu Dhabi Centre for Projects and Infrastructure.