Dubai launches housing projects worth $1.5bn

Reuters/Hans Lucas Pictures

• 2,300 ready-to-move-in houses
• 3,500 plots of land for housing
• Launch of Latifa City

A series of projects including 2,300 ready-to-move-in houses and 3,500 plots of land for housing being allocated among citizens of Dubai have been approved by the emirate’s ruler, Sheikh Mohammed bin Rashid Al Maktoum.

The housing projects, part of the Dubai Social Agenda 33, are valued at AED 5.5 billion ($1.49 billion), the UAE state-run news agency Wam reported.

The area designated for the housing project for Dubai citizens is to be called “Latifa City”.

• Dubai unveils $56bn plan to improve standard of living
• Rising supply softens Dubai’s short-term housing market
• Dubai mortgage surge as tenants flee rent rises

Sheikh Mohammed reaffirmed the Dubai government’s commitment to launching more projects for citizen welfare.

The housing plots span 40 million square feet, with eligible citizens from Dubai to be given ownership in February. The allocations include 2,700 plots in Latifa City and 800 plots in Al Yalayis 5 area.

The 2,300 new houses for citizens are located across Al Khawaneej 2, Al Aweer, Wadi Al Amardi, and Hatta.

Earlier this month, Sheikh Mohammed launched the AED208 billion ($56.63 billion) Dubai Social Agenda programme, with one of its key objectives being to double the number of Emirati families in the emirate within a decade.

Community development is another core priority, with funding for this sector planned to rise to AED88 billion by 2033, up from AED26 billion in 2014. This will address issues such as education, citizen support, social institutions, arts and culture, citizen housing and sports.

The Dubai Social Agenda 33 will allocate AED14.5 billion for the development of residential compounds for Emirati citizens, AED13 billion will go towards improving the educational system, AED6.4 billion will be dedicated to the arts and culture sector and the sports sector will get an extra AED6.2 billion.