«Mohammed bin Rashid Housing» offers discounts of 114 million dirhams to 1,100 beneficiaries of «early payment»

Omar Boushehab: “The (Know Your Customer) platform includes more than 120 companies.”

The Mohammed bin Rashid Housing Establishment announced the start of the construction of the Al Khawaneej Second Area housing project in Dubai, which includes 667 housing units for citizens, at a value of one billion dirhams, and the Al Warqa housing project in Dubai, which includes 136 homes for citizens, at a value of 185 million dirhams. A total of one billion and 185 million dirhams.

Omar Hamad Boushehab, Executive Director of the Mohammed bin Rashid Housing Establishment, said that in implementation of the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, "may God protect him", to strengthen efforts to complete the development and urban model of the Emirate of Dubai, which is based in Its essence is on human happiness, by enhancing the elements of a decent life for citizens, so that Dubai will be “the best city for life in the world, and under the supervision of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Office, and His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler Dubai, Deputy Prime Minister and Minister of Finance, and within the Citizens’ Housing Programme, which is supervised by their Highnesses, the Mohammed bin Rashid Housing Establishment has begun building 803 housing units for citizens, with a total value of one billion and 185 million dirhams, distributed among 667 housing units in the second Al Khawaneej area, at a value of one billion dirhams. And 136 houses in the Al Warqa’a area, with a value of 185 million dirhams.

The Executive Director of the Mohammed bin Rashid Housing Establishment confirmed that the two projects come within the framework of strengthening efforts to implement the Dubai Urban Plan 2040 adopted by His Highness Sheikh Mohammed bin Rashid Al Maktoum to explore the future of cities and search for solutions and future housing needs that achieve family stability and ensure a decent life for citizens.

Boushehab noted the remarkable momentum witnessed by the various initiatives of the Mohammed bin Rashid Housing Establishment, including the initiatives related to loans related to the Citizens Housing Program, which would enhance efforts to provide a decent life and adequate housing that meets the needs of citizen families, improve their quality of life, and enhance their social stability. And bring happiness to their hearts.

Boushehab referred in particular to the "Early Payment" initiative, through which the Mohammed bin Rashid Housing Establishment guarantees to exempt the borrower by a percentage of the remaining amount of the loan in the event that he pays it off before the expiry of the period, while the Foundation, through the "Awad" initiative, provides a financial reward granted to the beneficiary. The one who has been approved for a building loan and has completed the house without benefiting from the disbursement of the loan granted to him by the institution.

He added: "Both the "Early Payment" initiative and the "Awad" initiative enhance the comprehensive and sustainable development model of the Emirate of Dubai in the housing sector, while all the initiatives of the Mohammed bin Rashid Housing Establishment seek to provide the benefit of all beneficiaries of its various programs, and to contribute effectively to the achievement of the objectives of the plan Urban Dubai 2040, according to the highest international standards adopted, in a manner that consolidates the position of the Emirate of Dubai as the best city for life in the world, and ensures that citizens enjoy the highest standards of quality of life, and achieves their social stability.

With regard to the "early repayment" initiative, Bu Shehab indicated that the initiative guarantees exempting the borrower by a percentage of the remaining amount of the loan in the event that he repays the loan before the expiry of the period, as the value of the discount is calculated based on the number of years remaining from the loan, and the remaining value of it as well. The value of the discount allowed under this initiative is up to 300,000 dirhams, without calculating any discounts on unpaid loan arrears.

Boushehab said that more than 1,100 beneficiaries have benefited from the "early payment" initiative since its launch, and more than 114 million dirhams have been deducted, and the initiative aims to achieve double discounts for more beneficiaries during the next stage.

Regarding the "Awad" initiative, Boushehab indicated that the initiative achieves an important benefit for a large segment of the beneficiaries, as it provides a financial reward that the Foundation grants to the beneficiary who has been approved for a construction loan and has completed the housing without benefiting from the disbursement of the loan granted to him by the Foundation. The initiative ranges from 75,000 dirhams to 375 thousand dirhams.

He added: "The actual benefit from the "Awad" initiative ranges between 3% to 42% of the loan value, according to the approved conditions for benefiting from the initiative, and the number of years of the loan, which provides another important option in support of the plans of the beneficiaries of the Mohammed bin Rashid Foundation's programs for housing.

It is worth noting that His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, may God protect him, has approved a historic housing budget of 65 billion dirhams for the next twenty years for citizens of the Emirate of Dubai.

His Highness directed to quadruple the number of beneficiaries of the housing program in Dubai, and to double the land allocated for housing citizens in Dubai, to reach one billion seven hundred million square feet, sufficient to meet the needs of citizens for the next twenty years.

The directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum came in light of the efforts to complete the development and urban model of the Emirate of Dubai, in a way that enhances a decent life for citizens and consolidates Dubai's position as the best city for life in the world.

His Highness also ordered the immediate allocation and start of distributing 2,000 plots of land to citizens in the second area of ​​Wadi Al-Amdi and Al-Awir, allocating an integrated residential complex "Family Village" in the fourth Muhaisnah area for non-extended families and individual cases, and exempting the families of the deceased from paying housing loans worth 33 million dirhams. .

The Mohammed bin Rashid Housing Establishment, with the follow-up of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, was keen to implement His Highness’ directives with remarkable efficiency, through the application of international best practices, and through an executive mechanism that enhances partnership between the public and private sectors, for the benefit of the citizen, and in a manner that supports Achieving the strategic vision for housing citizens in the Emirate of Dubai, and enhancing the reality of the Emirate's leadership in the list of the best cities for living and stability in the world.

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