"Zayed Housing" announces 500 housing decisions per month, at a value of 400 million dirhams
The Minister of Energy and Infrastructure, Suhail bin Mohammed Faraj Faris Al Mazrouei, revealed the plan of the Sheikh Zayed Housing Program of the Ministry, in implementation of the directives of the rational leadership and the decision of the Council of Ministers regarding the new policy for housing loans, and that during the current year 2022, announcing 3,000 names of beneficiaries of the housing loans will be targeted. Housing loans, at a rate of 500 housing decisions per month, announcing his happiness on the names of the beneficiaries of the first installment within the new housing policy, which includes 500 decisions worth 400 million dirhams.
He valued the country's interest under the leadership of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the State, and his brother, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and Their Highnesses, members of the Supreme Council of the Union and Rulers of the Emirates, to provide sustainable government housing for the happiness of citizens. And the quality of their lives as a top priority, and this is reflected through the adoption of huge budgets for this vital sector, and ambitious housing policies capable of meeting the state's goals for the next fifty years, the needs and aspirations of the sons and daughters of the Emirates, and achieving living and family stability, happiness and quality of life.
On the sidelines of the signing of the Ministry of Energy and Infrastructure represented by the Sheikh Zayed Housing Program, a joint memorandum of understanding with 4 national banks, namely First Abu Dhabi Islamic Bank, Emirates NBD, in addition to Dubai Islamic Bank and Abu Dhabi Islamic Bank, according to which housing loans will be financed Within the framework of implementing the new housing policy approved by the Cabinet to finance government housing program loans, with the interest of the rational leadership, to provide a decent life for the people of the Emirates, and to achieve a decent life for them as a top priority.
Al Mazrouei confirmed that the beneficiaries of the first batch were notified through text messages to inform them of the issuance of decisions, to start the procedures, by choosing one of the four national banks that support the new housing policy, which was signed with them today.
The memorandum was signed by the Director of the Sheikh Zayed Housing Program, Engineer Muhammad Al-Mansoori, and officials of national banks, in the presence of the Undersecretary of the Ministry of Energy and Infrastructure for Infrastructure and Transport Affairs, Eng. For the Federal Infrastructure Assets Sector, Eng. Muhammad Al-Mail, the Assistant Undersecretary for the Federal Infrastructure Projects Sector, Eng. Yousef Abdullah, and the Minister’s Adviser for Maritime Transport Affairs, Eng. Hessa Al Malik.
Eng. Mohammed Al-Mansoori explained that the memorandum aims to enhance cooperation between the program and national banks, the sustainability of funding sources, meeting current and future housing needs, and promoting partnership between the government and private sectors to facilitate the process of financing housing loans for citizens benefiting from the program.
He said: "The agreement aims to achieve effective cooperation and integration between all parties, and unify efforts to serve the citizens who benefit from the Sheikh Zayed Housing Program, through financing national banks for housing loans, and finding successful solutions that would reduce the financial burdens on the beneficiaries, praising the role of national banks." In enhancing the stability of citizen families, supporting the welfare system and quality of life, contributing to meeting current and future housing needs, and empowering beneficiaries through financing programs with the banking sector.
He added: "The memorandum supports the new policy based on national banks and banks taking over the entire process of financing citizens' housing loans, provided that the Sheikh Zayed Housing Program finances the value of the interest resulting from the loan on behalf of the citizen, which contributes to doubling the number of decisions that can be issued annually for loans. Especially during the next five years, it also contributes to enhancing competitiveness, providing multiple options for citizens, and reducing the travel time for the beneficiaries of the program.”
Al-Mansoori pointed out that the Sheikh Zayed Housing Program aims, through these agreements, to reduce the citizen's journey time to obtain adequate housing, cover all accumulated requests, and raise the efficiency of loan financing, calling on beneficiaries to take advantage of the ambitious initiatives offered by the program, including ready-made designs and the service of Darak Designs Library. housing.
He pointed out that the memorandum of understanding targets national banks that have great experience in the field of housing finance and have previous partnerships with local housing authorities. All over the country to communicate with beneficiaries around the clock.
Al-Mansoori explained that the Ministry of Energy and Infrastructure aims to cover 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, in addition to developing innovative financing solutions, which include: It will reduce the financial burden on the beneficiaries.
For his part, Sameh Awadallah, Acting CEO of Retail Banking Sector at ADIB, said: “ADIB is proud to have been chosen by the Ministry of Finance and the Ministry of Energy and Infrastructure to partner with the Sheikh Zayed Housing Program to provide financing solutions to Emirati citizens. qualified.
We place great importance on making a positive social impact on our local communities.
Owning a home in itself is a milestone for everyone, and we are pleased to support UAE nationals in achieving their goals of owning their own homes.
We look forward to exploring more opportunities in order to add value to the UAE’s residential infrastructure and economy.”
Head of the Islamic Banking Department and Housing Loans for Citizens at First Abu Dhabi Bank, Fahd Al Shaer, said: “The Abu Dhabi Bank pays great attention to the communities in which it operates, and is considered an integral part of the social fabric of the UAE. Positive and stable living, and this agreement with the Sheikh Zayed Housing Program will facilitate owning, building or developing real estate for citizens, and we are pleased to be part of the solutions that provide housing for Emiratis.”
Ahmed Mohamed Al Marzouqi, Senior Executive Vice President and General Manager of Retail Banking at Emirates NBD, said: “As a leading bank in the UAE, we are pleased to collaborate with the Sheikh Zayed Housing Program to further our commitment to providing housing for all UAE citizens.” .
On this occasion, Head of Retail Banking at Dubai Islamic Bank, Sanjay Malhotra, said: “We are very proud to once again cooperate with the Sheikh Zayed Housing Program to provide Sharia-compliant financing products to UAE citizens, and we continue our commitment to support the efforts and initiatives of the UAE government that It drives long-term stability and provides the best standards of dignified life for all citizens. We look forward to providing our customers with appropriate and tailored solutions to meet their different needs, while at the same time compliant with the provisions of Islamic Sharia.”
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