The Dubai Committee approved the allocation of 2,000 land plots for residential development

The committee, headed by the Crown Prince of Dubai, approved the immediate allocation of 2,000 residential land plots in Umm Nahad Fourth. This was done in accordance with the instructions of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

The distribution was made after Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, headed the High Committee for Development and Citizens' Affairs. «We are constantly monitoring the progress of the housing program in order to fulfill the instructions of Sheikh Mohammed bin Rashid to meet all the needs of citizens and improve their quality of life», Sheikh Hamdan said.

The plots will be distributed, starting from Wednesday, July 27, 2022, among eligible citizens who have received permission from the Mohammed bin Rashid Housing Fund through the Maskani application. The application allows citizens to choose the sites that suit them.

Sheikh Mohammed bin Rashid approved an increase in the cost of housing loans for Dubai citizens to 1 million dirhams without an interest rate applicable to the relevant categories. The package also included reducing monthly deductions for repayment of a housing loan to only 15% of the borrower's monthly income, eliminating the condition that requires a certain balance to obtain residential land and reducing the prices of some houses of the Mohammed bin Rashid Housing Fund by about 10%.

A number of initiatives aimed at helping citizens to build their residential villas in Dubai have been approved. They include exemption from mortgage fees applied to approved housing loans and exemption of first-time home builders from electricity connection fees, provided that the construction cost does not exceed 4 million dirhams.

Priority is given to placing members of the same family within the same area to strengthen family ties and social cohesion.

Earlier, Sheikh Mohammed bin Rashid approved a housing budget of 65 billion dirhams for the next 20 years to provide housing for Dubai citizens.