UAE residential projects gain momentum in first half of 2020

During the first half of 2020, the UAE continued supporting housing projects for citizens with the same momentum, despite the challenges imposed by the coronavirus, COVID-19, outbreak.

The UAE adopted a comprehensive national strategy for developing the housing sector, to serve citizens and maintain stability and prosperity.

The Follow-Up Committee of the Initiatives of the UAE President has completed the construction of the Dhs1.9 billion Mohamed Bin Zayed Residential City in the Emirate of Fujairah.

 The project was launched to meet the needs of citizens, support the well-being and stability of Emirati families, and improve the quality of their lives.

The UAE leadership has placed the housing sector at the top of its priorities in order to achieve development across all emirates of the country to serve the citizens, the most important asset in the country’s progress.

The Mohamed Bin Zayed Residential City was an iconic urban achievement in Fujairah’s housing sector and a modern city designed according to the highest standards of residential communities internationally.

The City was an extension of the package of vital projects across all regions of UAE and aimed to achieve family stability and social security for citizens through housing projects, roads and service facilities.

At a cost of Dhs1.9 billion and with an area of around 2.2 sq km, the Mohamed Bin Zayed Residential City will accommodate 1,100 residential villas equipped with advanced facilities, with the aim of providing housing for about 7,000 citizens. In time, it will include schools, mosques, parks and commercial stores in addition to a community cultural centre and a men’s council.

Located in the Al Hail area, 3km south of Fujairah airport, Mohamed bin Zayed Residential City includes 20 public parks and plots of land designated for public services.

Under the directives of President His Highness Sheikh Khalifa Bin Zayed Al Nahyan, His Highness Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces and Chairman of the Abu Dhabi Executive Council, has approved the order to disburse housing loans, houses and residential plots totaling Dhs5.5 billion, granted to more than 5500 UAE nationals within Abu Dhabi.

The approval of the first installment of housing loans, houses and residential plots coincides in May is part of the wise leadership’s commitment to ensure social stability, enhance living standards of UAE nationals and strengthen their role in contributing to the development in society.

The directive from His Highness Sheikh Mohamed Bin Zayed to double the number of housing loans to UAE citizens falls within Abu Dhabi’s Development Accelerator Programme, ‘Ghadan 21’. The leaders have ordered for the exemption of 429 retired citizens from the repayment of housing loans in Abu Dhabi, with a total value of Dhs444 million.

The gesture aims to achieve family stability and ensure the best standard of living for citizens.

These exemptions also aim to relieve citizens’ social burdens, especially retirees with low income, to get rid of any related social burdens.

In Dubai, the Mohammed bin Rashid Housing Establishment stressed that its total housing grants and loans amounted to Dhs202 million in the first quarter of 2020, accounting for 300 approvals distributed over five housing services, including 212 house construction approvals, 14 prefabricated houses owned through its purchase loans, 21 prefabricated houses not owned through its purchase loans, 59 maintenance, addition or substitution loans, and four facilitated apartment rentals.

In Sharjah, citizen housing projects are continuing as per the directives of His Highness Dr Sheikh Sultan Bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, who ordered the completion of 4,400 housing requests made at the start of the year within a year and a half. On a federal level, the Sheikh Zayed Housing Programme is monitoring the implementation of many projects and programmes that aim to provide suitable housing for various segments of the community, by offering housing grants and loans for the construction, completion and maintenance of houses.

In January 2020, the programme’s Board of Directors approved the applications of 503 eligible citizens worth Dhs395 million. In May 2020, the programme approved 500 applications worth Dhs486 million, coinciding with Eid al-Fitr.

The programme plans to deliver 1,729 houses worth Dhs2 billion by the fourth quarter of 2020, including 888 over three phases in in Ras Al Khaimah, 500 in Ajman, and 341 in in Dubai.

Meanwhile, Abu Dhabi’s upcoming destination, Al Qana, is on track for construction completion by end of Q4 2020.

Developed by Al Barakah International Investment, the landmark location which will be Abu Dhabi’s newest waterfront destination, also revealed some of its progress milestones.

The company revealed that 90 percent of the Middle East’s largest aquarium is completed, 80 percent of the cinema is completed, and all four pedestrian bridges, connecting both sides of the canal (total 2200 tons of steel) are installed.

WAM