Abu Dhabi: The Ministry of Energy and Infrastructure, represented by the Sheikh Zayed Housing Program has signed a joint Memorandum of Understanding with 4 National banks to support the new UAE policy for housing loans.
Speaking on the occasion, Mr. Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, praised the UAE wise leadership’s interest in offering sustainable government housing to support Emiratis while improving family stability, and providing a decent life for them.
First Abu Dhabi Bank (FAB), Emirates NBD, Dubai Islamic Bank and Abu Dhabi Islamic Bank will offer their support to the new housing loan policy through the MoU.
On the occasion, Mr. Al Mazrouei revealed the program plan implement the leadership directives and the Cabinet decision regarding the new policy for housing loans.
The UAE Minister stated that 3,000 beneficiaries of housing loans will be announced during 2022 with 500 housing decisions being made every month. The Minister also declared the names of the beneficiaries of the 1st installment within the new housing policy, which includes 500 decisions worth $109 million (AED400 million).
Mr. Mohammed Al-Mansoori, Director of the Sheikh Zayed Housing Program and representatives of the national banks signed the MoU in the presence of a number of officials.
The MoU supports the new policy based on national banks taking over the entire process of financing citizens’ housing loans, with the Sheikh Zayed Housing Program financing the value of the interest on the loan on behalf of the citizen.
Mr. Mohammed Al-Mansoori, Director of the Sheikh Zayed Housing Program explained on the occasion.
The Director of the Sheikh Zayed Housing Program highlighted that the MoU targets national banks that have great experience in the field of housing finance and have previous partnerships with local housing authorities.
Mr. Al-Mansoori elaborated that the Ministry of Energy and Infrastructure aims to meet 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.