Dh16b fund to build houses for Emiratis |
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Abu Dhabi: The Ministry of FinanceMinistry of Finance
and Industry will help establish a Dh16 billion fund from banks operating in the UAE to build homes for UAE nationals, a top official said.The move is part of the expansion of the Khalifa Housing Programme which received Dh1.28 billion in the 2008 federal budget, up from Dh640 million in 2007.
"The ministry is trying to find the best alternative to finance the remaining part of the project through banks loans. The ministry will guarantee UAE nationals in their endeavours to secure housing loans from banks as well as the interest due.
"The citizen will get a settlement period that extends to 20 years," said Dr. Mohammad Khalfan Bin Kharbash, Minister of State for Finance and Industry.
The announcement came during yesterday's meeting between ministry officials and representatives of the banks and financing companies to discuss a suitable mechanism to fund the housing programme.
Appraisal
The programme is being carried out under the instructions of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, who commissioned the construction of 40,000 homes for Emiratis over the next four years.
"The banking sector is one of the major pillars for the progress of the country and its economic development," Kharbash said.
He added that the Shaikh Zayed Housing Programme will carry out the necessary appraisals of housing applications according to the established rules and criteria, and will accordingly allocate the funds to the selected beneficiaries.
The remainder will be financed through loans from the banks.
By Ahmed A. Elewa
© Gulf News 2008
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