Dubai has raised the housing loan limit for UAE citizens to 1 million dirhams ($272,000), Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai said on Monday. 

The government is also set to allocate thousands of plots of land and housing for Emiratis at a cost of 5.2 billion dirhams. 

“Today, we approved raising the value of the housing loan for citizens in Dubai to one million dirhams,” Sheikh Mohammed tweeted. 

“We directed the immediate start of allocating 4,000 plots of land and housing for citizens at a cost of 5.2 billion dirhams.”

Last week, Dubai approved a 65 billion dirhams budget to provide housing for UAE citizens. The huge outlay will be spent over the next 20 years through the citizens’ housing programme. 

The UAE government has announced a series of initiatives following the launch of the “Projects of the 50” campaign, which provides a roadmap for the country’s economic, political and social growth. 

(Writing by Cleofe Maceda; editing by  Seban Scaria) 

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