Emiratis are welcoming the Dh50 billion economic stimulus package, announced on Tuesday by His Highness Sheikh Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces.
Citizens are hailing the move, which includes doubling housing loans and reducing waiting times for property development, adding that it is especially beneficial for young Emirati men who want to marry and have been unable to do so because of housing issues. "I know many friends who were resisting marriage, because they were afraid of not being able to provide for their family and worried about where to live," Khalifa Al Fahim, a senior systems analyst, told Khaleej Times.
"I am certain that after this announcement, many Emiratis will feel more comfortable about getting married, not having to be worried about housing," added the 31-year-old.
He pointed out that Emiratis with higher incomes are entitled to interest-free loans and land, but the loans would take up to 10 years to process, which was "a heavy burden." Al Fahim stressed that waiting 10 years for housing loan processing only led Emiratis to spend their savings on rent, when they could have built homes on the lands that they were already given. "A lot of men have gone into a great debt because they are renting for years, on top of all the other expenses."
If the loans processed quickly, Emiratis can begin building their homes and save the money they have been "wasting on rent for all these years" he noted.
However, under the new measures announced on Tuesday, waiting times will be reduced to a maximum of three years. "Cutting the time to three years maximum will really help Emiratis save money for their families and future.
"This is a huge and positive step forward for the UAE, especially for young Emirati men who want to marry and start a family. The move will certainly be a helping hand for many people," added Al Fahim.
Salem Al Shehhi, Federal National Council (FNC) member, told Khaleej Times that Sheikh Mohamed bin Zayed's approval of the economic stimulus package, which will immensely help boost housing projects, is "a humanitarian move," because it will provide comfort to the lives of Emiratis. "This initiative comes on Zayed Humanitarian Day, which symbolises the purpose of this move, which is to help the country and its people. It is a humanitarian step and a great one indeed," said Al Shehhi.
The FNC member pointed out that married Emiratis will no longer have to wait up to a decade for their houses to complete, adding that the reduction of waiting time will provide stability and a sense of relief.
"One of the essential needs of all citizens is to own a home; this is a basic and fundamental need. This is not just about settling in a house, but this is also about settling emotionally and not having to worry about renting or where to live," added Al Shehhi.
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