|27 November, 2019

Dubai ruler waives outstanding home loans worth $47.1mln of Emiratis

The announcement was made on the occasion of the UAE’s 48th National Day celebrations

United Arab Emirates Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum speaks with Chinese Premier Li Keqiang (not pictured) during their meeting at the Diaoyutai State Guesthouse in Beijing, China, April 25, 2019. Parker Song/Pool via REUTERS.

United Arab Emirates Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum speaks with Chinese Premier Li Keqiang (not pictured) during their meeting at the Diaoyutai State Guesthouse in Beijing, China, April 25, 2019. Parker Song/Pool via REUTERS.

DUBAI - In his capacity as Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, has ordered the Department of Finance to waive outstanding home loans worth AED173 million of Emiratis in Abu Hail area in Deira.

The announcement was made on the occasion of the UAE’s 48th National Day celebrations.

Abdulrahman Saleh Al Saleh, Director General of the Government of Dubai's Department of Finance, said that the Department has started implementing the directives, which reflects His Highness’s keenness to free citizens from financial burdens and enhance their welfare and happiness.

Abdulrahman Saleh Al Saleh also said that the Department is currently coordinating with the Dubai Real Estate Corporation’s Wasl, which manages the project located in Abu Hail area for which the home loans were provided. The AED392 million project has 390 villas owned by 600 Emiratis.

© Copyright Emirates News Agency (WAM) 2019.