HE Suhail Al\nMazrouei, the Minister of Energy and Infrastructure, revealed that the Cabinet\nendorsed the new police for financing the Government Housing Loan Programs. <\/p>\n\n\n\n
According to the new\npolicy, the housing loans amounts shall be financed through the collaboration\nwith \u201cSheikh Zayed Housing Program\u201d (SZHP<\/strong>) and national banks, with the\naim of sustainable funding sources, meeting the current and future housing\nrequirements, and boosting the partnership between t eh Government and Private\nSectors, as well as facilitate the process of financing housing loans for the\nNationals benefiting from the Program. <\/p>\n\n\n\n His Excellency stated\nthat: \u201cAccording to the new Housing Policy, the national banks shall assume\nfull responsibility for the process of loans funding for the Nationals, where (SZHP<\/strong>)\nshall fund the interests resulting from the loans on behalf of the Nationals,\nwhich in return contribute to doubling the number of decisions to be issued\nannually for the loans, particularly during the upcoming five years, as well as\nthe sustainability of funding through a partnership with the Private Sector\u201d. <\/p>\n\n\n\n HE Al Mazrouei went\nfurther and added: \u201cThe new Policy aims to combine efforts to serve the\nNationals benefiting from the (SZHP<\/strong>), by the provision of bank\nfacilities of the housing financing, looking for efficacious solutions that\nwould mitigate the financial burdens on the Beneficiaries. <\/p>\n\n\n\n Al Mazrouei praised the role carried out by the national banks in enhancing the stability of the National families, supporting\nthe welfare system and quality of life, and contributing to meeting the current\nand future housing requirements, as well as reducing the National journey time\nto obtain adequate housing, covering all the accumulated requests, and raising\nthe efficiency of loan financing\u201d. <\/p>\n\n\n\n The Minister\ndelivered his speech in the briefing organized by the Ministry of Energy and\nInfrastructure, represented by (SZHP<\/strong>), in its premises located in Dubai,\nto elaborate on the new Policy for financing the loans of the Government\nHousing Program, identifying the housing targets for the upcoming years, the\naction plans that supporting the aspirations of the UAE Government, rules and regulations\nfor entitlement to housing support for the UAE Nationals, and the future\norientation of the housing, which is considered as one of the main pillars that\nour wise leadership focusing at, combined with the pat of qualitative and\nambitious achievements, updates to the laws and regulations that would enhance\ncash flows and governance of housing subsidy loans accordingly. <\/p>\n\n\n\n During\nthe briefing, which was attended by the Undersecretaries and Ministry\u2019s\nRepresentatives, as well as representatives from media corporations, HE\nelaborated that: \u201c<\/p>\n\n\n\n \u201cIn\nlight of the Cabinet\u2019s adoption of the new housing policy, the Ministry of\nEnergy and Infrastructure, in coordination with the Ministry of Finance, has\nidentified financing options with the financing banks and the guarantees\nrequired to be provided by the federal government, and determine the cost and\nimplementation mechanism according to the best possible conditions.\u201d<\/p>\n\n\n\n The number of the\ndecisions to be issued, within the following five years (2022 \u2013 2026) is\n(13000) decisions, with a total cost of (11.5 Billion Dirham). The national\nbanks shall finance the loans by (10.4 Billion Dirham), where the Program shall\npay the bank interest rate of (1.1 Billion Dirham). HE pointed out that the\nfocus, during the first three years, shall be mainly on covering accumulated\nrequests. <\/p>\n\n\n\n HE emphasized that,\naccording to the new Policy, coordination between the Ministry of Energy and\nInfrastructure, represented in the (SZHP), and between the national banks for\nfinancing the cost of housing decisions (loans) by the banks, whereby the\nMinistry shall pay the interests on the value of the decisions on behalf of the\nNationals through allocated budgets, and the Beneficiaries shall pay the\nprincipal amount to the banks, as previously applied, without any additional\ncosts on the Beneficiary. <\/p>\n\n\n\n H.E. commended the\nUAE\u2019s attention, led by His Highness Sheikh Mohammed Bin Zayed Al Nahyan, and\nhis brother His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President\nof the UAE, Prime Minister, and the Ruler of Dubai, their Highnesses the\nMembers of the Supreme Council of the Union and the Rulers of the UAE, in\nproviding state-of-the-art infrastructure and sustainable government housing\nthat attains happiness for the Nationals and quality of their life, all of\nwhich reflected by the adoption of enormous budgets for this vital Sector,\nwhere the last budget approved by the Cabinet for (SZHP) loans amounted to (12\nBillion Dirham), during the upcoming years, as well as projects and initiatives\nfor public facilities, construction of integrated residential complexes with\noutstanding services that meet the aspirations and future needs of the\nNationals. <\/p>\n\n\n\n His Excellency the\nMinister of Energy and Infrastructure explained that the Cabinet\u2019s adoption of\nthe new housing policy, in addition to its earlier approval of the budget of\nthe Sheikh Zayed Housing Program loans amounting to 12 billion dirhams in the\ncoming years, confirms the extent of the great interest that the Nationals\u2019\nhousing sector enjoys, and the government\u2019s endeavor To develop and organize it\nthrough regulating laws and legislation capable of keeping pace with the\ndevelopment taking place in the UAE in various fields, and to meet the future\nneeds of the sons and daughters of the Emirates, which in all aim to enhance\nfamily stability and achieve a decent standard of living, by contributing to\nmeeting the housing needs of Nationals in accordance with specific controls,\nand embodying the efforts of The UAE government to make Nationals happy, and in\na way that accelerates and enhances the program\u2019s steps towards achieving\nhousing stability for Nationals, and supports the state\u2019s goals for the next\nfifty years, the UAE Centennial 2071 and its aspirations towards global\nleadership in achieving comfort and prosperity for its people.\u201d<\/p>\n\n\n\n His Excellency\npointed out that the efforts of the Ministry of Energy and Infrastructure aim\nto meet the requirements of Nationals who apply for housing loans, speed up the\ncompletion of applications, and-all waiting lists during the coming period, and\nenable the program to achieve Nationals’ happiness in a manner that ensures a\ndecent life for them in response to the visions and aspirations of the rational\nleadership. By devoting all efforts for the sake of the comfort and happiness\nof the Nationals.<\/p>\n\n\n\n His Excellency also\nreviewed the expected positive impact of the new lending policy on the sons and\ndaughters of the Emirates, and its role in achieving family stability by\nproviding adequate housing for Nationals, which comes at the forefront of the\nwise leadership\u2019s priorities, which always emphasizes the need to build\nresidential communities that meet the aspirations and ambitions of the Emirati\nfamily and achieve a decent and secure life to Nationals.<\/p>\n\n\n\n On the future goals\nof the housing axis, His Excellency explained that the Ministry of Energy and\nInfrastructure aims to cover Nationals\u2019 needs for government housing, provide\nmultiple financing options and solutions, reduce waiting time for housing\nassistance, and develop innovative financing solutions that will reduce the\nfinancial burden on beneficiaries. Pointing out that the directives of the wise\nleadership revolve around the necessity of taking into account the social\ndimension of Nationals and always working to use measures that are in the\ninterest of the Nationals.<\/p>\n\n\n\n His Excellency explained\nthat the Sheikh Zayed Housing Program will work diligently during the coming\nperiod to develop the customer’s journey, reduce the required documents,\nfacilitate procedures, use modern technologies such as Blockchain, and set\nadvanced urgent plans to develop its services and raise them to distinct levels\nto achieve customers’ happiness and quality of life. Gaining their\nsatisfaction, designing programs and launching ambitious initiatives that\nenhance the digital transformation of the ministry\u2019s services, and developing\nits mechanisms to reach the best government model that meets the requirements\nof the future and reflects positively on customers and society, in line with\nthe standards and requirements of the Emirates Program for Excellence in Government\nService.<\/p>\n\n\n\n It is worth noting\nthat the percentage of citizens owning housing in the UAE exceeded 86.3%, which\nis one of the highest rates in the world. More than 74,504 housing support\ndecisions, with a value of more than 41 billion dirhams, included all regions\nof the country, and were distributed between loans, grants, and diversified,\nand between building a new home, completing a home, maintaining a home, adding\nto a home, buying a home and\ngovernment housing, and fulfilling a loan.<\/p>\n","protected":false},"excerpt":{"rendered":" HE Suhail Al Mazrouei, the Minister of Energy and Infrastructure, revealed that the Cabinet endorsed the new police for financing the Government Housing Loan Programs. According to the new policy, the housing loans amounts shall be financed through the collaboration with \u201cSheikh Zayed Housing Program\u201d (SZHP) and national banks, with the aim of sustainable funding …<\/p>\n","protected":false},"author":2,"featured_media":46447,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-46446","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news"],"_links":{"self":[{"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/posts\/46446","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/comments?post=46446"}],"version-history":[{"count":1,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/posts\/46446\/revisions"}],"predecessor-version":[{"id":46448,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/posts\/46446\/revisions\/46448"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/media\/46447"}],"wp:attachment":[{"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/media?parent=46446"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/categories?post=46446"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/tags?post=46446"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}