The UAE cabinet, chaired by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, has sanctioned 2,618 housing approvals worth more than AED2 billion ($544 million) during the first half of 2024, reported Wam.

 

These approvals involved 631 grants worth AED431 million, and 1,987 housing loans and financing worth AED 1.6 billion.

 

This initiative is part of the UAE's ongoing efforts to provide a decent life and suitable housing for all citizens, meeting their needs, enhancing their stability, and improving their quality of life, it stated.

 

The UAE government prioritises the housing sector, which constitutes a critical strategic axis of the federal government's work in coordination with local governments and relevant authorities. 

 

This effort aims to provide all means of support and factors of social stability, most notably adequate housing, said the Wam report.

 

The housing sector has been a priority since the establishment of the UAE, one of the fastest-growing countries in the world. This rapid growth requires good planning and integrated investment in housing to meet the needs of its citizens, it added.