UAE Approves Over 2,600 Housing Projects Worth AED 2 Billion in 2024
The Cabinet of the United Arab Emirates, chaired by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, has approved 2,618 housing projects worth more than AED 2 billion during the first half of 2024. 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.
The UAE government prioritizes the housing sector, which is 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.
The number of approvals issued by the program during the first half of this year amounted to 2,618 housing approvals worth more than AED 2 billion. These approvals were distributed between 631 grants worth AED 430.922 million, and 1,987 housing loans and financing worth AED 1.597 billion.
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.
Doubts Revealed
UAE -: UAE stands for the United Arab Emirates. It is a country in the Middle East, made up of seven smaller regions called emirates.
AED -: AED stands for Arab Emirates Dirham. It is the currency used in the United Arab Emirates, just like we use Indian Rupees in India.
Sheikh Mohammed bin Rashid Al Maktoum -: Sheikh Mohammed bin Rashid Al Maktoum is the ruler of Dubai, one of the emirates in the UAE. He is also the Vice President and Prime Minister of the UAE.
housing projects -: Housing projects are plans to build homes for people to live in. These projects help make sure everyone has a place to stay.
grants -: Grants are amounts of money given by the government that do not need to be paid back. They help people afford things like houses.
housing loans -: Housing loans are amounts of money borrowed from banks to buy or build houses. These loans need to be paid back over time with some extra money called interest.
social stability -: Social stability means having a peaceful and well-organized society where people’s needs are met, and they feel safe and happy.