Housing loans worth AED 4.27 billion (US$1.16 billion) to 2,500 beneficiaries in the emirate of Abu Dhabi have been ordered by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces and chairman of the Abu Dhabi Executive Council.

In a statement made by UAE’s state-run WAM news agency, the loans mark the first phase of an annual 5,000 housing loan package ordered by Sheikh Mohamed previously.

The 2,500 housing loans will be distributed across 1,300 construction loans at a total value of AED 2.41 billion (US$656.1 million), as well as 700 loans for the completion of existing houses valued at AED 1.24 billion ($337.5 million), as well as 75 loans for demolition and reconstruction, valued at AED 13 million ($3.54 million), 100 maintenance and expansion loans worth AED 89.75 million ($24.4 million) and 325 additional loans valued at AED 382 million ($184 million).

Sheikh Mohamed also approved the allocation of 696 residential plots and 798 government houses at a total value of AED 1.6 billion ($435.5 million), as well as 163 loans worth AED 195.6 million ($53.5 million) for citizens to buy ready houses in numerous parts of Abu Dhabi.

Additionally, Sheikh Mohamed authorised projects to build government houses in several parts of the emirate, including 306 in Al Sad, 204 in Suwaihan and ordered a 588 house expansion of Al Dhafra ranches at a total value of AED 1.5 billion ($408.3 million).

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