January 30, 2008
Dubai
In implementation of the orders of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, the Mohammed bin Rashid Housing Establishment (MBRHE) has increased the number of monthly housing loans from 150 to 300 new loans in the Emirate of Dubai.

With an approved total amount of AED 225 million, the board members of MBRHE have nominated the new group of beneficiaries eligible to receive the new loans. This is the second time the number of monthly loans has risen. The first raise saw MBRHE, according the instructions of H.H. Sheikh Mohammed bin Rashid Al Maktoum, boost the number of housing loans from 100 to 150. At the beginning of this year further instructions were given to double these to 300 loans.

Engineer Mohammed Rashid Al Mutawwa, Chief Executive and Managing Director of MBRHE said: "This noble deed from His Highness Mohammed bin Rashid Al Maktoum to increase the number of loans for UAE citizens is a symbol of his commitment to provide appropriate shelter for those who deserve it among the citizens of UAE."

Al-Mutawwa added; "This boost has raised the budget of housing loans for those registered with MBRHE to AED 2.7 billion per year and therefore 3600 UAE citizens will benefit from this increase yearly."

He pointed out that the instruction of His Highness includes an additional 2300 villas to be constructed this year, of which 800 villas will be given to the younger citizens of the UAE in Oud Al Matina and the remaining 1500 villas in Al Barsha. His Highness will present a further 1500 houses upon their completion located in Oud al Matina and Al Warqaa totalling the number of houses being built to 3800. Moreover, His Highness approved a project providing two building clusters in Al Muhaisna and Al Qouz costing AED 420 million. These houses will be for UAE citizens registered and awaiting housing from MBRHE as well as those facing emergency conditions. For the latter they will be temporarily transferred to these houses until their houses are ready. The two clusters will comprise of 300 1-, 2- and 3- bedroom apartments.