The UAE government has announced a Dh7 billion ($1.9 billion) housing plan under which 7,200 new residences will be set up for the citizens across all of the emirates within the next three years.

The new plan was adopted at a UAE Cabinet meeting held today (February 4) at the Presidential Palace in Abu Dhabi, under the chairmanship of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

Chairing a cabinet meeting earlier today at the Presidential Palace, HH Sheikh Mohammed said: "HH Sheikh Zayed bin Sultan Al Nahyan set the cornerstone and established an integrated housing system in the UAE at the service of the citizens which has been contributing the wellbeing and prosperity of our people."

"Now 80 per cent of Emiratis own their homes which is one of the highest percentages globally," he stated.

"Under the directives of HH Sheikh Khalifa bin Zayed Al Nahyan, we have implemented housing projects in various emirates with the highest standards of quality and sustainability and with careful consideration of the social style of the Emirati family," said Sheikh Mohammed.

The Cabinet also issued a resolution on community green spaces planned for educational institutions, residential complexes and government buildings, in line with the Vision of the UAE 2021 to establish an integrated lifestyle enhanced by outstanding government services, and the development of diverse social and cultural activities in a healthy environment and a rich natural environment.

The announcement comes close on the heels of a Royal Decree issued recently for regulating the sale of lands and houses granted in the emirate.

The decree is aimed at providing residential solutions for the beneficiaries of grants under Mohammed bin Rashid Housing Establishment (MRHE) and their families and help them protect households.

As per the decree, MBRE may permit the beneficiary of the grant, or his legal representative, to sell the house or land granted to him if the beneficiary owns another house or plot of land or if the house does not satisfy his requirements.-TradeArabia News Service