Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces and Chairman of Abu Dhabi Executive Council, has instructed the provision of housing loans worth Dh4.27 billion ($1.16 billion) in total, to 2,500 beneficiaries in the emirate of Abu Dhabi.

The move is consistent with the keenness of Sheikh Khalifa bin Zayed Al Nahyan and His Highness Sheikh Mohamed bin Zayed Al Nahyan to ensure social stability and to provide decent living standards to the citizens, reported Emirates news agency Wam.

This is the first phase of an annual 5,000 housing loan package ordered earlier by Sheikh Mohamed for the citizens in the emirate of Abu Dhabi.

The 2,500 housing loans will be distributed across 1,300 construction loans worth a total value of Dh2.414 billion, 700 loans for completion of existing houses, valued at Dh1.242 billion, as well as 75 loans for demolition and reconstruction, valued at Dh133 million, 100 maintenance and expansion loans, worth Dh89.750 million and 325 additional loans, costing over Dh382 million.

Sheikh Mohamed also approved the allocation of 696 residential plots and 798 government houses valued at Dh1.6 billion, in addition to 163 loans, worth Dh195.6 million, for citizens to buy ready houses in different areas of the Abu Dhabi emirate.

He also sanctioned projects to build government houses in different areas, including 306 in Al Sad, 204 in Suwaihan, and to execute an expansion programme with 588 houses in Al Dhafra ranches, at a total value of Dh1.5 billion.