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FINANCIAL NEWS
Abu Dhabi gives USD626m housing loans
01 Aug 2011
(MENAFN) State news agency WAM said that Abu Dhabi would distribute about USD626 million to more than 1,496 Emiretis as loans in Abu Dhabi and Al Ain, in order to allow them to build new houses or renovate their houses and properties, reported Arabian Business.
The news agency added that the loans would be divided between the two cities according to the number of citizens. The agency said that about 805 Emiretis in Abu Dhabi would receive USD300 million, whereas Al Ain citizens would receive about USD214 million.
WAM also said that about USD150 million in loans would be distributed to 300 nationals in the Western Region. Noting that this plan is designed to provide decent and stable living standards to citizens residing in these areas.
The agency said that citizens could borrow up to USD544,000 as a housing loan over a 30-year-period. The total loan amount can be reduced by up to 22 percent once construction of the house is completed.
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