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FINANCIAL NEWS
Dubai donates USD549.7m worth of land plots to nationals
03 Jan 2012
(MENAFN) The Dubai Land Department said that in 2011, the government of Dubai donated more than 368 land plots to UAE citizens, with a value of around USD549.7 million, reported Arabian Business.
The department added that the number recorded a drop of 14 percent from last year’s 426 plots, moreover, the value of land plots also plunged 71 percent from 2010’s USD1.9 billion.
On the other hand, it said that donating lands to Emiratis was part of the UAE’s social welfare system, adding that in July, the government of Abu Dhabi granted over 1,230 residential plots to UAE citizens in the west of the country.
It is worth noting that the federal government pledged in March to spend USD1.6 billion on electricity and water networks in the country’s northern emirates.
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