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The committee, headed by the Crown Prince of Dubai, approved the immediate allocation of 2,000 residential land plots in the fourth district of Umm Nahad. This was done in accordance with the instructions of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
The allocation came after Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, headed the High Committee for Development and Citizens' Affairs. "We are constantly monitoring the progress of the housing program to fulfill the instructions of Sheikh Mohammed bin Rashid to meet all citizens' needs and improve their quality of life," Sheikh Hamdan said.
The plots will be distributed, starting from Wednesday, July 27, among eligible citizens who have received permission from the Mohammed bin Rashid Housing Fund through the Maskani application. The application allows citizens to choose the sites that suit them.
Sheikh Mohammed bin Rashid approved an increase in the cost of housing loans for Dubai citizens to AED 1 million ($272,200, ¥1.8 million) without an interest rate applicable to the relevant categories. The package also included reducing the monthly repayment of the mortgage loan to just 15 percent of the borrower's monthly income; eliminating the condition requiring a balance to obtain residential land; and reducing the prices of some houses of the Mohammed bin Rashid Housing Fund by about 10%.
