UAE to disburse $817 million in housing support for citizens
The UAE president earlier waived off over $146 million of debts for 1,214 Emirati citizens
By News Desk - December 02 2022

(Photo credit: Getty Images)

Mohamed bin Zayed Al-Nahyan, president of the UAE, has authorized that 1,900 residents of Abu Dhabi receive house loans worth $817 million, according to Arab News.

The aid package reportedly falls in line with the UAE’s broader strategy to improve living standards, ensure social stability and provide solid foundations for Emiratis and their families to build their lives.

“It reflects the leadership’s commitment to ensuring social stability, enhancing living standards and enabling citizens to raise strong and stable families that will benefit the future of the UAE,” said a statement on the Emirates News Agency (WAM).

WAM previously reported that the Non-Performing Debt Relief Fund would settle money owed by Emiratis in 17 banks.

The third housing package includes housing loans and loan repayment waivers for retirees and families of deceased borrowers in Abu Dhabi.

In April, as part of the first housing package of 2022, which coincided with Eid Al Fitr celebrations, 1,347 Abu Dhabi citizens received housing loans worth Dh2.36 billion, according to Arab News.

Earlier this yeat a financial watchdog added UAE to list of money laundering hot spots.

On 5 March, the Paris-based Financial Action Task Force (FATF) added the UAE to the list of countries subject to increased monitoring due to high prevalence of money laundering activities.

In a statement published on its website, FATF said the decision to place the UAE on the “grey list” was taken due to “deficiencies in countering money laundering, terrorist financing, and proliferation financing.”

Dubai, the commercial hub of the UAE, has for a long time been a magnet for corrupt and criminal individuals from around the world.

Opaque business practices and loopholes in the legal framework have created an ideal environment for these individuals to operate within the UAE and to launder the proceeds of their criminal activities.

In recent years, the city has also emerged as a hub for laundering gold and diamonds from conflict zones.

The development is the latest of many woes that have recently befallen the UAE, particularly as the emirate has, over many decades, sold itself as the best business destination in West Asia.

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