The United Arab Emirates has approved housing loans and grants worth AED 350 million (US$ 95 million) to support citizens during the holy month of Ramadan. This move aims to ease financial burdens on low and middle-income Emirati families for home purchases and rent payments.
The decision was taken by the UAE Cabinet chaired by Prime Minister and Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum. It will provide housing assistance to over 3,000 Emirati citizens across the country. Qualifying citizens can avail interest-free loans of up to AED 300,000 to purchase homes or residential plots.
Grants worth 50% of annual rent will also be given, up to a maximum of AED 15,000 per family. This will help citizens with rental expenses during Ramadan when expenditures tend to rise. Additionally, one-time grants of AED 10,000 will be provided to low-income citizens for basic household necessities.
The housing support forms part of wider efforts by the UAE government to ease financial pressures during the holy month. Ramadan sees increased spending on food, gifts, charity and social activities among Muslim families. It is also a time when many give zakat or mandatory alms as one of the five pillars of Islam.
The UAE has consistently rolled out various aid initiatives to support citizens and residents, especially during Ramadan. Last year too, the government approved housing loans and exempted late payment penalties on utility bills for citizens. This year’s package was welcomed as it will directly benefit over 3,000 low-income families.
Citizens have praised the leadership’s commitment to welfare during Ramadan through such relief measures. It reflects the nation’s ethos of solidarity and sharing with the community. Applications for the housing assistance can be submitted through the Ministry of Finance and participating banks until the end of Ramadan.
The approval comes as the UAE continues its recovery from the global pandemic and economic downturn. Such targeted support boosts citizen welfare and spending power during the holy month to strengthen social cohesion. It is also part of the nation’s vision to ensure decent living standards for all Emiratis.
In summary, The UAE Cabinet approves AED 350 million package for housing loans and rental grants to support over 3,000 low-income Emirati families during Ramadan, with interest-free loans up to AED 300,000 for home purchases and 50% annual rent subsidies up to AED 15,000 per family.
