Abu Dhabi approves $22.5bn housing projects
Under the directives of Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE and Ruler of Abu Dhabi, Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, has approved 14 new integrated housing projects across the emirate.
The projects will deliver 35,000 new housing benefits over the next five years, including 26,000 residential units for Abu Dhabi citizens, with a total budget of AED82.7bn ($22.5bn), in addition to the development of approximately 9,000 residential land plots.
Abu Dhabi real estate
In line with the leadership's commitment to further enhance family stability and ensure social welfare, Sheikh Khaled bin Mohamed bin Zayed Al Nahyan approved a series of additional benefits to the housing loans ecosystem.
These include a community support subsidy of AED250,000 ($68,000) to be automatically and retroactively deducted from the total loan amount for all housing loans totalling AED1.75m ($476,500), as per the 2023 housing benefits policy.
Sheikh Khaled bin Mohamed bin Zayed also approved the extension of loan repayment periods to up to 30 years, helping to reduce monthly instalment amounts.
Further flexibility will be introduced in determining monthly repayment values, which will now be adjusted based on the beneficiary's monthly income, taking into consideration any changes in financial circumstances after the loan is issued.
Additionally, a deferred-payment home purchase loan will be introduced for low-income citizens aged 25 to 45, enabling them to choose from a wider range of available housing options.
Citizens above the age of 45 will be eligible for ready-built home grants from the capital projects.
Citizens will also be exempt from fees related to mutually agreed land plot swaps, to facilitate the exchange process and support stronger community and family bonds.
Mohamed Ali Al Shorafa, Chairman of the Board of Directors of Abu Dhabi Housing Authority, said: 'We extend our sincerest gratitude to His Highness Sheikh Mohamed bin Zayed Al Nahyan and to His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, for their generous directives and continued commitment to the wellbeing of Emirati citizens, and for strengthening family stability and social cohesion through the provision of high-quality housing.'
Hamad Hareb Al Muhairi, Director-General of Abu Dhabi Housing Authority, said: 'We extend our gratitude to His Highness Sheikh Mohamed bin Zayed Al Nahyan and to His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, for these directives that will have a lasting positive impact on the lives of Emirati families, aligning with the goals of the 'Year of Community' initiative, which promotes social cohesion and underscores the importance of quality housing in building a strong and tight-knit society.'
He added: 'The AED250,000 community support deduction will be applied automatically to all eligible housing loan beneficiaries. In addition, the new monthly deduction policy will be implemented on all housing loans issued after 2015, with a cap of 10 per cent of total income and a maximum monthly payment of AED10,000.
'This new policy, designed in line with the leadership's direction to ease financial burdens on citizens, will come into effect in September 2025.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Business
4 minutes ago
- Gulf Business
Binghatti Holding's H1 profit rises almost threefold to Dhs1.82bn
Image: Binghatti Holding Binghatti Holding announced record financial results for H1 2025 last week, with net profit and revenue nearly tripling year-on-year, driven by robust demand for its developments . Net profit for H1 2025 surged by 172 per cent year-on-year to Dhs1.82bn ($495m), up from Dhs668m ($182m) in the same period last year . Total sales climbed 60 per cent year-on-year to Dhs8.8bn ($2.39bn), while revenue increased by 189 per cent to Dhs6.3bn ($1.722bn), positioning the company as one of Dubai's fastest-growing real estate firms . The group also saw significant expansion in its development pipeline. As of June 30, Binghatti's revenue backlog reached Dhs12.5bn, an increase from Dhs6.6bn in the corresponding period last year . This surge was fuelled by the launch of seven new projects , while five projects, comprising 1,441 units, were successfully delivered during the first half . Branded residences drive global investor demand . The company's ability to blend architectural innovation with iconic design has attracted an elite international clientele, including Brazilian football star Neymar Jr and acclaimed opera singer Andrea Bocelli. In H1 2025, 61 per cent of Binghatti's sales were made to non-resident buyers, up from 55 per cent a year earlier, underscoring Dubai's safe-haven appeal and Binghatti's proactive marketing, which included the launch of a London sales office in July . Leading buyer nationalities in H1 2025 included India, Turkey, and China . Strong local demand While international investors continue to play a growing role in driving sales, Binghatti also continued to benefit from strong local demand, supported by the UAE's expanding population, and ongoing investment in infrastructure and housing accessibility . The Company continued to broaden its domestic customer base by improving affordability and access to high-quality real estate developments . In May 2025, Binghatti signed a landmark memorandum of understanding with Abu Dhabi Islamic Bank (ADIB) to offer Sharia-compliant home financing solutions tailored to both ready and off-plan residential units . Under the agreement, eligible buyers will be able to secure financing once construction reaches 35 per cent completion and 50 per cent of payments have been made, a flexible structure designed to unlock new demand among UAE-based homeowners and investors . To further support access to homeownership, Binghatti Holding was selected in July by the Dubai Land Department (DLD) and the Dubai Department of Economy and Tourism (DET) as one of 13 developers participating in the newly launched First-Time Home Buyer (FTHB) Programme . As part of this initiative, Binghatti has committed to allocating at least 10 per cent of its newly launched and existing residential units priced under Dhs5m exclusively to eligible first-time buyers . The earmarked units will be made available ahead of public launches, ensuring early access and greater affordability for UAE residents entering the property market for the first time . In addition to prioritised access, Binghatti is offering exclusive financial incentives to FTHB participants, including discounts on selected properties and reduced administrative fees, with enhanced packages for both Emiratis and expatriates . The initiative supports Dubai's broader economic and social development goals, including the D33 Economic Agenda which targets Dhs1tn in real estate transactions . In July, Binghatti also became a founding partner of the Dubai PropTech Hub, a joint initiative of the DIFC Innovation Hub and the Dubai Land Department . The Hub, which aims to attract $300m in venture capital by 2030, will position Binghatti at the forefront of real estate innovation through access to emerging technologies such as AI, blockchain, and sustainable smart infrastructure . As a founding partner, Binghatti will benefit from early engagement with next-generation PropTech start-ups through the Hub's Living Lab, Scale-up Accelerator, and bespoke innovation programs . Accelerated development and landmark land acquisition Binghatti currently has around 20,000 units under development across about 30 projects in prime residential areas across Dubai, including Downtown, Business Bay, Jumeirah Village Circle, Al Jaddaf, Meydan, Dubai Science Park, Dubai Production City, and Sports City . Read: During the first half, Binghatti launched seven new projects featuring 5,000 units spread over 3.8 million square feet and handed over five developments comprising 1,441 units over a million square feet . The company acquired a landmark megaplot in Nad Al Sheba 1, in the heart of Dubai's sought-after Meydan district with over 9 million square feet of gross floor area, which will serve as the foundation for its first master-planned residential community in Dubai with a total development value of over Dhs25bn . In the first half of 2025, Binghatti's credit profile was formally recognised by leading global rating agencies . In March, Moody's Ratings assigned Binghatti a first-time Ba3 Corporate Family Rating (CFR) with a stable outlook, citing the Company's strong market position in Dubai's luxury real estate sector, its vertically integrated operating model, and prudent financial management . The agency highlighted Binghatti's low leverage, strong liquidity, and effective cost control as key credit strengths, alongside its strategic expansion through branded developments and a deep pipeline of projects . Shortly after, Fitch Ratings upgraded Binghatti's Long-Term Issuer Default Rating (IDR) and senior unsecured debt to BB- from B+, also with a stable outlook . The upgrade reflected Binghatti's resilient growth trajectory, robust liquidity – including a low net debt-to-EBITDA ratio of just 0.8x – and its ability to self-fund future projects through internally generated cash flows . Both agencies recognised the company's strengthened corporate governance framework and the institutional credibility brought by its inaugural$500m sukuk, which is listed on both the London Stock Exchange and Nasdaq Dubai . A positive outlook Dubai's real estate market continues to show structural strength, supported by a growing population, stable governance, and surging global investor interest . As of June 2025, Dubai's population surpassed 3.75 million and is expected to exceed four million by the end of 2026 . In the first half of 2025 alone, over 19,700 new residential units were handed over, primarily in JVC, Al Merkadh, and Business Bay . However, delivery across core and premium submarkets has not kept pace with demand . This gap is even more evident in the luxury and branded segment, where sustained demand continues to drive strong absorption rates . Rental values in prime zones such as Marina, Business Bay, and Downtown Dubai are up significantly year-on-year, clear indicators of supply pressure and investor appetite .
Khaleej Times
4 minutes ago
- Khaleej Times
Air Arabia Abu Dhabi expands in Pakistan with more flights to Multan, Faisalabad
Air Arabia Abu Dhabi expanded its operations in Pakistan with increased flight frequencies to two key cities in Pakistan; Faisalabad and Multan. The increase in capacity further strengthens air connectivity between the UAE and Pakistan, reinforcing the airline's commitment to offering affordable, reliable, and convenient travel options to its growing customer base. Flights to Multan have increased from two to five flights per week and will operate daily starting September. Meanwhile, services to Faisalabad have doubled from two to four weekly flights, offering passengers greater convenience and more flexible travel options. Adel Al Ali, Group Chief Executive Officer, Air Arabia, said, "Pakistan remains a key growth market for Air Arabia Abu Dhabi. The increased frequencies to Multan and Faisalabad reflect our commitment to meeting the growing demand for affordable and reliable air travel between the UAE and Pakistan, while providing our customers with greater convenience and enhanced connectivity." In addition to the frequency increases, Air Arabia Abu Dhabi recently launched a new direct route to Sialkot, further expanding its footprint across Pakistan and catering to the growing demand for affordable air travel between the two countries. As part of its broader growth strategy, Air Arabia Abu Dhabi plans to add two more aircraft to its fleet before the end of the year, enhancing its operational capacity and supporting the launch of new routes as it continues to grow its network across key markets. Customers can now book their flights by visiting Air Arabia's website, calling the contact center, or through preferred travel agencies. Air Arabia Abu Dhabi operates a modern fleet of 12 Airbus A320 aircraft, recognised globally as the world's best-selling single-aisle aircraft. Designed to deliver a comfortable and value-driven experience, each aircraft is equipped with SkyTime, Air Arabia's complimentary in-flight streaming service, and SkyCafe, which offers a wide selection of snacks and meals at affordable prices. Passengers can also enjoy the benefits of Air Rewards, the airline's generous loyalty program that allows members to earn, transfer, and redeem points with ease.
UAE Moments
4 minutes ago
- UAE Moments
UAE-Pakistan Visa Waiver Now Active for Official Passports
Starting , UAE and Pakistan have officially rolled out a visa waiver for diplomatic and official passport holders at all entry points —yes, airports included. So if you've got one of those special passports, you can now skip the visa queue completely. A Deal Months in the Making The move follows a Memorandum of Understanding signed during the 12th Pakistan-UAE Joint Ministerial Commission held in Abu Dhabi back in late June. Officials from both sides agreed that the waiver would kick in 30 days after the signing—and boom, here we are. It's Mutual What's the Catch?
