Latest news with #EmiratiFamilies
Khaleej Times
09-07-2025
- Business
- Khaleej Times
UAE extends housing loan age limit to 95 years with life insurance for senior citizens
The Ministry of Energy and Infrastructure on Wednesday, July 9, extended the loan coverage age to 95 years, providing comprehensive life insurance protection for housing loans, with a particular focus on supporting senior citizens. The Initiative offers special insurance coverage for housing loans to enhance stability of Emirati families, covers both current and future loans at low cost. Represented by the Sheikh Zayed Housing Programme, the initiative aims to provide life insurance coverage that fully secures the value of housing loans, addressing previous challenges where the maximum loan coverage age was limited to 70 years, which led to the rejection of some financing applications from senior citizens. Under the new programme, insurance coverage has been extended to age 95, marking a significant policy shift that opens broader opportunities for senior citizens to benefit from housing support while enhancing social equity and reducing rejection rates caused by insurance or financing constraints. The insurance covers cases of death or total permanent disability, whether due to accidents or other causes, providing long-term financial protection for Emirati families. Suhail Al Mazrouei, Minister of Energy and Infrastructure, affirmed that the initiative aligns with the leadership's directives to enhance the stability of Emirati families and ensure a decent life for all segments of society. 'Our wise leadership places the comfort and happiness of citizens at the forefront of its priorities. This initiative reflects the UAE's firm commitment to providing adequate housing as a cornerstone of comprehensive development,' Al Mazrouei said. 'It represents a significant step in supporting senior citizens, as it is designed to address the challenges related to housing finance for this group, thereby improving their quality of life and contributing to family stability,' he added. Al Mazrouei praised the collaboration with the banking sector and national insurance companies, noting that it reflects the UAE's strategic vision of building sustainable partnerships that support social and economic development. He commended the ongoing efforts to develop the housing system in the UAE into a global model. Mohamed Al Mansouri, Director General of Sheikh Zayed Housing Program, affirmed that the initiative embodies the leadership's forward-looking vision to empower Emirati families and strengthen their social stability. 'Through this initiative, the program aims to provide flexible financing solutions that meet the needs of senior citizens, while ensuring comprehensive insurance coverage to protect them from financial risks,' Al Mansouri explained. He pointed out that raising the maximum loan coverage age to 95 years marks a qualitative shift in housing policy, opening broader opportunities to benefit from housing support and enhancing social equity. In line with the initiative, the Central Bank of the UAE has issued a new regulatory notice allowing banks and financing companies to adopt more flexible financing models. The notice also permits financing for citizens with existing mortgages, provided that the new property serves as their primary and actual place of residence. Citizens benefiting from the national loan programme are included after verifying their repayment capability, which enhances the inclusiveness of the initiative and ensures fairness in the distribution of housing support. The Ministry is implementing the initiative in collaboration with the Central Bank of the UAE, financing partners, and Takaful service providers, along with a wide range of national insurance companies, including Sukoon Takaful and Abu Dhabi National Insurance Company (ADNIC). This initiative is part of a series of achievements by the Sheikh Zayed Housing Programme, reflecting the UAE's commitment to enhancing the quality of life for its citizens. In recent years, the programme has undergone strategic developments that accelerated the housing support process, improved customer satisfaction, and expanded partnerships with the banking and financial sectors.
Khaleej Times
05-06-2025
- Business
- Khaleej Times
Abu Dhabi grants Dh4.4-billion worth housing loans to citizens, waives debts
Abu Dhabi's Crown Prince approved a Dh4.62 billion-worth housing benefits package for citizens on June 5, a day before faithful across the country celebrate Eid Al Adha. Under the move, 3,052 citizens will benefit from the package, which includes housing loans and exempting certain categories of citizens from repaying housing loans. The housing loans — worth Dh4.4 billion — will benefit 2,862 citizens. Meanwhile, 190 citizens, which include retirees and beneficiaries of deceased citizens, will be exempted from repaying loans worth Dh212 million. The initiative, approved by Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, comes under the directive of UAE President, Sheikh Mohamed, in his capacity as Ruler of Abu Dhabi. The disbursement of the second housing package of 2025 comes ahead of Eid Al Adha and reflects the leadership's ongoing commitment to comprehensive development, enhancing the wellbeing and stability of Emirati families and empowering them to actively contribute to the nation's progress. This package brings the total housing benefits delivered to citizens in Abu Dhabi in 2025 to Dh11.38 billion. The housing benefits package follows the recent endorsement of an additional community support subsidy of Dh250,000 for existing beneficiaries of housing loans, including a reduction of up to 50 per cent in monthly loan instalments, and a wide range of other services and facilities.
Khaleej Times
04-06-2025
- Business
- Khaleej Times
Union Coop launches ‘Bahjat Al Eid' exhibition at Al Barsha Mall
As part of its vision to expand its community services and provide an integrated shopping experience, Union Coop has launched the 'Bahjat Al Eid' exhibition for Emirati productive families at Al Barsha Mall (Dubai), taking place until June 5. The exhibition features a selection of home-based projects and local entrepreneurial families showcasing their products. The initiative is aligned with Union Coop's commitment to empowering Emirati productive families by offering them dedicated spaces within its commercial centers to display and market their goods. This practical step aims to transform small-scale ventures into sustainable economic contributors. Through this initiative, Union Coop merges community impact with service innovation, offering high-quality local products in a modern and comfortable shopping environment — adding a new dimension to the customer experience in its shopping centers. Union Coop affirmed that the Bahjat Al Eid Exhibition is designed to add value for customers by introducing innovative and diverse products from Emirati families. This initiative not only enhances shopping options but also supports the local economy, reflecting the cooperative's ongoing commitment to addressing the needs of its diverse consumer base. The cooperative added that today's customers prefer quality, authenticity, and a shopping experience rooted in national identity. By supporting productive families, Union Coop helps meet these expectations while fostering direct engagement between local producers and consumers. Union Coop invites the public to visit the exhibition, which showcases a wide range of products including traditional foods, sweets, perfumes, heritage clothing, handicrafts, accessories, and gifts. The exhibition offers visitors a chance to explore a rich cultural and creative diversity that reflects the skills and expertise of Emirati families. It is worth noting that this exhibition is part of Union Coop's broader strategy to enhance corporate social responsibility initiatives, striking a balance between its commercial and community roles by introducing new, tangible services for customers while empowering local producers and stimulating the home-based economy.
Al Bawaba
04-06-2025
- Business
- Al Bawaba
Union Coop Supports ‘Bahjat Al Eid' Exhibition
As part of its vision to expand its community services and provide an integrated shopping experience, Union Coop has launched the 'Bahjat Al Eid' exhibition for Emirati productive families at Al Barsha Mall (Dubai), taking place from June 1 to 5, 2025. The exhibition features a selection of home-based projects and local entrepreneurial families showcasing their products. The initiative is aligned with Union Coop's commitment to empowering Emirati productive families by offering them dedicated spaces within its commercial centers to display and market their goods. This practical step aims to transform small-scale ventures into sustainable economic contributors. Through this initiative, Union Coop merges community impact with service innovation, offering high-quality local products in a modern and comfortable shopping environment — adding a new dimension to the customer experience in its shopping centers. Union Coop affirmed that the Bahjat Al Eid Exhibition is designed to add value for customers by introducing innovative and diverse products from Emirati families. This initiative not only enhances shopping options but also supports the local economy, reflecting the cooperative's ongoing commitment to addressing the needs of its diverse consumer base. The cooperative added that today's customers prefer quality, authenticity, and a shopping experience rooted in national identity. By supporting productive families, Union Coop helps meet these expectations while fostering direct engagement between local producers and consumers. Union Coop invites the public to visit the exhibition, which showcases a wide range of products including traditional foods, sweets, perfumes, heritage clothing, handicrafts, accessories, and gifts. The exhibition offers visitors a chance to explore a rich cultural and creative diversity that reflects the skills and expertise of Emirati families. It is worth noting that this exhibition is part of Union Coop's broader strategy to enhance corporate social responsibility initiatives, striking a balance between its commercial and community roles by introducing new, tangible services for customers while empowering local producers and stimulating the home-based economy.
Zawya
03-06-2025
- Business
- Zawya
Union Coop supports ‘Bahjat Al Eid' exhibition
Dubai, UAE: As part of its vision to expand its community services and provide an integrated shopping experience, Union Coop has launched the 'Bahjat Al Eid' exhibition for Emirati productive families at Al Barsha Mall (Dubai), taking place from June 1 to 5, 2025. The exhibition features a selection of home-based projects and local entrepreneurial families showcasing their products. The initiative is aligned with Union Coop's commitment to empowering Emirati productive families by offering them dedicated spaces within its commercial centers to display and market their goods. This practical step aims to transform small-scale ventures into sustainable economic contributors. Through this initiative, Union Coop merges community impact with service innovation, offering high-quality local products in a modern and comfortable shopping environment — adding a new dimension to the customer experience in its shopping centers. Union Coop affirmed that the Bahjat Al Eid Exhibition is designed to add value for customers by introducing innovative and diverse products from Emirati families. This initiative not only enhances shopping options but also supports the local economy, reflecting the cooperative's ongoing commitment to addressing the needs of its diverse consumer base. The cooperative added that today's customers prefer quality, authenticity, and a shopping experience rooted in national identity. By supporting productive families, Union Coop helps meet these expectations while fostering direct engagement between local producers and consumers. Union Coop invites the public to visit the exhibition, which showcases a wide range of products including traditional foods, sweets, perfumes, heritage clothing, handicrafts, accessories, and gifts. The exhibition offers visitors a chance to explore a rich cultural and creative diversity that reflects the skills and expertise of Emirati families. It is worth noting that this exhibition is part of Union Coop's broader strategy to enhance corporate social responsibility initiatives, striking a balance between its commercial and community roles by introducing new, tangible services for customers while empowering local producers and stimulating the home-based economy.
