Latest news with #SuhailMohamedAlMazrouei
Hi Dubai
19 hours ago
- Business
- Hi Dubai
Ministry of Energy and Infrastructure Launches New Housing Loan Insurance to Support Senior Citizens
The UAE Ministry of Energy and Infrastructure has unveiled a new initiative to provide life insurance coverage on housing loans for Emirati citizens, with a focus on senior citizens, extending coverage up to the age of 95. Launched under the Sheikh Zayed Housing Programme, the initiative ensures comprehensive insurance on housing support decisions, addressing previous challenges that limited loan coverage to citizens under 70. The goal is to enhance social equity, reduce financing rejections, and improve the overall stability of Emirati families. The initiative offers unified, low-cost insurance coverage for cases of death or total permanent disability, whether by accident or illness. It is being rolled out in collaboration with the Central Bank of the UAE, national banks, Takaful service providers, and major insurers, including ADNIC and Sukoon Takaful. Minister of Energy and Infrastructure Suhail Mohamed Al Mazrouei said the initiative aligns with the UAE's leadership vision of prioritizing citizen welfare, adding that it marks a significant step in supporting senior citizens and boosting financial stability. The Central Bank has also issued a regulatory notice to allow more flexible financing models. Citizens with existing mortgages may now apply for new financing if the new home is their primary residence and they meet repayment requirements. Mohamed Al Mansouri, Director-General of the Sheikh Zayed Housing Programme, described the move as a 'qualitative shift' in housing policy that enhances inclusiveness and supports long-term development. This initiative is part of a broader strategy to modernize the housing sector, strengthen public-private partnerships, and ensure all citizens have access to secure and sustainable housing solutions. News Source: Emirates News Agency
Al Etihad
21 hours ago
- Business
- Al Etihad
Ministry of Energy and Infrastructure launches initiative to support housing for senior ctizens
9 July 2025 15:12 ABU DHABI (WAM) The Ministry of Energy and Infrastructure, represented by the Sheikh Zayed Housing Programme, announced the launch of an initiative to ensure the financing of housing support decisions for citizens benefiting from housing loans, with a particular focus on senior part of the Year of Community initiatives and with the aim of providing comprehensive insurance coverage, the initiative aims to provide life insurance coverage that fully secures the value of the housing loan. It addresses previous challenges faced by this group, where the maximum loan coverage age was limited to 70 years, leading to the rejection of some financing insurance coverage has been designed to be unified, fair, and offered at a low cost, ensuring that all eligible citizens benefit from current and future housing insurance covers cases of death or total permanent disability, whether due to an accident or other causes, with extended coverage up to the age of 95, providing long-term financial protection for Emirati Ministry indicated that the initiative is being implemented 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).Minister of Energy and Infrastructure, Suhail Mohamed Al Mazrouei, 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 said, '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. 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.'Al Mazrouei added that collaboration with the banking sector and national insurance companies reflects the UAE's strategic vision of building sustainable partnerships that support social and economic development. He praised the ongoing efforts to develop the housing system in the UAE into a global of Sheikh Zayed Housing Programme, Mohamed Al Mansouri, affirmed that the initiative embodies the leadership's forward-looking vision to empower Emirati families and strengthen their social explained that through this initiative, the programme aims to provide flexible financing solutions that meet the needs of senior citizens, while ensuring comprehensive insurance coverage to protect them from financial Mansouri pointed out that raising the maximum loan coverage age to 95 years marks a qualitative shift in housing policy, as it opens broader opportunities to benefit from housing support, enhancing social equity and reducing rejection rates caused by insurance or financing 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 notice also permits financing for citizens with existing mortgages, provided that the new property serves as their primary and actual place of 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 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. In support of the initiative to provide housing for senior citizens and special insurance protection for housing loans, the Ministry of Energy and Infrastructure, represented by the Sheikh Zayed Housing Programme, and Takaful service providers signed a partnership agreement with both Abu Dhabi National Insurance Company (ADNIC) and Sukoon Takaful. Year of Community Continue full coverage
Business Recorder
31-05-2025
- Business
- Business Recorder
OPEC+ discusses July oil output hike, focus on 411,000 bpd, sources say
LONDON/MOSCOW: OPEC+ oil-producing countries met on Saturday to discuss July output with four sources telling Reuters while the meeting was under way that the group was set to agree to an increase of 411,000 barrels per day (bpd), in line with rises set for May and June. The eight OPEC+ members, who began an online meeting shortly after 0900 GMT, were also discussing other options, an OPEC+ delegate said. On Thursday, sources familiar with OPEC+ talks said they could discuss an increase larger than 411,000 bpd for July. The eight have been raising output more rapidly than earlier planned, even though the extra supply has weighed on prices. The strategy of group leaders Saudi Arabia and Russia is aimed partly at punishing over-producing allies and to win back market share, Reuters has reported. All sources declined to be identified by name due to the sensitivity of the matter. OPEC and authorities in Russia and Saudi Arabia did not respond to requests for comment sent on Friday. Kazakhstan's statement on Thursday that it won't cut production has sparked debate in OPEC+, some of the sources said on Friday, with one saying that this factor may tilt discussions towards a larger output hike on Saturday. While eight leading OPEC+ members are increasing supply, some of those are being asked to temper those increases to compensate for producing more than their monthly quotas. Kazakhstan's statement suggested it may not do so. OPEC+ may discuss oil output hike larger than 411,000 bpd for July 'Kazakhstan's repeated public displays of production defiance do raise the risk of an even bigger output increase,' said Helima Croft of RBC Capital Markets, adding that she still saw a 411,000 bpd hike for July as likely. Kazakhstan has been pumping far above its OPEC+ target, a factor that has angered other OPEC+ members and helped prompt the group to proceed with plans to hike output beginning in April, sources said at the time. United Arab Emirates Energy Minister Suhail Mohamed Al Mazrouei, asked on Tuesday about the output plan for July, said OPEC+ was doing its best to balance the oil market. Oil prices fell to a four-year low in April, slipping below $60 per barrel after OPEC+ said it was tripling its output hike in May and as U.S. President Donald Trump's tariffs raised concerns about global economic weakness. Prices closed just below $63 on Friday. OPEC+ includes OPEC members and allies such as Russia. Output increases that began in April are aimed at unwinding some 2.2 million bpd of voluntary output cuts by eight leading member states.
CNBC
31-05-2025
- Business
- CNBC
OPEC+ discusses July oil output hike, focusing on 411,000 barrels per day, sources say
OPEC+ oil-producing countries met on Saturday to discuss July output with four sources telling Reuters while the meeting was under way that the group was set to agree to an increase of 411,000 barrels per day (bpd), in line with rises set for May and June. The eight OPEC+ members, who began an online meeting shortly after 0900 GMT, were also discussing other options, an OPEC+ delegate said. On Thursday, sources familiar with OPEC+ talks said they could discuss an increase larger than 411,000 bpd for July. The eight have been raising output more rapidly than earlier planned, even though the extra supply has weighed on prices. The strategy of group leaders Saudi Arabia and Russia is aimed partly at punishing over-producing allies and to win back market share, Reuters has reported. All sources declined to be identified by name due to the sensitivity of the matter. OPEC and authorities in Russia and Saudi Arabia did not respond to requests for comment sent on Friday. Kazakhstan's statement on Thursday that it won't cut production has sparked debate in OPEC+, some of the sources said on Friday, with one saying that this factor may tilt discussions towards a larger output hike on Saturday. While eight leading OPEC+ members are increasing supply, some of those are being asked to temper those increases to compensate for producing more than their monthly quotas. Kazakhstan's statement suggested it may not do so. "Kazakhstan's repeated public displays of production defiance do raise the risk of an even bigger output increase," said Helima Croft of RBC Capital Markets, adding that she still saw a 411,000 bpd hike for July as likely. Kazakhstan has been pumping far above its OPEC+ target, a factor that has angered other OPEC+ members and helped prompt the group to proceed with plans to hike output beginning in April, sources said at the time. United Arab Emirates Energy Minister Suhail Mohamed Al Mazrouei, asked on Tuesday about the output plan for July, said OPEC+ was doing its best to balance the oil market. Oil prices fell to a four-year low in April, slipping below $60 per barrel after OPEC+ said it was tripling its output hike in May and as U.S. President Donald Trump's tariffs raised concerns about global economic weakness. Prices closed just below $63 on Friday. OPEC+ includes OPEC members and allies such as Russia. Output increases that began in April are aimed at unwinding some 2.2 million bpd of voluntary output cuts by eight leading member states.
Time of India
31-05-2025
- Business
- Time of India
OPEC+ set to discuss July oil output hike, may be larger than 411,000 bpd, sources say
OPEC+ is convening on Saturday to deliberate on a potential increase in oil output for July, exceeding the 411,000 barrels per day rise implemented in May and June. Sources indicate that eight OPEC+ nations, including Saudi Arabia and Russia, are considering a larger hike. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads OPEC+ meets on Saturday to discuss an increase in oil output for July that may be larger than the 411,000 barrels per day (bpd) increases it made for May and June, sources familiar with OPEC+ talks told OPEC+ countries have been raising output more rapidly than earlier planned, even though the extra supply has weighed on prices. The strategy of group leaders Saudi Arabia and Russia is aimed partly at punishing over-producing allies and to win back market share, Reuters has eight members, set to meet online at 0900 GMT, could discuss an increase larger than 411,000 bpd for July, two sources familiar with OPEC+ talks and two OPEC+ delegates said. They could also keep the hike at 411,000 bpd, other sources sources declined to be identified by name due to the sensitivity of the matter. OPEC and authorities in Russia and Saudi Arabia did not respond to requests for comment sent on statement on Thursday that it won't cut production has sparked debate in OPEC+, some of the sources said on Friday, with one saying that this factor may tilt discussions towards a larger output hike on eight leading OPEC+ members are increasing supply, some of those are being asked to temper those increases to compensate for producing more than their monthly quotas. Kazakhstan's statement suggested it may not do so."Kazakhstan's repeated public displays of production defiance do raise the risk of an even bigger output increase," said Helima Croft of RBC Capital Markets, adding that she still saw a 411,000 bpd hike for July as has been pumping far above its OPEC+ target, a factor that has angered other OPEC+ members and helped prompt the group to proceed with plans to hike output beginning in April, sources said at the Arab Emirates Energy Minister Suhail Mohamed Al Mazrouei, asked on Tuesday about the output plan for July, said OPEC+ was doing its best to balance the oil market. Oil prices fell to a four-year low in April, slipping below $60 per barrel after OPEC+ said it was tripling its output hike in May and as U.S. President Donald Trump's tariffs raised concerns about global economic weakness. Prices closed just below $63 on includes OPEC members and allies such as Russia. Output increases that began in April are aimed at unwinding some 2.2 million bpd of voluntary output cuts by eight leading member states.
