HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, has approved the allocation of AED65 billion ($17.7 billion) in funding for an Emirati housing programme in Dubai.
This comes as part of his Dubai 2040 Urban Master Plan for sustainable urban development. The budget will be spent over the next two decades to provide quality housing for Emiratis.
He also issued directives to quadruple the number of citizens benefiting from the housing programme effective from next year, and increase the land plots allocated to Emirati housing projects in Dubai to 1.7 billion sq ft, which will meet the demand from citizens over the next 20 years.
Sheikh Mohammed said quality housing is everyone’s basic right and a top priority for the government.
“We have adopted an integrated housing policy, which I will supervise myself. Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, and Sheikh Maktoum bin Mohammed, Deputy Ruler of Dubai, will follow up on its plans,” he added.
Sheikh Maktoum bin Mohammed said the Dubai 2040 Urban Master Plan sets out a comprehensive future map for sustainable urban development in the city. Aligned with the UAE’s vision for the next 50 years, the plan is focused on enhancing people’s happiness and quality of life.
The people-centric plan focuses on reinforcing Dubai’s competitiveness as a global destination by providing a wide diversity of lifestyle and investment opportunities for citizens, residents and visitors over the next 20 years, he added.