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Kharbash chairs meeting of bankers and financiers
DUBAI — UAE Minister of State for Financial and Industrial Affairs Dr. Mohammad Khalfan bin Kharbash chaired yesterday a meeting of representatives of banks and other financing institutions to discuss and streamline the mechanism for granting housing loans.
The move came in implementation of the directives of His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai to construct 40,000 houses for nationals in various emirates.
The housing project declared by Shaikh Mohammed will be completed during a period of four years as part of the Shaikh Zayed Housing Programme.
Kharbash said that the federal budget for 2008 earmarked Dh1280 million for the Shaikh Zayed Housing Programme, thus doubling the budget allocation compared to Dh640 million in the preceding year. The remaining portion is to be met through housing loans extended by banks and financing institutions. The ministry of finance and industry will guarantee the loans on behalf of the government and will pay the interests over a reimbursement period of 20 years.
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