Dubai launches $1.5bn housing projects – Arabian Gulf Business Insight
Dubai has launched housing projects worth AED5.4 billion ($1.5 billion) across the emirate.
The projects will result in 3,004 new homes being built for Emiratis, the UAE state-run Wam news agency reported.
Of these, 1,181 homes will be in Latifa City for beneficiaries under the housing loan category.
For beneficiaries in the housing grant category, the projects include 606 units in Al Yalayis, 5,432 in Wadi Al Amardi, 398 in Al Awir, 1,200 in the Makan area of Hatta, 120 in Oud Al Muteena and 67 homes in the countryside and rural areas of Dubai.
“Housing programmes for citizens represent a top priority,” said Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum after approving the projects.
In October 2024, Sheikh Mohammed approved the 2025-27 budget cycle, which includes AED272 billion in expenditure, against estimated revenues of AED302 billion.
For the 2025 fiscal year, expenditure has been set at over AED86 billion, with revenues approaching AED98 billion.
A record surplus of AED30 billion is being predicted by Dubai in its latest three-year budget.
Almost a third of total government expenditure in the 2025 budget has been allocated to the social development sector, which includes health, education, scientific research, housing and support for needy families, women and children.
The UAE also approved its largest-ever national budget for 2025 in October, with spending set to hit AED71.5 billion after capital expenditure increased by nearly half in the early part of this year.
Social development and pensions represent 39 percent of the overall budget, or AED27.9 billion.
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