Mohamed bin Zayed approves series of improvements

Based on the vision of President His Highness Sheikh Khalifa bin Zayed Al Nahyan to achieve the highest possible levels of social welfare and economic wellbeing for UAE citizens, His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, who is also the Chairman of the Abu Dhabi Executive Council, has approved a series of updates to Abu Dhabi’s public housing policy, including the launch of a new housing package.

His Highness Sheikh Mohamed also announced "Al Riyadh City", the newest and largest housing project in Abu Dhabi, as well as the establishment of the "Modon Real Estate Company," a property firm specialising in developing housing, infrastructure and community facilities to develop the City of Riyadh – previously known as South Shamkha, North Wathba- to create a modern, integrated and sustainable community.

The improvements to the housing policy aim to boost the quality and variety of services provided, as well as to expand the base of beneficiaries. The housing package is also designed to reduce the waiting period by more than half, allowing for the exchange and trading of granted and built-up land, as well as the purchase of additional land at subsidised prices according to certain terms and conditions, with the aim of providing more options for beneficiaries and ensuring their social welfare.

To allow for greater flexibility in its exemption policies, the government has expanded the base of beneficiaries of financial grants, providing the chance as well to buy ready-made housing units from any real estate project in the emirate while benefiting from the exemption advantages. The new housing package will include adjustments to the duration and rates of payments, to ensure greater flexibility and facilitate payments to beneficiaries.

The package will also include new segments, such as single female citizens, previous beneficiaries who do not currently own property, and other UAE nationals working in Abu Dhabi. According to the housing policy improvement, other UAE residents living in Abu Dhabi can buy subsidised housing units under certain conditions, and all Abu Dhabi citizens will be enlisted in the system of obtaining residential benefits, as soon as they reach the age of 22.

As part of its efforts to improve the readiness of its infrastructure and facilities and to provide a mechanism for implementing new housing policies and co-ordinating between citizens and organisations, the Abu Dhabi Government has launched the Modon Real Estate Company, to design and create integrated residential communities that will meet needs of citizens and requirements of Emirati families.

The launch of the company comes under the scope of Abi Dhabi’s policy of providing housing grants and government loans to local beneficiaries. The company will oversee the emirate’s partnerships with specialist designers and construction companies, to ensure the creation of designs that reflect the emirate's identity and build attractive and integrated community neighbourhoods.

The development of Al Riyadh City, previously known as South Shamkha and the North Al Wathba Area, will be the first residential project managed by Modon Real Estate, and will include residential neighbourhoods with controlled population densities, in line with the needs and requirements of local citizens, residents and employees in the area, as well as a full range of public facilities, such as parks, schools, shops, mosques, and medical and community service centres, which will comply with the highest standards of sustainability.

The total area of the Al Riyadh City project, located 30 kilometres from Abu Dhabi Downtown and expected to be one of the leading residential projects in the region, is approximately 8,000 hectares, equivalent to 85 percent of the area of Abu Dhabi Island and approximately 45 percent of Abu Dhabi's total residential land area. Its capacity is expected to reach over 200,000 citizens by the end of the project.

In this regard, Jassim Bouataba Al Zaabi, Chairman of the Abu Dhabi Executive Office, thanked President His Highness Sheikh Khalifa bin Zayed Al Nahyan and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, for Their Highnesses' keenness to ensure safety, comfort and well-being for UAE citizens.

He also thanked H.H. Sheikh Hazza bin Zayed Al Nahyan, Deputy Chairman of Abu Dhabi Executive Council, for his continual follow-up of the launch of this integrated development, which reflects the government’s commitment to achieving social welfare.

Al Zaabi said, "The new improvements introduced to the housing policies, the new housing package, the launch of Modon Real Estate Company, and the development of Al Riyadh City are aimed at revamping the housing system, which is one of Abu Dhabi government's priorities along with contributing to the social welfare and economic wellbeing of individuals and enabling them to take on their role effectively in the process of sustainable and comprehensive development in the emirate."

Saeed Eid Al Ghafli, Chairman of the Abu Dhabi Housing Authority, said, "Improving the lives and wellbeing of UAE citizens is a priority for the Abu Dhabi government. That is precisely why the latest developments in residential products are made to fulfill needs of different segments of Abu Dhabi citizens and to provide them with diverse service and facilities. The updated policies provide citizens with the freedom to choose the right homes for their families, which would contribute to their social wellbeing