UAE unveils New Housing Policy, Resale and Mortgage Transfer Allowed

The United Arab Emirates has approved a revolutionary housing policy that would transform the way that Emiratis approach their houses in a major step toward empowering their people.

The UAE government announces a new housing policy.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, presided over a recent Cabinet meeting that resulted in some significant decisions that will have a significant impact on the lives of the people of the United Arab Emirates.

The core of this policy change is the flexibility it offers in managing residential properties. Citizens are now permitted to replace or resell their homes and transfer mortgages. This newfound freedom gives Emiratis more control over their housing situations, facilitating easier transitions when needed.

Flexible loan schemes for Emiratis

Moreover, the policy opens the door to flexible loan schemes designed exclusively for Emiratis. These schemes aim to make housing more accessible and affordable for the nation's citizens, providing options that cater to their unique needs and circumstances.

Support from the Sheikh Zayed Housing Programme

The Sheikh Zayed Housing Program plays a pivotal role in implementing these changes. The Cabinet has approved the requirements for housing assistance and mortgage transfers provided by this program. With these new policies, the UAE is taking significant strides in ensuring that its citizens have access to suitable and comfortable housing.

UAE Government Annual Meetings

In addition to housing, the Cabinet meeting prepared the ground for another significant occasion. The dates of the UAE Government Annual Meetings are set for November 7-8 in Abu Dhabi. His Highness Sheikh Mohamed bin Zayed Al Nahyan and Sheikh Mohammed bin Rashid will preside over these sessions, which will draw more than 500 dignitaries, including ministers, senior officials, and leaders of UAE executive boards.

An Opportunity for Evaluation and Planning

Sheikh Mohammed discussed the importance of these yearly gatherings as a forum for decision-makers at the national level. It provides a chance to evaluate accomplishments, determine priorities, and create goals in order to realize people's dreams. These gatherings are essential to determining the UAE's future and ensuring that it keeps moving forward.

Emirates Drug Establishment

Another important announcement from the Cabinet meeting was the approval of the Emirates Drug Establishment, a federal body dedicated to advancing the UAE's standing in the global pharmaceutical and medical industries. This establishment will support research and development and encourage pharmaceutical investments.

A Pioneering Approach to Healthcare

The Emirates Drug Establishment, whose vice-chair is Dr. Maha Barakat and whose chairman is Dr. Thani bin Ahmed Al Zeyoudi, operates independently both financially and administratively. It will establish and manage a comprehensive national system for tracking medical products from manufacture to the final consumer.

Ensuring Quality and Safety

The establishment will play a key role in enhancing the production and export of high-quality medical and pharmaceutical products. It will also be responsible for regulating various types of medical products, ensuring their availability, quality, effectiveness, and safety. This includes pharmaceuticals, healthcare products, medical devices, food supplements, cosmetics, and more.

Fostering innovation and research

Moreover, the Emirates Drug Establishment will develop a national framework for pharmaceutical research, clinical and non-clinical studies, and trials. This holistic approach underscores the UAE's commitment to advancing healthcare and pharmaceutical excellence on a global scale.

In summary, the recent Cabinet meeting led to transformative changes in housing policies, an upcoming major governmental event, and the creation of the Emirates Drug Establishment, all aimed at improving the lives and well-being of the people of the UAE.

Read also: UAE government announces fuel prices for November 2023

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