The disbursement of housing loans worth $1.9bn to 6,100 citizens in Abu Dhabi has been announced by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Chairman of the Executive Council of Abu Dhabi.

According to a report by WAM, retired, low-income citizens are also exempt from paying back the loans. The move follows the directives of Sheikh Mohamed bin Zayed Al Nahyan on the occasion of the country’s 49th National Day.

The approval of the loans and exemptions, which is part of the 2020 housing packages of $4.22bn, is said to reflect the keenness of the UAE’s leadership to maintain social stability, and ensure decent living standards for citizens, as well as reinforcing their role in the country’s development process.

Approvals were issued for more than 5,000 housing loans in 2020, WAM said in its report.