Dh3b loans approved for realty sector

The Abu Dhabi Department of Finance’s Commercial Buildings Finance Committee has approved 245 loans for funding commercial buildings allocated for citizens at a total cost of more than Dh3 billion. The committee took the resolution in line with instructions given by the President, His Highness Shaikh Khalifa bin Zayed Al Nahyan and follow up of General Shaikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Chairman of Abu Dhabi Executive Council, to secure real estate finance to citizens who own commercial and investment lands and wish to build them but faced difficulties to get adequate finance. Of the total 245 finance facilities, 133 were allocated for demolishing and rebuilding residential investment towers and villas, 103 for building new buildings and nine for building annexes to buildings. Hamad Al Hur Al Suwaidi, Chairman of the Finance Department, said finance plays a vital role in economic life for having positive impact on other sectors. From KhaleejTimes