Latest news with #EmiratiCitizens
Zawya
2 days ago
- Business
- Zawya
FAB Islamic partners with Abu Dhabi Housing Authority to deliver subsidised home loans to eligible Emirati beneficiaries
Abu Dhabi: First Abu Dhabi Bank (FAB), the UAE's Global bank, and one of the world's largest and safest financial institutions, through its Islamic and National Housing Loan (NHL) divisions, has announced a significant collaboration with the Abu Dhabi Housing Authority (ADHA) to provide Abu Dhabi government subsidised Islamic home financing to eligible Emirati citizens. The service supports the UAE's " Year of Community" initiative which aims to enhance family financial stability and increase sustainable homeownership across the nation. The strategic partnership positions FAB as the key financial partner for ADHA beneficiaries by offering a comprehensive and fully digitalised housing solution. Customers will benefit from a secured FAB NHL loan, combined with additional Shari'ah-compliant home financing from FAB Islamic available at competitive profit rates starting from 3.89% fixed for five years. As part of the agreement, the Abu Dhabi government will subsidise 50% of the profit rate on the additional Islamic home financing (up to AED 500,000). Any financing above this cap will continue to be offered at the lowest available market rate, providing Emiratis with greater financial flexibility and peace of mind. This new FAB Islamic and FAB NHL financial solution supports ADHA's mission to empower UAE nationals with access to affordable housing, aligning with the government's vision to enhance community wellbeing through strategic private sector collaboration. In addition to the subsidised profit rate, eligible customers will enjoy a range of exclusive value-added benefits designed to ensure a seamless home finance experience. FAB's dedicated home finance centers will offer direct access to expert relationship managers, supported by a responsive after-sales service team and helpline. Customers will benefit from a range of services and an instant digital application process for their National Housing Loan through the FAB NHL app, using UAE PASS, without the hassle of visiting a physical branch. Customers will also have the flexibility to partially settle their finance at any point throughout the finance period. The same competitive rate will apply even for customers seeking for Islamic home finance amount above AED 500,000, ensuring continued affordability regardless of financing size. New customers who transfer their salary to a FAB Islamic Savings Account or obtain a FAB Emirati Islamic Credit Card will receive AED 10,000 in cashback rewards and enjoy a waiver of fees for the first year. Jasim Al Hammadi, Director of Loans and Benefits at the Abu Dhabi Housing Authority, commented: 'At the Abu Dhabi Housing Authority, we are committed to empowering UAE Nationals to choose homes that meet their needs by providing housing finance solutions tailored to the diverse requirements of Emirati families. Through this partnership, First Abu Dhabi Bank offers additional home finance solutions above the AED 1.75 million housing loan amount, for those who wish to apply, with 50% government-supported profit rates. This reflects the Authority's dedication to offering solutions and benefits that meet citizens' needs and promote long-term family stability.' Fahad Al Shaer, Head of FAB Islamic said: 'FAB Islamic remains committed to building strong community partnerships and delivering market-leading Islamic banking solutions that enable more Emiratis to own, build, or renovate their homes with confidence. Our collaboration with ADHA builds on this commitment, offering a simplified and Shari'ah-compliant home financing solution that supports the UAE's vision for community empowerment. Through this service, we are proud to provide Emirati families with greater financial flexibility, dignity, and peace of mind as they invest in their future homes and create a successful future." Khaled Alzaabi, Head of FAB National Housing Loans, added: 'Our collaboration with ADHA reflects our continued efforts to enhance housing solutions that directly serve the needs of Emirati citizens. By subsidising the profit rate on additional Islamic home financing and strengthening strategical partnerships with trusted suppliers, this solution aims to ease financial pressures and contribute to greater family stability supporting our goal of a more inclusive and empowered community.' ABOUT FIRST ABU DHABI BANK About First Abu Dhabi Bank (FAB) Headquartered in Abu Dhabi with a global footprint across 20 markets, FAB is the finance and trade gateway to the Middle East and North Africa region (MENA). With total assets of AED 1.34 trillion (USD 366 billion) as of June-end 2025, FAB is among the world's largest banking groups. The bank provides financial expertise to its wholesale and retail client franchise across three business units: 1) Investment Banking & Markets, 2) Wholesale Banking, and 3) Personal, Business, Wealth and Privileged Client Banking Group. FAB is listed on the Abu Dhabi Securities Exchange (ADX) and rated Aa3/AA-/AA- by Moody's, S&P, and Fitch, respectively, with a stable outlook. On sustainability, FAB holds an MSCI ESG rating of 'AA', and is also ranked among the top 6% of banks globally by Refinitiv's ESG Scores and ranked the Best diversified bank in MENA by Sustainalytics ESG Risk Rating.
Khaleej Times
03-08-2025
- Khaleej Times
Oman: Man dies in Dhofar car crash; body transported
An Omani citizen lost his life in a tragic accident in the Sultanate on Saturday, August 2, the Royal Oman Police announced on Sunday, August 3. The incident took place after two vehicles crashed in Thumrait on Saturday, a small town and wilayat located in Dhofar in southern Oman. The body of the deceased was transported from Sultan Qaboos Hospital in Salalah to Liwa in North Batinah Governorate by the Police Aviation. Last month, five people were killed in a multi-vehicle collision on Sultan Said bin Taimur Road in Dhofar Governorate. Initial reports indicated that two Omanis and three Emiratis had died. Eleven others sustained injuries, including two Omanis and nine Emirati citizens of which five were children. Meanwhile on July 2, four people were killed after a bus carrying children rolled over after colliding with a stationary object in Al-Rusaiss area of the Izki Governorate. The bus driver along with three children died in the accident. With travel increasing during the Khareef season, it is crucial for drivers to be more wary of the roads. In a previous report by Khaleej Times, UAE residents who have made the journey to Salalah before strongly advise against rushing the drive. Here are some tips they can follow: Drivers should ensure their vehicles are in excellent condition. Tyres must have good grip and brakes should be responsive, especially given the slippery, rain-soaked roads. Visibility often drops due to fog and mist, so using fog lights and low beams, instead of high beams is crucial. The misty roads in Dhofar can be deceptive, and it's common to encounter livestock such as cows, goats, and camels crossing unexpectedly, particularly near rural farms. Some turns along the route are narrow and sharply curved, making it essential to slow down even if the speed limit allows 80kmph.
Khaleej Times
29-06-2025
- Business
- Khaleej Times
Dubai launches incentive scheme for firms hiring Emirati brokers
Dubai Land Department on Sunday announced that it will implement an incentive points system for brokerage firms that employ Emirati citizens. The authority said that firms that employ more citizens will have their ranking enhanced in its approved evaluation system, positively impacting their competitive position in the market. This is part of DLD's 'Dubai Real Estate Broker Programme' launched to stimulate business environments and support the Emiratisation of real estate professions. The programme aims to increase the percentage of Emiratis working in real estate brokerage to 15 per cent over the next three years. The authority said the programme surpassed expectations so far, with the number of qualified Emirati brokers reaching more than 180 per cent of the annual target. On Sunday, it invited other Emiratis interested in joining the 'Dubai Real Estate Broker Programme' to register through its website. It called on developers and real estate brokers, particularly those who have not had the opportunity to join the Dubai Real Estate Broker Programme in its previous phases, to take part in supporting the programme. It added that the process has been simplified by logging in with the UAE Pass and then requesting to join the training course. To attract more Emiratis, DLD delivered numerous specialised training courses in collaboration with accredited academic institutions. Upon completion of the required training, participants are issued an official real estate broker card valid for three years, allowing them to practice the profession following Dubai's legal and regulatory framework. It added that real estate transactions have exceeded Dh500 million from the programme's launch through the end of April 2025. Furthermore, 231 new real estate brokerage firms have been licensed. The Department held more than 10 meetings and gatherings with its 71 strategic allies from various real estate-related sectors. These include 26 real estate development companies, 38 brokerage firms, and four training and qualification institutes.
Zawya
19-06-2025
- Business
- Zawya
UAE records remarkable housing achievements with support exceeding $13.62bln
ABU DHABI - The UAE continues to make remarkable accomplishments in the federal housing sector, enhancing its leadership in urban development and social stability, and strengthening its position among the best countries in the world in terms of quality of life. In H1 2025, the UAE Cabinet approved housing decisions for over 1,838 citizens, totalling AED1.2 billion as part of the Sheikh Zayed Housing Programme, which has provided assistance amounting to AED50 billion since its establishment to date. More than 93,000 Emirati citizens have benefited from this initiative so far, reflecting the country's commitment to empowering Emirati families and providing suitable housing as one of the key pillars of societal stability. In recent years, the programme has witnessed a series of strategic developments that have enhanced the effectiveness of the housing system, accelerated the process of obtaining housing support, and increased customer satisfaction. Additionally, there has been an expansion in partnerships with the banking sector and financial institutions, in line with the country's focus on financial sustainability and innovation in service delivery. Between 2021 and 2024, the programme achieved remarkable results in terms of performance indicators. The time required to obtain a housing support decision was reduced by more than 50%. The percentage of citizens owning homes increased to 91% - a 17% increase compared to 2017, while private sector funding accounted for 76% of the total, confirming the effectiveness of the adopted financial policies. Customer satisfaction surveys also showed that happiness levels regarding housing services doubled today—an increase of 100% compared to 2021—indicating a significant improvement in the efficiency of the government service system. In this context, the UAE Cabinet has approved a new financing policy for the Sheikh Zayed Housing Programme extending until 2041. The policy aims to issue 40,000 housing support decisions, divided into four phases. The first phase includes the issuance of 13,000 decisions at an estimated cost of AED11.5 billion, effectively doubling the number of annual decisions compared to previous years. This comes as part of the country's efforts to enhance resource sustainability and improve the efficiency of public spending. The new policy is based on an integrated model between the federal government and national banks, contributing to reducing the financial burden on the public treasury while providing flexible financing alternatives for citizens. Additionally, the Ministry launched several regulatory initiatives in cooperation with the Central Bank of the UAE to address challenges associated with implementing the new policy. These include the 'Flexible Loan,' which allows citizens to obtain housing finance that aligns with their financial capabilities, with the possibility of benefiting from the finance gap for up to four years. Another initiative is the 'Reuse of Housing Assistance Value,' enabling citizens to re-utilise the assistance in case their living conditions change. Moreover, the policy includes an 'Exemption of Retirement Contributions from Total Salary,' which enhances the process of assessing monthly income and expands opportunities for obtaining housing support. As part of the government's efforts to streamline procedures, the Ministry launched the 'Manzili' bundle, which was recognised in the Zero Bureaucracy Awards as the Best Team across the UAE Government in the 'Impact on People's Lives' category. The package contributed to reducing the number of entities a customer must deal with from 11 to just one, the number of procedures from 14 to three, and the required documents from 10 to just one. This was made possible through integration and coordination with 28 partner entities, resulting in saving over 9 million working hours, reducing fuel consumption by 55,000 liters, and cutting carbon dioxide emissions by approximately 586,000 kilograms—based on calculations for an estimated 5,000 users annually. The Ministry also launched the national platform 'Darak' as a unified window for offering advisory services and construction packages to citizens. This was done in collaboration with the Ministry of Possibilities, the Social Solidarity Fund for Ministry of Interior employees, and local housing programmes. In a new achievement that reflects the UAE's global standing in the housing sector, the country won the presidency of the General Assembly of the United Nations Human Settlements Programme (UN-Habitat) and secured membership in its Executive Board. This recognition strengthens the UAE's role in supporting international efforts in housing and sustainable urban planning. UN-Habitat is an international UN agency headquartered in Nairobi, the capital of Kenya. It works towards a better urban future, with a mission to ensure adequate shelter for all by promoting the sustainable development of human settlements in social and environmental dimensions. UN-Habitat includes a membership of 193 countries from around the world. Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, said, 'Thanks to the directives of the UAE's wise leadership, the country continues to achieve significant milestones in the housing sector. The housing support decisions, during the first half of 2025, reflect the country's unwavering commitment to providing suitable housing for citizens, as it represents a fundamental pillar in the path of comprehensive development.' He added, 'These remarkable achievements are the result of a strategic vision in which government efforts are integrated with the banking sector under the new funding policy, aimed at empowering Emirati families, enhancing quality of life, and ensuring resource sustainability.' He pointed out that the Ministry, in the coming phase, aims to develop innovative housing projects that align with future needs, reinforce principles of sound financial management, and redefine traditional concepts of homeownership—contributing to improved quality of life, family stability, and the social and economic growth of the nation. For his part, Eng. Mohamed Al Mansouri, Director-General of Sheikh Zayed Housing Programme, emphasised that these achievements reflect the forward-looking vision of the wise leadership, which places people at the heart of development plans. He noted that the programme is a fundamental pillar in empowering and stabilising Emirati families. He said, 'We continue working to develop a flexible and innovative federal housing system that integrates government and private sector efforts, aligns with citizens' aspirations, and enhances the UAE's global competitiveness in quality of life and urban development indicators.'
Zawya
13-06-2025
- Business
- Zawya
UAE asks private sector firms to meet semi-annual Emiratisation targets by end of june
DUBAI: The Ministry of Human Resources & Emiratisation (MoHRE) has renewed its call to private sector companies employing 50 or more workers to expedite meeting their Emiratisation targets for the first half of 2025 before the end of June. This is to avoid financial contributions that will be imposed in July on companies that fail to meet the required targets. The targets include achieving a 1% growth in the number of Emiratis employed in skilled positions relative to the total skilled workforce at the company, while maintaining previous Emiratisation rates. MoHRE has urged Emirati citizens to report any violations and negative practices that contradict the country's Emiratisation policies by contacting the call centre on 600590000 or through the Ministry's smart app and official website. It reaffirmed its confidence in both private sector companies and job-seeking nationals' awareness of the strategic and national benefits, as well as the positive impact of Emiratisation on enhancing the competitiveness of the country's work environment and supporting its economic growth. The Ministry also underlined its ongoing support for compliant companies through the benefits provided by the Nafis programme, and the additional advantages it offers to companies achieving exceptional Emiratisation by granting them membership in the Tawteen Partners Club, which entitles them to financial discounts of up to 80% on the Ministry of Human Resources and Emiratisation's service fees, and prioritising them in the government procurement system, thereby boosting their business growth opportunities. MoHRE highlighted the significant support provided by the Nafis platform in facilitating companies to fulfil their obligations, adding that the platform has a rich pool of qualified Emirati talents. It praised the private sector's engagement with Emiratisation policies and the companies' commitment to meeting the required targets, which has positively reflected on the national mandate, achieving unprecedented results. By the end of May, over 141,000 Emiratis were employed across 28,000 private sector companies.
