Ministry Of Energy And Infrastructure Unveils Housing Initiative To Support Senior Citizens In UAE

The Ministry of Energy and Infrastructure, through the Sheikh Zayed Housing Programme, has introduced a new initiative to finance housing support for citizens, particularly focusing on senior citizens. This initiative is part of the Year of Community initiatives and aims to provide comprehensive life insurance coverage for housing loans. Previously, the maximum loan coverage age was 70 years, which led to some financing applications being rejected.

Insurance coverage now extends up to 95 years, offering long-term financial security for Emirati families. The insurance covers death or total permanent disability due to accidents or other causes. This ensures that all eligible citizens can benefit from current and future housing loans at a low cost.

The initiative is being implemented in collaboration with the Central Bank of the UAE, financing partners, and Takaful service providers. National insurance companies such as Sukoon Takaful and Abu Dhabi National Insurance Company (ADNIC) are also involved. Suhail Mohamed Al Mazrouei, Minister of Energy and Infrastructure, stated that this initiative aligns with leadership directives to enhance family stability and ensure a decent life for all societal segments.

Al Mazrouei emphasized that the UAE's leadership prioritizes citizen comfort and happiness. He noted that this initiative reflects the UAE's commitment to providing adequate housing as a cornerstone of development. It supports senior citizens by addressing challenges related to housing finance, improving their quality of life and contributing to family stability.

Al Mazrouei highlighted that collaboration with banking sectors and national insurance companies reflects the UAE's strategic vision of building sustainable partnerships supporting social and economic development. He praised efforts to develop the UAE's housing system into a global model.

Mohamed Al Mansouri, Director-General of Sheikh Zayed Housing Programme, affirmed that this initiative embodies leadership’s forward-looking vision to empower Emirati families and strengthen their social stability. He explained that it provides flexible financing solutions meeting senior citizens' needs while ensuring comprehensive insurance coverage against financial risks.

Regulatory Changes for Inclusiveness

The Central Bank of the UAE has issued a regulatory notice allowing banks and financing companies to adopt more flexible financing models. This includes financing for citizens with existing mortgages if the new property serves as their primary residence. Citizens benefiting from the national loan programme are included after verifying repayment capability, enhancing inclusiveness and fairness in housing support distribution.

This initiative is part of several achievements by the Sheikh Zayed Housing Programme, reflecting the UAE’s commitment to enhancing citizens' quality of life. Recent strategic developments have accelerated housing support processes, improved customer satisfaction, and expanded partnerships with banking and financial sectors.

In support of providing housing for senior citizens with special insurance protection for loans, the Ministry of Energy and Infrastructure signed a partnership agreement with Takaful service providers along with ADNIC and Sukoon Takaful.

With inputs from WAM