Minister of Public Works and Chairman of Sheikh Zayed Housing Programme Sheikh Hamdan Bin Mubarak Al Nahyan witnessed today, signing of a Memorandum of Understanding between the Sheikh Zayed Housing Programme and UAE Central Bank regarding co-operation between the two entities on financing residential units for UAE nationals by banking sector.

Sultan Bin Nasser Al Suwaidi – Governor of the Central Bank also witnessed the signing of the MOU which was signed by Saeed Abdulla Al Hamiz – Assistant Governor for Banking Supervision on behalf of the Central Bank, and Mohammed Abdelaziz Jasim – Executive Director for Supporting Services on behalf of Sheikh Zayed Housing Programme.

The MOU puts a mechanism to facilitate participation of the banking sector in financing residential units for UAE nationals by considering such financings, the interest of which are explicitly guaranteed by Shiekh Zayed Housing Programme and other local housing programs, as loans provided to non-commercial public sector entity.

This would require Sheikh Zayed Housing Programme to provide the Central Bank with data and other relevant information regarding the loans which the Programme guarantees their interest as well as its dealings with banks, upon receiving a request from the Central Bank.

It is expected that this understanding will contribute to advance UAE nationals housing programs, and at the same time encourage banks to lend and stimulate the economy in the UAE.

The signing of this memorandum confirms the keenness of the Sheikh Zayed Housing Programme to facilitate financing of housing units for citizens.

It also reflects the keenness of the Central Bank to provide appropriate solutions to support the programs of the federal government.

The MOU puts a mechanism to facilitate participation of the banking sector in financing residential units for UAE nationals by considering such financings, the interest of which are explicitly guaranteed by Shiekh Zayed Housing Programme and other local housing programs, as loans provided to non-commercial public sector entity.

This would require Sheikh Zayed Housing Programme to provide the Central Bank with data and other relevant information regarding the loans which the Programme guarantees their interest as well as its dealings with banks, upon receiving a request from the Central Bank.

It is expected that this understanding will contribute to advance UAE nationals housing programs, and at the same time encourage banks to lend and stimulate the economy in the UAE.

The signing of this memorandum confirms the keenness of the Sheikh Zayed Housing Programme to facilitate financing of housing units for citizens.

It also reflects the keenness of the Central Bank to provide appropriate solutions to support the programs of the federal government.