View of part of the Fujairah Corniche and the Hajar Mountains in the Background

Wednesday, May 28, 2008

Home Loans Up for Abu Dhabi Nationals

Sheikh Khalifa bin Zayed al-Nahayan, the ruler of Abu Dhabi (and President of the UAE) has increased by two-thirds the amount that United Arab Emirates nationals in the emirate can borrow free of interest to finance buying or building their homes, to 2 million dirhams ($544,700).

Nationals had been allowed to borrow as much as 1.2 million dirhams from the emirate's Private Loans Authority for as much as 30 years.

Source: Abu Dhabi Ups Interest-Free Loans, Reuters, 28 May 2008.

Dr. Geoff Pound