UAE's new housing policy allows citizens to resell houses, transfer mortgage

Dubai Downtown with Burj Khalifa. Getty Images Source: Zawya.com

Cabinet meeting chaired by Sheikh Mohammed announces UAE Government Annual Meetings, formation of Emirates Drug Establishment

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UAE’s new housing policy allows citizens to resell houses, transfer mortgage

The UAE has approved a new housing policy that allows citizens to replace or resell their houses and transfer mortgage. The policy will also see flexible loan schemes are approved for Emiratis.

This came as His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, chaired a Cabinet meeting in Abu Dhabi on Monday.

The Cabinet approved the requirements for housing assistance and mortgage transfer offered by the Sheikh Zayed Housing Programme. The move is part of the UAE’s efforts to provide suitable housing to Emiratis.

Beneficiaries of housing assistance can now apply for a mortgage transfer from a property to another by sending their applications to the Ministry of Energy and Infrastructure.

UAE GOVERNMENT ANNUAL MEETINGS

Chaired by the President, His Highness Sheikh Mohamed bin Zayed Al Nahyan, and Sheikh Mohammed bin Rashid, the UAE Government Annual Meetings will be held on November 7-8 in Abu Dhabi. The meetings will witness the participation of more than 500 dignitaries, including heads of UAE executive boards, ministers, and senior officials.

“The meetings are the largest national forum for decision-makers in the UAE, representing an annual opportunity to evaluate and review our achievements, and set our priorities and objectives to fulfil the aspirations of our people,” Sheikh Mohammed wrote on social media platform X.

EMIRATES DRUG ESTABLISHMENT

The Cabinet also approved the establishment of a federal body to strengthen the country’s position as a global hub for pharmaceutical and medical industries. Emirates Drug Establishment will promote research and development in this sector and facilitate pharmaceutical investments.

The Board of Directors of the establishment is chaired by Dr Thani bin Ahmed Al Zeyoudi and the Vice-Chairperson is Dr Maha Barakat. The federal establishment has administrative and financial independence.

“The corporation will establish and manage a national system for tracking and monitoring medical products from factory to consumer,” said Sheikh Mohammed.

The body will contribute to enhancing the production and export of high-quality medical and pharmaceutical products, as well as ensuring the availability, quality, effectiveness and safety of these products.

It will be responsible for managing and regulating medical products including: Pharmaceutical, healthcare, medical devices, food supplements, cosmetics, veterinary products, fertilisers, pesticides, agricultural additives, plant growth regulators, and genetically modified organisms (GMOs) and their products.

The establishment will be responsible for preparing an integrated national framework for pharmaceutical research, clinical and non-clinical studies and trials.

It has the authority to issue licences and monitor medical product factories and companies, pharmacies and contractual companies supporting the development and manufacturing of medical products, warehouses, marketing offices, blood banks, umbilical cord blood and stem cell storage centres.

The body will be responsible for approving and registering medical products, as well as establishing a national pricing system for medical products.

RECYCLABLE MATERIALS

The Cabinet also approved the UAE policy for integrated management of recyclable materials. As per the policy, the new list of the recyclable materials includes used tyres, electronic waste, plastic waste, used cooking oils, and aluminium dross.