In lieu to the country’s 42nd National Day and Dubai’s success in winning to host the Expo 2020, His Highness Sheikh Khalifa bin Zayed Al-Nhayan, UAE President declared that an additional 5.5 billion dollars (Dh20 billion) will be added to fund certified dev’t. projects. This includes the construction of the ten thousand new homes for citizens of the UAE.
His Highness said on his speech that he decided to almost double the funds allotted to the housing of UAE citizens. As stated on state news agency WAM, the president has resolved to allot an extra total of 20 billion dirhams for the expenses on the project works that have already been carried out to accomplish the wanted point of comfort for sons and brothers of the country.
It has been noted that last September, the capital and the richest city of UAE, Abu Dhabi and approved 15.8 billion dirhams budget for construction and community efforts. Other allocations are to develop the emirate’s electricity grid and wastewater treatment facilities, and 3.1 billion dirhams to provide housing loans to 1,554 local citizens. The city is capitalizing billions of dollars in tourism and construction industry to branch out its economy far from oil.
Meanwhile, the country’s tourism and trading hub which recently bagged the honor to host Expo 2020, Dubai is expected to generate billions of dollars of investments.
According to World Bank figures, the United States allied UAE is among the world’s richest nations, with a per capita income in 2012 of worth 48,200 dollars,.