Abu Dhabi: Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces Abu Dhabi announced Saturday to grant Dh18.3 billion worth of new loans, homes and residential land in the emirate to thousands of his citizens.

More than 12,000 people are set to benefit from the move, which comes as the country celebrates its National Day on Sunday.

The announcement by the crown prince was based on the directive of the President, Sheikh Khalifa.

The intiative will “bolster social stability and a good life for nationals”, Sheikh Mohamed tweeted on Saturday.

Sheikh Mohamed approved 8,662 housing loans valued at Dh16.2bn, the allocation of 953 government houses valued at Dh79 million, and the provision of 2,213 residential plots valued at Dh1.41 billion.

Following the announcement, on Twitter, the phrase ‘from the leader in the Year of Zayed’ was trending in Arabic.

The Abu Dhabi Housing Authority tweeted on Saturday afternoon that “all beneficiaries of the final loan payments of 2018 were notified by text messages sent today”.

Federal National Council member Saeed Al Romaithi tweeted that this move would demonstrate to those people not aware of the “amount of happiness we live and the dignity that we have and the leaders with who we are proud of” in the UAE.

One beneficiery of the housing initiative, Mubarak Al Yafai tweeted his gratitude saying he was “praising and thanking God for the blessed UAE“.