The UAE plans to build 7,200 housing units costing AED7.2bn ($2bn) across the federation for local Emiratis.

The Vice President, Prime Minister and Ruler of Dubai, Sheikh Mohammed bin Rashid al-Maktoum, approved the plans that will be delivered up until 2021 at a cabinet meeting on 4 February.

In a statement published by the official UAE news agency Wam, Sheikh Mohammed said that 80 percent of Emiratis own their homes and this is one of the highest percentages globally.

The projects will be delivered by various government entities. "We have directed the concerned authorities responsible for housing projects in the UAE to provide the residential neighbourhoods with the best infrastructure services to meets the aspirations of our people," said Sheikh Mohammed.

Housing is a key priority for UAE this year. For the 2018 federal budget, housing is the largest recipient of planned project spending with the Sheikh Zayed Housing Programme being allocated AED1.443bn.

Last year two contracts worth AED1bn were signed for the construction and maintenance of the Al-Montazi Residential Complex in Ajman.

The contracts were awarded China State Construction Engineering Company Middle East (CSCME) and the local Dabco Construction. The 950,000 square metre project consists of 729 units in Ajman near the Al-Montezi area.