Sheikh Sultan bin Muhammad Al Qasimi, the ruler of Sharjah and a member of the Supreme Council, has forgiven debt owed by many Emiratis totaling more than AED 73 million ($20 million).
The Sheikh’s decision to promote and enhance the quality of life of his people was reflected in this move. He gave the SDSC at Emirates immediate instructions to pay off the loans.
As a result, SDSC granted the sum needed to pay off the 125 Emirati debt. Widows, people with disabilities, and women who had recently divorced were also beneficiaries. The committee has paid off 2,086 people’s debts totaling more over 1 billion AED.
The populace expressed its appreciation for the ruler for performing this act of compassion by showing their support. The action taken by Sheikh Sultan is a model of leadership and will encourage others to take similar actions.
Rise in Popular Regions’ Home Rents
Home rents in Sharjah are increasing at a 10-25% year-on-year (YoY) rate. This is because tenants are moving to new units with higher lease rates, particularly in the first two months of 2023.
Sharjah’s rents are still less expensive than Dubai’s despite the hike. Savills said that the annual rent for a two-bedroom property in Al Majaz has increased by 9.4% to AED 35,000.
In Al Share, the rent for a one-bedroom flat has gone up by 20% to about AED 20,000 annually, while in Al Qassimiya, it has grown by 22.2% to AED 22,000 annually.
One- and two-bedroom flats have seen the biggest rises, while larger units in Dubai are experiencing a rise in rental prices.