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Mohammed Bin Rashid Housing Establishment, a corporate personality of a government establishment, aims at providing suitable housing in Dubai to the nationals of Emirates. It does this by offering services that are entirely related to housing of the nationals under a sole umbrella via a wide range of alternatives.
Some of the alternatives used include granting ready houses, residential plots, extending and maintaining current houses, governmental houses and offering loans for houses depending on the standards and policies that are adopted by the Mohammed Bin Rashid Housing Establishment (Bridgman 100).
Mohammed Bin Rashid Housing Establishment profoundly contributes to the stimulation of the national economy through activating strategic partnerships with both the public and private sector and the execution of investment projects.
The list of nationals who are entitled to the allocation of housing in Al Mihar 1 area which is adjacent to the old Mushref Shaabeyya is approved practically by the board of directors under directions and instructions of His Highness Sheikh Mohammed Bin Rashid Al Maktoum together with the direction of His Highness Sheikh Hamda Bin Mohammed Bin Rashid who is the Dubai Crown prince.
The main issue of this project is to discuss and evaluate Mohammed Bin Rashid Housing Establishment in terms of characteristics of the policy regulation, history of the policy regulation and assessment of the cost and benefits of the project intervention. Mohammed Bin Rashid Housing Establishment is a leading bank in Dubai region.
It executes its agreements in support of mortgage financing and funding of the nationals of the UAE (Blakemore 197). Normally the loan packages are provided to the residences where there are completed houses or constructions in progress by the individual owners only.
In performing its duties, Mohammed Bin Rashid Housing Establishment remains focused to its strategic objective, to build and expand further its partnerships with banks, private sectors and mortgage financiers in order to provide enhanced home loan solutions to the nationals of UAE.
In explaining the context of the Mohammed Bin Rashid Housing Establishment projects and agreement, it is of high significance to state that the agreement to fund mortgages was signed by the Assistant Executive Director for the Financial Affairs, Mohammed Hamid Al Marri and the Group Deputy Chief Executive Officer, Jamal Said Bin Ghalaita in the presence of the senior officials from Mohammed Bin Rashid Housing Establishment and Emirates NBD.
During the signing of the agreement, the objective was reinstated by Mohammed Al Marri that this was to re-energize the partnerships between the public, private and governmental organizations together with other private sector institutions sharing the objective of providing improved housing finance solutions for the nationals of the UAE via an enhanced cooperation (Bridgman 190).
In explaining the methodology of this project, a description of how the project is related to the public policy topic is illustrated. This relation is evident in the manner in which the Mohammed Bin Rashid Housing Establishment executes its functions.
According to the terms and conditions of the agreement, it is the role of Emirates NBD to pre-approve the application of the loan by the nationals of the UAE applying for more housing finance. This is done only after receiving applicant’s approval from Mohammed Bin Rashid Housing Establishment which states the standards of funding residential property that the nationals of the UAE are practically eligible to acquire.
Nevertheless, the applicant in question must provide the required guarantees and documents according to the policies of the bank for the purpose of sanctioning the loan. This aspect is perfectly related to a public policy topic where documentations and guarantees are mandatory for any offers and provisions (Blakemore 200).
Mohammed Bin Rashid Housing Establishment has a structure of implementing its policies. This is done by making all the nationals of the UAE eligible to receive a housing loan not based on any interest ranging up to a maximum of AED 750,000 in order to buy a complete residential home or construct their own houses.
The terms and conditions of repayment lie between 25 years and 5 years depending on the level of income of the applicant. In implementing its policies and programs, Mohammed Bin Rashid Housing Establishment focuses on its partnerships with various relevant financial institutions that provide financial services and impact positively on the process involved in getting additional loans.
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These loans from the banks may be used by the applicants to pay their initial installment for a completed house of residence of construct their own residential house (Bridgman 198).
The Mohammed Bin Rashid Housing Establishment has distinct priorities and objectives as one of the major banks within the UAE. It continuously strives to strengthen and encourage partnerships between different sectors in the region in order to drive development further as well as social and economic integration.
Mohammed Bin Rashid Housing Establishment prioritizes their objectives even in their partnership with the Emirates NBD. They offer innovative financial solutions to the nationals of the UAE. This assists the nationals to realize their dreams associated with building or obtaining residential homes and meet their requirements and needs on the kind of residence they need (Paquette 200).
Due to the change in the environment of the Mohammed Bin Rashid Housing Establishment and the population changes, the Establishment has redefined its purposes on how to offer financial solutions. They now give directives and advice on what is best for a particular individual depending on the level of their income and their social status.
Mohammed Bin Rashid Housing Establishment is actually among the leading national financial aid institutions in the state. For this reason, they put all their efforts in securing adequate and sufficient quality housing for the nationals of the UAE. They regularly sign agreements to provide housing financial aid and to strengthen economic integration and their cooperation with other institutions in the region (Jenkins 300).
The historical review of the policy regulations of providing financial aid on mortgages and residential homes is clearly stated in all the agreements that the Mohammed Bin Rashid Housing Establishment is engaged in. This is evident in the manner in which Mohammed Bin Rashid Housing Establishment carries out its operations.
In all the agreements of the programs the MBRHE is engaged in, there are terms and conditions that describe how the policy is regulated and executed (Paquette 240). The loan application forms for the loan application by the nationals of the UAE for more housing finance are pre-approved after receiving applicant approval from Mohammed Bin Rashid Housing Establishment, stating the standards for funding residential houses.
All the nationals of the UAE are practically eligible to receive these standards. In addition, the policy is regulated by mandating the applicants in question to provide the required guarantees and documents in accordance to the policies of the bank for sanctioning of the bank’s loan (Paquette 245).
There are distinctive characteristics of policy regulation in the Mohammed Bin Rashid Housing Establishment. These characteristics are used in the initial step of developing the implementation strategy. This is done through dissecting the policy and the environment where it is applied.
The features of the policy along with its characteristics provide a logical understanding of the program that can be carried over to a detailed or advanced appraisal like determining the methods of mobilizing support or resisting opposition and the analysis of the stakeholders.
The characteristics of the policy here help the managers to determine what the policy was initially designed to achieve, the manner in which the changes introduced are relevant or affect the organization, the implementation context of the policy, the likelihood of bureaucracy manifestation as well as the reactions from the public and private sectors (Jenkins 314).
In carrying out an assessment of the costs and benefits of the intervention for the consumers, the industry and society as a whole, it is important to note that the financial benefits accrued to the industry lies in the repayment of the loans in terms of interests charged on installments. Consumers are also able to access good residential homes at affordable installments depending on their level of income.
The consumers access luxury homes at affordable rates with support from the industry. The society as a whole has distinctive benefits too. The economic integration and flow of income from the consumers to the industry is a positive economic influence to the society.
The housing structures are improved and living conditions raised to affordable status. A society with good housing and living conditions is healthy and productive. This improves the economic status of the society as a whole in the long run (Bridgman 215).
Evaluation and recommendation
In the evaluation of services and programs of The Mohammed Bin Rashid Housing Establishment, it is evident that it is determined to achieve its strategic objective which is to build and expand further its partnerships with banks, private sectors and mortgage financiers in order to provide enhanced loans for home solutions to the nationals of UAE.
Mohammed Bin Rashid Housing Establishment has achieved its objective with the aid of other financial institutions funding the mortgages like the Emirates NBD (Bridgman 217).
Through partnerships with private and public sectors offering financial aids in funding loans for residential homes, Mohammed Bin Rashid Housing Establishment has reached its destination and still looks forward to help more nationals of the UAE in obtaining or constructing good residential homes that suit their needs.
I would therefore recommend that the Mohammed Bin Rashid Housing Establishment considers all levels of consumers from the society when providing mortgage loans. This should depend on the income level and social status of the consumer (Blakemore 211).
Conclusion and findings
In summary, Mohammed Bin Rashid Housing Establishment offers financial solutions to the nationals of the UAE. A lot of nationals today have good residential homes because of the financial aid from the Mohammed Bin Rashid Housing Establishment. This is done through collaboration with the Emirates NBD and the partnerships they have with both the private and public sectors.
This project of Mohammed Bin Rashid Housing Establishment has a lot to learn from ranging from the services and programs provided to the policies regulation and characteristics of Mohammed Bin Rashid Housing Establishment. The paper has evaluated and discussed the projects of the Mohammed Bin Rashid Housing Establishment with illustrations as given in the above paragraphs.
Blakemore, Ken. Social Policy. London: Prentice Hall, 2000. Print.
Bridgman, Peter. Mohammed Bin Rashid Housing Establishment Project. Sydney: Allen & Unwin, 2007. Print.
Jenkins, William. Policy Regulations and Characteristics. London: Martin Robertson, 2000. Print.
Paquette, Laure. Analyzing National and International Policy. Rowman: Littlefield, 2008. Print.