The Emirates Development Bank approved a budget of AED 1.5 bn for 2017 to finance housing loans and SMEs (small and medium enterprises), reported The National on Monday.

AED 750 mn of this budget will be allocated to housing loans in order to provide accommodation to citizens at an affordable cost.

An equal amount will also go into SME development, aiming at diversifying the economy and providing more jobs for citizens. SMEs account for 86% of Dubai’s private sector workforce.