Dubai, Nov 28 (IANS) Home loans worth 173 million dirhams ($47 million) of the United Arab Emirates (UAE) citizens in Abu Hail area of Dubai were waived, the official news agency WAM said on Wednesday.

Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and ruler of Dubai, ordered the Department of Finance to waive the home loans, the Xinhua news agency reported.

The announcement was made on the occasion of the UAE's 48th National Day celebrations.

Abdulrahman Saleh, Director General of Dubai's Department of Finance, said that the department is currently coordinating with the Dubai Real Estate Corporation's Wasl, which manages the project located in Abu Hail.

The 392-million-dirham project offered 390 villas owned by 600 Emirati citizens.

--IANS rs/