UAE announces debt exemption worth Dhs869.85m for 1,607 Emiratis

The Non-performing debt Relief Fund announced on Monday that 12 banks had waived the debts of 1,607 Emirati citizens, with a total value of more than Dhs869.85 million.

The banks that participated included First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Al Hilal Bank, Mashreq Bank, Emirates NBD, Abu Dhabi Islamic Bank, Standard Chartered, RAKBANK, Commercial Bank of Dubai, Dubai Islamic Bank, Emirates Islamic, NBQ, and the Arab Bank for Investment & Foreign Trade (Al Masraf).

The move was implemented as per the directives of President His Highness Sheikh Khalifa Bin Zayed Al Nahyan; and the support of His Highness Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces; and the follow-up of Sheikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.

On this occasion, Jaber Mohammed Ghanem Al Suwaidi, Director-General of the Crown Prince Court of Abu Dhabi and Chairman of the Supreme Committee of the Non-performing debt Relief Fund, said that this gesture is part of the UAE's wise leadership's keenness to ensure a decent life for all Emiratis and the highest possible standard of social stability.

"Since its establishment in 2011, under the directives of President His Highness Sheikh Khalifa, the fund has undertaken many important initiatives to address the issues and concerns of citizens and provide them with the means for a decent standard of life, in cooperation with national banks and the Central Bank," he noted.

Al Suwaidi also expressed his thanks to all banks that contributed to this initiative, praising the exemption provided to the defaulters and their active participation in achieving the objectives of the fund.

For their part, the senior executives of the banks said that the noble move aimed at easing the burden of UAE nationals, consolidating the values of tolerance and implementing charitable and humanitarian initiatives established by the country's leadership.

WAM