UAE waives 1,277 citizens' debt worth Dhs401 million

The Nationals Defaulted Debts Settlement Fund (NDDSF) announced the exemption of 1,277 citizens from their debts with a total value of Dhs401,791,000, (Dhs401 million) in cooperation with 18 banks and financial institutions in the country.

This follows the directives of President His Highness Sheikh Mohamed Bin Zayed Al Nahyan and His Highness Sheikh Mansour Bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, to stamp out all obstacles met by Emirati citizens and ensure social welfare and economic well-being in society.

On this occasion, Jaber Mohammed Ghanem Al Suwaidi, Minister of State and Chairman of the Supreme Committee of the NDDSF, underscored the leadership’s commitment to citizens’ welfare under Sheikh Mohamed Bin Zayed Al Nahyan.

He also praised Sheikh Mansour Bin Zayed Al Nahyan’s dedication to the fund, which aids various beneficiaries, including low-income individuals, retirees, and senior citizens.

Al Suwaidi commended banks and financial institutions for their role in debt settlements, contributing to societal stability and citizens’ well-being.

The list of participants in this initiative includes 18 banks and entities, namely Abu Dhabi Commercial Bank (ADCB) Group, Al Hilal Bank, Emirates NBD, Mashreq Bank, First Abu Dhabi Bank (FAB), Abu Dhabi Islamic Bank (ADIB), Sharjah Islamic Bank, Dubai Islamic Bank, Commercial Bank of Dubai, Etisalat, Arab Bank for Investment and Foreign Trade, Emirates Islamic Bank, United Arab Bank, HSBC, RAK Bank, Amlak Finance, National Bank of Umm Al Quwain, Citibank, and Standard Chartered.

Banks, financial institutions and national companies officials expressed their pleasure and pride in taking part in this national initiative through the Debt Settlement Fund to serve the interests of citizens and society.

WAM