Abu Dhabi announces Dh869.8 million debt exemption for Emiratis

As many as 1,607 Emiratis have been exempted from paying debts worth Dh869.8 million, the UAE's Citizens' Debt Settlement Fund has announced.

The exemption has been implemented as per directives of the President, His Highness Sheikh Khalifa bin Zayed Al Nahyan.

Twelve banks will be part of the programme, according to the Abu Dhabi Government Media Office.

It is being implemented with support from His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

Participating banks include 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).

"Since its establishment in 2011, under the directives of the President, 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," said 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.

Al Suwaidi also thanked all the banks that contributed to this initiative.

Under the directives of Khalifa bin Zayed, with the support of Mohamed bin Zayed and the follow-up of Mansour bin Zayed, the Citizens’ Debt Settlement Fund announces the exemption of 1,607 citizens from debts worth AED869,845,000 with the participation of 12 banks across the UAE. pic.twitter.com/oBjAi3o9Na

— (@admediaoffice) November 30, 2020