UAE: Over Dh394 million in debt settled for more than 1,000 citizens

The initiative is conducted in cooperation with 18 banks and financial institutions in the country

By WAM

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Photo: KT file
Photo: KT file

Published: Thu 30 Nov 2023, 12:36 PM

The Defaulted Debts Settlement Fund in the UAE has announced that 1,244 citizens, with a total debt value of Dh394,586,000, will be exempted from their debts.

The initiative is conducted in cooperation with 18 banks and financial institutions in the country. It follows the directives of UAE President, His Highness Sheikh Mohamed bin Zayed Al Nahyan, and 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.

On this occasion, Jaber Mohammed Ghanem Al Suwaidi, Minister of State and Chairman of the Supreme Committee of the Fund, expressed his thanks to the President and Vice-President for the initiative, which embodies the unyielding commitment of the leadership to ensure well-being for citizens.

He also commended the effective response of banks and financial institutions for the cooperation they showed in clearing the debts.

Al Suwaidi pointed out that the settlement of debts is subject to specific and strict laws and standards regarding the quality of loans and their areas of expenditure, taking into account that they should have been directed to essential areas.

The list of participants in this initiative includes 18 banks and entities, namely First Abu Dhabi Bank; Abu Dhabi Commercial Bank; Al Hilal Bank; Emirates NBD; Mashreq Bank; Abu Dhabi Islamic Bank; Dubai Islamic Bank; Sharjah Islamic Bank; RAK Bank; Etisalat; Commercial Bank of Dubai; United Arab Bank; Al Masraf; Amlak Finance; National Bank of Umm Al Qaiwain; HSBC; Emirates Islamic; 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.

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