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

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.

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