The UAE has approved a major wave of debt exemptions for 1,435 Emirati citizens, totalling more than AED475.154m ($129.4m), as part of an ongoing national effort to ease financial pressures and support family stability.
The waivers were announced by the Defaulted Debts Settlement Fund and implemented in cooperation with 19 banks and financial institutions across the country.
The move comes in line with the directives of President Sheikh Mohamed bin Zayed Al Nahyan, and under the follow up of Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Chairman of the Presidential Court.
UAE wipes out major debts
According to the Fund, the initiative reflects the leadership’s commitment to easing the financial burdens of citizens, ensuring their wellbeing, and contributing to broader social development.
It aims to reduce living pressures on the defaulted and help them regain financial stability.
The exemptions apply to a wide range of categories, including humanitarian and medical cases, low-income borrowers, the deceased, low-income retirees, and senior citizens.
The Fund said debt settlements with banks are conducted in accordance with strict legal and regulatory criteria related to the nature and purpose of each loan. Priority is given to essential and necessary expenses.
Nineteen entities participated in this round of settlements, including:
- Abu Dhabi Commercial Bank Group
- Emirates NBD
- First Abu Dhabi Bank
- Abu Dhabi Islamic Bank
- Mashreq Bank
- RAKBANK
- Sharjah Islamic Bank
- Dubai Islamic Bank
- e&
- United Arab Bank
- Arab Bank for Investment and Foreign Trade (Al Masraf)
- Commercial Bank of Dubai
- HSBC
- Ajman Bank
- Amlak Finance
- Emirates Islamic Bank
- Standard Chartered Bank
- National Bank of Umm Al Qaiwain
- Citibank
