Some 1,607 heavily indebted Emiratis have been freed from paying a total of AED869 million or approximately PHP11.4 billion, as twelve banks in the country agreed to write-off their debts on the occasion of the UAE National Day.
This move was achieved under the directives of President His Highness Sheikh Khalifa bin Zayed Al Nahyan; with the support of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces; and the follow-up of His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.
The banks that participated in the initiative included 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).
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, said that this gesture is part of the UAE’s wise leadership’s keenness to ensure a decent life for all Emiratis and the highest possible standard of social stability.
“Since its establishment in 2011, under the directives of President His Highness Sheikh Khalifa, 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,” he noted.
Al Suwaidi also expressed his thanks to all banks that contributed to this initiative, praising the exemption provided to the defaulters and their active participation in achieving the objectives of the fund.
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
— مكتب أبوظبي الإعلامي (@admediaoffice) November 30, 2020
