President waives off debts of over DH536.2M for 1,214 UAE nationals

The Non-performing Debt Relief Fund has announced that 17 banks and financial institutions have waived the debts of 1,214 Emirati citizens, amounting to a total value of more than Dh536,230,000.

The announcement comes under the implementation of the directives of the President, His Highness Sheikh Mohamed bin Zayed Al Nahyan, and the follow-up of Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Presidential Court, ahead of the country's 51st National Day.

The 17 banks are: First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Al Hilal Bank, Mashreq Bank, Emirates NBD, Abu Dhabi Islamic Bank, RAKBANK, HSBC, Dubai Islamic Bank, National Bank of Fujairah, United Arab Bank, Sharjah Islamic Bank, Commercial Bank of Dubai, Amlak Finance, Standard Chartered, Al Masraf, Emirates Islamic Bank, and National Bank of Umm Al Qaiwain (NBQ). The Non-performing Debt Relief Fund will settle the money owed by Emiratis.

Jabr Mohammed Ghanem Al Suwaidi, Minister of State and Chairman of the Supreme Committee of the Non-performing Debt Relief Fund, said that the waiver falls within the UAE leadership's keenness to ensure a decent life for all UAE Nationals. — wam