UAE President wipes out over Dh536.2mn debt for Emiratis

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The Non-performing Debt Relief Fund will settle the money owed for Emiratis…reports Asian Lite News

The Non-performing Debt Relief Fund has announced that 17 banks and financial institutions have waived the debts of 1,214 Emirati citizens, with a total value of more than AED536,230,000. The announcement comes in implementation of the directives of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and the follow-up of H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Presidential Court ahead of the country’s 51st National Day.

The seventeen banks and institutions 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 for 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.

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