Bad debt relief fund to settle what citizens owe
The Distressed Debt Relief Fund has announced that 17 banks and financial institutions have forgiven the debts of 1,214 UAE citizens with a total value of more than AED536,230,000.
The announcement comes in the implementation of the directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE and ahead of the country’s 51st national elections, Deputy Prime Minister and Minister of the Presidential Office Sheikh Mansour bin Al Nahyan Zayed Al Nahyan’s follow-up was released the day after.
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 Bank, Al Masraf, Emirates Islamic Bank and National Bank of Umm Al Quwain (NBQ).
The Distressed Debt Relief Fund will settle the amount owed by Emiratis.
Jabr Mohammed Ghanem Al Suwaidi, Minister of State and Chairman of the Supreme Council of the Distressed Debt Relief Fund, said the waiver is in line with the wishes of the UAE leadership to ensure a decent life for all UAE nationals.
