UAE President wipes out over Dhs536.2m debt for Emiratis

UAE President, Sheikh Mohamed bin Zayed Al Nahyan, has instructed that the debt of Emirati citizens, equalling more than Dhs536,230,000, should be waived off.

The non-performing debt relief fund has announced that 17 banks and financial institutions have waived the debts of 1,214 Emirati citizens, in implementation of the directives of the UAE President.

The 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).

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 leadership’s keenness to ensure a decent life for all Emiratis.

The UAE has announced Commemoration and National Day holidays for the private and public sector, starting tomorrow, December 1. Work will resume from Monday, December 4.

Read: UAE announces National Day holidays for private, public sectors