UAE banks waive over Dh1b in debt owed by UAE nationals

The UAE’s Non-performing Debt Relief Fund issued an announcement on Wednesday detailing the decision by 20 lenders and financial institutions to waive the debts of 4,511 Emirati citizens. The total value of debts waived reached over Dh1.16 billion.

The lenders and institutions that participated included First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Emirates NBD, Abu Dhabi Islamic Bank, Standard Chartered, Mashreq Bank, Etisalat, National Bank of Fujairah, Dubai Islamic Bank, Emirates Islamic, Commercial Bank International, Sharjah Islamic Bank, RAK Bank, Amlak Finance, Al Masraf Arab Bank for Investment & Foreign Trade, National Bank of Umm Al Qaiwain (NBQ), Commercial Bank of Dubai, Ajman Bank, Aafaq Islamic Finance, and Reem Finance.

This plan is being carried out in line with the directives of The President, His Highness Sheikh Khalifa bin Zayed Al Nahyan; backed by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces; with the support of Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.

On this occasion, 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, indicated that this move reflects the wisdom and determination of the UAE’s leaders to assure that all Emiratis can lead a decent life.