In a significant move to support financial stability among its nationals, the UAE government has cleared debts worth Dh401.8 million for 1,277 citizens. This substantial relief programme, announced through the Nationals Defaulted Debts Settlement Fund (NDDSF), represents a collaborative effort with 18 leading financial institutions across the Emirates.
Key Highlights of the Debt Relief Initiative
The programme stems directly from the directives of UAE President Sheikh Mohamed bin Zayed Al Nahyan, with close oversight from Sheikh Mansour bin Zayed Al Nahyan, UAE Vice-President, Deputy Prime Minister and Minister of Presidential Court.
Banking Partners and Contributions
Several major financial institutions have participated in this initiative:
- Abu Dhabi Commercial Bank Group led the contributions with Dh97.1 million
- Emirates NBD Bank provided relief worth Dh72.3 million
- Mashreq Bank contributed Dh64.6 million
- First Abu Dhabi Bank settled Dh60.2 million
- Abu Dhabi Islamic Bank cleared Dh46.2 million
Supporting Vulnerable Citizens
Jaber Mohammed Ghanem Al Suwaidi, Minister of State and Chairman of the Supreme Committee of the NDDSF, highlighted how this initiative particularly supports:
- Low-income individuals
- Retirees
- Senior citizens
Impact on Financial Sector
The initiative has garnered strong support from the UAE’s banking community, with 19 institutions participating:
- Traditional banks
- Islamic financial institutions
- Telecommunications providers
- International banking partners
Looking Forward
This debt relief programme demonstrates the UAE leadership’s dedication to citizen welfare and financial stability. The initiative strengthens the social fabric while promoting economic sustainability within the Emirates.
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