In a significant move to enhance social welfare and economic stability, UAE authorities have exempted 1,277 Emirati citizens from paying debts amounting to Dh401,791,531. This initiative aligns with the directives of UAE President Sheikh Mohamed bin Zayed Al Nahyan and reflects the leadership's commitment to the well-being of its citizens.
Implementation and Oversight
The exemption was executed under the supervision of Sheikh Mansour bin Zayed Al Nahyan, UAE Vice-President, Deputy Prime Minister, and Minister of the Presidential Court. The Nationals Defaulted Debts Settlement Fund (NDDSF), in collaboration with 18 banks and financial institutions, spearheaded this initiative to alleviate financial burdens on low-income citizens, retirees, and senior citizens.
Key Highlights:
- Leadership Commitment: Jaber Mohammed Ghanem Al Suwaidi, Minister of State and Chairman of the NDDSF Supreme Committee, emphasized the UAE's unwavering dedication to ensuring the welfare of its people. He praised the role of participating financial institutions in contributing to societal stability.
- Institutional Cooperation: The initiative saw participation from major national banks and financial institutions, highlighting a unified effort to support citizens and foster economic security.
Participating Institutions and Debt Contributions:
The debts waived by participating banks and institutions were as follows:
| Amount (Dh) | Banks and Institutions |
|---|---|
| 97,120,327 | Abu Dhabi Commercial Bank Group |
| 72,346,493 | Emirates NBD Bank |
| 64,616,555 | Mashreq Bank |
| 60,256,377 | First Abu Dhabi Bank |
| 46,253,296 | Abu Dhabi Islamic Bank |
| 22,417,814 | Sharjah Islamic Bank |
| 11,880,796 | Dubai Islamic Bank |
| 7,592,962 | Commercial Bank of Dubai |
| 5,551,509 | Emirates Telecommunications Group (Etisalat) |
| 3,057,495 | Arab Bank for Investment and Foreign Trade |
| 2,232,899 | Emirates Islamic Bank |
| 1,938,144 | United Arab Bank |
| 1,868,227 | HSBC Bank |
| 1,865,805 | National Bank of Ras Al Khaimah (RAK Bank) |
| 1,609,608 | Amlak Finance Company |
| 487,000 | National Bank of Umm Al Quwain |
| 409,715 | Citibank |
| 286,509 | Standard Chartered Bank |
National Impact
The initiative is a testament to the UAE’s focus on promoting societal stability and enhancing the quality of life for its citizens. Participating financial institutions expressed pride in contributing to this effort, underscoring their role in fostering a resilient and thriving community.
Conclusion
This debt relief initiative not only alleviates the financial strain on over 1,200 Emiratis but also reflects the UAE's commitment to ensuring the economic and social welfare of its people. It serves as a model for collaboration between government authorities and financial institutions in addressing national priorities.
