In a significant move marking the spirit of the UAE National Day, the government has announced a massive debt relief initiative for its citizens. The Defaulted Debts Settlement Fund, in a collaborative effort with 19 banks and financial institutions, has waived off debts totalling more than AED 475.154 million for 1,435 Emirati nationals.
A Leadership Directive for Citizen Well-being
This compassionate decision aligns with the directives of President His Highness Sheikh Mohamed bin Zayed Al Nahyan. The program is being overseen by His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court. The primary objective is to alleviate the financial burdens on citizens, thereby promoting their overall well-being and supporting family stability. The initiative is designed to reduce living pressures on those in default and assist them in regaining their financial footing.
Focus on Vulnerable Groups and Regulatory Compliance
The debt exemptions have been carefully allocated to cover specific vulnerable segments of society. The beneficiaries include individuals facing humanitarian and medical crises, low-income borrowers, families of the deceased, retirees with limited pensions, and senior citizens. The settlements with the participating banks are not arbitrary; they are executed in strict adherence to legal and regulatory standards. Each case is assessed based on the nature and purpose of the original loan, with priority given to debts linked to essential and necessary expenses.
The list of financial institutions participating in this landmark initiative is extensive and includes major players in the UAE's banking sector:
- Abu Dhabi Commercial Bank Group
- Emirates NBD
- First Abu Dhabi Bank
- Abu Dhabi Islamic Bank
- Mashreq Bank
- RAKBANK
- Sharjah Islamic Bank
- Dubai Islamic Bank
- e&
- United Arab Bank
- Arab Bank for Investment & Foreign Trade (Al Masraf)
- Commercial Bank of Dubai
- HSBC
- Ajman Bank
- Amlak Finance
- Emirates Islamic Bank
- Standard Chartered Bank
- National Bank of Umm Al Qaiwain
- Citibank
A Timely Announcement for UAE National Day
The announcement comes just days before the UAE National Day, celebrated annually on December 2. This day, also known as Eid Al Etihad, holds profound historical importance as it commemorates the unification of the seven emirates into a single, sovereign nation in 1971. The emirates of Abu Dhabi, Dubai, Sharjah, Ajman, Umm Al-Quwain, Fujairah, and Ras Al Khaimah joined under one flag, while each retained its unique identity. The National Day celebrations are a time for communities and generations to come together, celebrating the nation's rich history with flag hoisting ceremonies and festive family gatherings featuring traditional dishes like khuzi.
This debt waiver scheme stands as a powerful testament to the government's commitment to its people, making the 52nd National Day celebration even more meaningful for hundreds of Emirati families who have been given a fresh financial start.
