United Arab Emirates News

UAE’s Defaulted Debts Settlement Fund Exempts 1,244 Citizens from Debts

The Defaulted Debts Settlement Fund in the UAE has announced that 1,244 citizens, with a total debt value of Dh394,586,000, will be exempted from their debts. This initiative, conducted in cooperation with 18 banks and financial institutions in the country, follows the directives of UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court.

Jaber Mohammed Ghanem Al Suwaidi, Minister of State and Chairman of the Supreme Committee of the Fund, expressed gratitude to the President and Vice President for the initiative, highlighting the leadership’s commitment to ensuring the well-being of citizens. Al Suwaidi commended the effective response of banks and financial institutions for their cooperation in clearing the debts.

The settlement of debts is subject to specific and strict laws and standards, considering the quality of loans and their areas of expenditure. The funds should have been directed to essential areas. The list of participants in this initiative includes 18 banks and entities such as First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Emirates NBD, Abu Dhabi Islamic Bank, and others.

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