Emirati citizens have more than Dh1.1 billion of debt wiped out

The Non-performing Debt Relief Fund announced on Wednesday that 20 banks and financial institutions had relieved the debts

Abu Dhabi Islamic Bank was one of the banks that relieved the debts of Emiratis. Mona Al Marzooqi / The National

A total of 4,511 Emirati citizens have had financial debt worth more than Dh1.1 billion written off.

The Non-performing Debt Relief Fund announced on Wednesday that 20 banks and financial institutions had waived the debts, which amounted to Dh1,157,388,000.

The directive came from President Sheikh Khalifa with the support of Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, and Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs.

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, said the gesture was part of the UAE's eagerness to ensure a decent life for all Emiratis and the highest possible standard of social stability.

Mr Al Suwaidi said the initiative had a special significance because the UAE has set out its plans for the next 50 years.

“The UAE believes that human capital is the nation’s true wealth and it works to invest the energy of every member of the nation to serve himself, his community and his country,” he said.

The banks and institutions that took part 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, Commercial Bank of Dubai, Ajman Bank, Aafaq Islamic Finance and Reem Finance.

Mr Al Suwaidi thanked all banks and institutions that contributed to the initiative.

Since its establishment, the fund has co-operated with national banks to address the issues and concerns of citizens and provide them with the means of a decent standard of life.