UAE waives 1,244 people’s debts worth more than $107 million

The UAE’s Defaulted Debts Settlement Fund announced the discharge of 1,244 persons from debts totaling AED394,586,000, in collaboration with 18 banks and financial institutions.

The program is in line with President Sheikh Mohamed bin Zayed Al Nahyan’s and Sheikh Mansour bin Zayed Al Nahyan’s directions to remove any impediments to Emirati citizens’ social and economic well-being.

Jaber Mohammed Ghanem Al Suwaidi, UAE’s Minister of State and Chairman of the Fund’s Supreme Committee, commended Sheikh Mohammed bin Zayed and Sheikh Mansour bin Zayed for the initiative, which symbolizes the leadership’s unwavering commitment to achieving prosperity and well-being for residents.

He also praised the excellent reaction of banks and financial institutions for their cooperation in contributing to the success of this program and accepting societal responsibility.

“Debt settlement is subject to precise and stringent rules and criteria governing the quality of loans and their areas of spending, taking into account that they should have been directed to critical sectors,” according to Al Suwaidi.