UAE president waives over $146 million debt for 1,214 Emiratis

Abu Dhabi, UAE – Sheikh Mohamed bin Zayed Al Nahyan has waived the debts of 1,214 Emirati citizens, totaling over AED536,230,000 ($146 million), to 17 banks and financial institutions, the Non-performing Debt Relief Fund disclosed on Tuesday.  . 

The announcement comes ahead of the country’s 51st National Day.

The banks and financial institutions are: First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Al Hilal Bank, Mashreq Bank, Emirates NBD, Abu Dhabi Islamic Bank, RAKBANK, HSBC, Dubai Islamic Bank, National Bank of Fujairah, United Arab Bank, Sharjah Islamic Bank, Commercial Bank of Dubai, Amlak Finance, Standard Chartered, Al Masraf, Emirates Islamic Bank, and National Bank of Umm Al Qaiwain (NBQ).

The Non-performing Debt Relief Fund will settle the money owed by Emiratis.

Jabr Mohammed Ghanem Al Suwaidi, Minister of State and Chairman of the Supreme Committee of the Non-performing Debt Relief Fund, said that the waiver falls within the UAE leadership’s keenness to ensure a decent life for all UAE nationals.