Debt Settlement Fund Waives Over AED 401 Million In Debts For 1,277 Citizens In UAE

The Nationals Defaulted Debts Settlement Fund (NDDSF) has relieved 1,277 Emirati citizens from debts amounting to AED401,791,000. This initiative involved collaboration with 18 banks and financial institutions in the UAE. The move aligns with directives from President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Vice President His Highness Sheikh Mansour bin Zayed Al Nahyan to eliminate barriers for Emiratis and promote social welfare.

Jaber Mohammed Ghanem Al Suwaidi, Minister of State and Chairman of the NDDSF Supreme Committee, highlighted the leadership's dedication to citizens' welfare under President Sheikh Mohamed bin Zayed Al Nahyan. He also acknowledged Sheikh Mansour bin Zayed Al Nahyan’s commitment to the fund, which supports various groups such as low-income individuals, retirees, and senior citizens.

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Al Suwaidi praised the banks and financial institutions for their significant role in settling debts, which contributes to societal stability and enhances citizens' wellbeing. The initiative included participation from 18 banks and entities like Abu Dhabi Commercial Bank (ADCB) Group, Al Hilal Bank, Emirates NBD, Mashreq Bank, First Abu Dhabi Bank (FAB), Abu Dhabi Islamic Bank (ADIB), Sharjah Islamic Bank, Dubai Islamic Bank, Commercial Bank of Dubai, Etisalat, Arab Bank for Investment and Foreign Trade.

Other participants were Emirates Islamic Bank, United Arab Bank, HSBC, RAK Bank, Amlak Finance, National Bank of Umm Al Quwain, Citibank, and Standard Chartered. Officials from these banks and financial institutions expressed their satisfaction in contributing to this national effort through the Debt Settlement Fund to benefit citizens and society.

The initiative reflects a broader commitment by UAE leadership to ensure economic stability and social welfare for its citizens. By addressing debt burdens through collaborative efforts with financial entities, the NDDSF aims to foster a more secure economic environment for Emiratis.

This debt relief effort underscores the importance of cooperation between government directives and financial institutions in achieving societal goals. It highlights how strategic partnerships can effectively address challenges faced by citizens while promoting overall community wellbeing.

With inputs from WAM