UAE Debt Relief Initiative Gains Backing As President Hosts Banking Delegation

UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan received representatives of banks and financial institutions that supported an initiative cancelling debts for Emiratis in financial difficulty. The move, coordinated nationwide, is intended to ease personal liabilities and support social stability among citizens.

The debt relief effort is led by the Defaulted Debts Settlement Fund, working alongside participating banks and financial bodies across the UAE. The institutions contributed by writing off or restructuring debts for Emiratis who met specific criteria, helping families regain financial balance and reduce long-term obligations.

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During the meeting at Qasr Al Bahr in Abu Dhabi, His Highness praised the institutions’ participation and stressed the importance of a strong culture of social responsibility. His Highness noted that when this culture grows deeper in society, national resilience and cohesion are strengthened.

His Highness stated that initiatives like this bring tangible relief and renewed hope to many Emirati households. His Highness described the effort as a practical step that supports social stability, which His Highness identified as a central national priority linked to broader development plans.

His Highness emphasised that when banks and financial institutions embrace their social roles, they help advance the UAE’s wider development agenda. His Highness explained that the national model depends on close cooperation between government entities, public bodies and the private sector to achieve shared long-term goals.

His Highness also pointed out that development experiences worldwide show that successful models rely on effective partnerships. According to His Highness, coordination among different sectors enables societies to handle challenges, support vulnerable groups and maintain stability during periods of economic or social pressure.

Delegation members reaffirmed their institutions’ commitment to national programmes that support social and family stability for Emiratis. They said they would continue backing the UAE leadership’s efforts to ease financial pressures on citizens and to improve living standards for Emirati families through responsible banking and flexible debt solutions.

The meeting was also attended by several senior UAE leaders, reflecting high-level backing for the Defaulted Debts Settlement Fund’s work and for cooperation with participating banks. Key attendees and their roles are outlined below.

Along with a number of sheikhs, ministers and senior officials, these attendees underscored institutional backing for the debt waiver initiative. Their presence highlighted shared support for measures that ease financial strain on Emiratis, reinforce social cohesion and align with the UAE’s long-term development objectives.

With inputs from WAM