UAE Waives Default Debts Of 1,277 Citizens Worth Over AED401 Million

UAE's Nationals Defaulted Debts Settlement Fund (NDDSF) announced the exemption of 1,277 citizens from their debts with a total value of AED401,791,000, in cooperation with 18 banks and financial institutions in the country. This comes in line with the directives of President Sheikh Mohamed bin Zayed Al Nahyan and the follow-up of Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, to stamp out all obstacles met by Emirati citizens and ensure social welfare and economic well-being in society.

The list of participants in this initiative includes 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, and Commercial Bank of Dubai. Banks, financial institutions, and national companies officials expressed their pleasure and pride in taking part in this national initiative through the Debt Settlement Fund to serve the interests of citizens and society.