The UAE will cancel USD227M worth of interest payments linked to loans held by retired Emirati citizens.
The initiative was ordered by President Sheikh Mohamed bin Zayed Al Nahyan as part of efforts to improve quality of life and promote stronger family wellbeing.
Introduced in collaboration with leading UAE banks, the Defaulted Debts Settlement Fund will provide assistance to 2,339 Emirati nationals.
Under the programme, banks will remove future interest and profit-related charges on outstanding loans, while recipients will continue repayments through organised instalment plans.
Eligible individuals will receive direct communication from the participating banks regarding the process.
Abu Dhabi Commercial Bank has written off USD178M in loan interest charges, while First Abu Dhabi Bank has waived USD41M in fees accumulated on loans.
Additional Contributions from Participating Banks Include:
• Abu Dhabi Islamic Bank: USD5M
• Emirates NBD and Emirates Islamic: USD1.8M each
• Dubai Islamic Bank: USD650,000
• Commercial Bank of Dubai: USD215,000
• Sharjah Islamic Bank: USD194,000
• National Bank of Ras Al Khaimah: USD154,000
