The UAE has taken a landmark step to lift a heavy burden off its citizens, clearing debts exceeding AED 475 million for 1,435 Emiratis. This initiative provides crucial financial relief, allowing families to regain stability, focus on their wellbeing, and plan for the future without the constant strain of unpaid loans. By easing such significant financial pressures, the program highlights the leadership’s commitment to practical support that strengthens both families and the wider community. The Defaulted Debts Settlement Fund has worked closely with 19 banks and financial institutions to implement the debt waiver, marking one of the most comprehensive relief efforts in the country’s recent history. The initiative follows directives from President His Highness Sheikh Mohamed bin Zayed Al Nahyan and is supervised by His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court.The program targets citizens facing humanitarian or medical challenges, low-income earners, retirees with limited income, senior citizens, and the deceased. By addressing these cases, it helps individuals regain financial stability, reduces day-to-day living pressures, and contributes to broader social development.Debt settlements are conducted according to strict legal and regulatory frameworks. Each case is assessed individually, prioritizing loans that cover essential and necessary expenses. This ensures that the relief reaches those most in need, supporting practical financial recovery and enabling citizens to rebuild their lives.
Participating Banks and institutions
The initiative is a collaborative effort between the government and major financial institutions in the UAE. Participating banks and entities include Abu Dhabi Commercial Bank Group, Emirates NBD, First Abu Dhabi Bank, Abu Dhabi Islamic Bank, Mashreq Bank, RAKBANK, Sharjah Islamic Bank, Dubai Islamic Bank, e&, United Arab Bank, Arab Bank for Investment & Foreign Trade (Al Masraf), Commercial Bank of Dubai, HSBC, Ajman Bank, Amlak Finance, Emirates Islamic Bank, Standard Chartered Bank, National Bank of Umm Al Qaiwain, and Citibank.
Impact
By providing this support, the UAE leadership demonstrates a deep commitment to citizen wellbeing, family stability, and social cohesion. Beyond the immediate financial relief, the program reflects a long-term vision to create a society where citizens can face challenges with confidence, knowing that support systems exist to help them recover and thrive.
