In a sweeping humanitarian gesture, UAE President Sheikh Mohamed bin Zayed Al Nahyan has authorized the cancellation of debts exceeding Dh475 million for 1,435 Emirati citizens facing financial hardship. The monumental debt relief initiative, coordinated through the Defaulted Debts Settlement Fund, represents one of the most substantial social welfare measures undertaken in the nation’s recent history.
The comprehensive debt waiver program specifically targets vulnerable segments of society, including humanitarian and medical cases, low-income borrowers, families of deceased individuals, retirees with limited means, and senior citizens. The program operates in collaboration with 19 major banking institutions and financial entities across the Emirates, ensuring widespread impact across the financial sector.
Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, has been personally overseeing the implementation of this presidential directive. The initiative reflects the leadership’s profound commitment to alleviating financial pressures on citizens while promoting family stability and social development.
Debt settlement procedures are being conducted according to rigorous legal and regulatory frameworks that carefully consider the nature and purpose of each loan. Priority is given to essential living expenses and necessary costs that affect citizens’ quality of life and financial security.
The participating financial institutions 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.
This unprecedented debt relief measure demonstrates the UAE government’s proactive approach to social welfare and economic stability, providing citizens with a fresh financial start while reinforcing the nation’s commitment to compassionate governance.