The Nationals Defaulted Debts Settlement Fund (NDDSF) in the UAE has declared the exemption of 1,277 citizens from their debts, amounting to AED401.79 million ($109.4 million), in collaboration with 18 banks and financial institutions across the nation.
The move coincides with the celebrations marking the 53rd Eid Al Etihad (UAE National Day).
This initiative, WAM reported, aligns with the directives of His Highness UAE President Sheikh Mohamed bin Zayed Al Nahyan and is supported by His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court, aimed at eliminating barriers faced by Emirati citizens while promoting social welfare and economic prosperity within the community.
Commitment to beneficiaries
On this significant occasion, Jaber Mohammed Ghanem Al Suwaidi, UAE minister of State and chairman of the Supreme Committee of the NDDSF, emphasized the leadership’s dedication to the welfare of its citizens under the guidance of President His Highness Sheikh Mohamed bin Zayed Al Nahyan.
He also acknowledged the commitment of His Highness Sheikh Mansour bin Zayed Al Nahyan towards the fund, which provides assistance to a diverse range of beneficiaries, including low-income individuals, retirees, and the elderly.
Al Suwaidi praised the contributions of banks and financial institutions in facilitating debt settlements, which play a crucial role in fostering societal stability and enhancing the well-being of citizens.
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List of participating institutions
Participating in this initiative are 18 banks and entities, including 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, Commercial Bank of Dubai, Etisalat, Arab Bank for Investment and Foreign Trade, Emirates Islamic Bank, United Arab Bank, HSBC, RAK Bank, Amlak Finance, National Bank of Umm Al Quwain, Citibank, and Standard Chartered.
Moreover, officials from banks, financial institutions, and national companies expressed their pride and satisfaction in participating in this national initiative through the Debt Settlement Fund, aimed at serving the interests of citizens and enhancing societal welfare.
