UAE President Sheikh Mohamed bin Zayed ordered 536.2 million dirhams ($136.1 million) of debt owed by people in the UAE to be waived ahead of the country’s 51st National Day.
Debt for 1,214 UAE Nationals will be paid off as part of the directives announced by the President.
17 banks and institutions, thought to include First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Al Hilal Bank, Mashreq Bank, Emirates NBD, Abu Dhabi Islamic Bank, RAK Bank, HSBC, and Dubai Islamic Bank, will clear the debts.
Read more: What happens if you default on a loan in the UAE?
A Non-performing Debt Relief Fund will settle the money owed to Emiratis.
Jabr Mohammed Ghanem Al Suwaidi, Minister of State and Chairman of the Supreme Committee of the Non-performing Debt Relief Fund said that the waiver is part of the UAE leadership’s keenness to ensure a decent life for all UAE Nationals.
On Monday, it was announced that the Sharjah Debt Settlement Committee (SDSC) approved more than 76 million dirhams to pay off the debts of 134 of the cases presented, this was done in the implementation of the directives of Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah.
