UAE President Clears Debts for 1,435 Citizens

President His Highness Shaikh Mohamed bin Zayed Al Nahyan has demonstrated the UAE leadership's enduring commitment to citizen welfare by approving a major initiative to clear the debts of 1,435 Emirati citizens, an act of generosity totalling more than AED475.154 million. Executed through the Defaulted Debts Settlement Fund, this significant measure directly addresses financial pressures on distressed individuals, actively supporting family stability and contributing to broader social development across the Emirates.

The initiative's core mission aligns with the leadership's priority of ensuring the well-being and security of its people, specifically targeting low-income and financially distressed borrowers to help them achieve greater financial stability. To successfully implement this widespread relief, the Fund collaborated with 19 banks and financial institutions throughout the UAE, strategically focusing the exemptions on citizens facing the greatest hardship, including humanitarian and medical cases, low-income borrowers, the deceased, low-income retirees, and senior citizens.