Following the directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, and under the supervision of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court, the Defaulted Debt Settlement Fund has announced the clearance of debts for 1,435 Emirati citizens, with a total value exceeding AED 475.154 million, in cooperation with 19 banks and financial institutions across the country.

The Fund stated that the initiative embodies the leadership’s vision of supporting citizens and easing financial burdens, contributing to family stability, strengthening social cohesion, and promoting sustainable community development.

The initiative targets humanitarian and medical cases, low-income defaulters, retirees with limited income, senior citizens, and deceased individuals. Debt settlements are carried out under strict regulations and standards related to the nature and purpose of the loans, ensuring they were directed toward essential and necessary needs.

Participating entities in the initiative include 19 banks and financing institutions, such as Abu Dhabi Commercial Bank, Emirates NBD, First Abu Dhabi Bank, Abu Dhabi Islamic Bank, Mashreq Bank, RAKBank, Sharjah Islamic Bank, Dubai Islamic Bank, Emirates Telecommunications Group, Arab United Bank, Arab Investment & Foreign Trade Bank, Dubai Commercial Bank, HSBC, Ajman Bank, Amlak Finance, Emirates Islamic Bank, Standard Chartered Bank, Umm Al Quwain National Bank, and Citibank.

This initiative represents a continuation of the UAE’s ongoing humanitarian efforts to enhance financial and social stability, reinforcing the nation’s commitment to improving the quality of life for its citizens.