President Sheikh Mohamed has waived debts of 1,277 Emiratis ahead of the country's 53rd national day, Eid Al Etihad.
The Nationals Defaulted Debts Settlement Fund (NDDSF) said that 18 banks and entities have agreed to clear debts worth Dh401 million ($109.1 million).
These include Abu Dhabi Commercial Bank Group, Al Hilal Bank, Emirates NBD, Mashreq Bank, First Abu Dhabi Bank, Abu Dhabi Islamic Bank, 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.
It is part of efforts by the UAE government to "stamp out all obstacles met by Emirati citizens and ensure social welfare and economic well-being in society", state news agency Wam reported on Saturday.
Since its establishment, the NDDSF has worked with banks to address the issues and concerns of low-income individuals, retirees and senior citizens.
Jaber Al Suwaidi, Minister of State and Chairman of the Supreme Committee of the NDDSF, emphasised the leadership’s commitment to citizens’ welfare.
Earlier this year, Sheikh Mohamed paid off owed fees, amounting to a total of Dh155 million, of pupils living in the UAE and attending government schools.
Government education is free for most pupils attending, but up to 20 per cent of pupils do pay fees.
Pupils residing in the Emirates and registered at government-run schools will benefit from the initiative, where debt accrued up to the academic year 2023-2024 will be paid off, state news agency Wam reported. The initiative will be run in co-ordination with the Emirates School Education Foundation.
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