The UAE's generosity shines as it waives debts worth over AED 475 million for 1,435 citizens, a gesture of goodwill ahead of National Day celebrations. But here's the story behind this heartwarming act.
In a move that showcases its commitment to citizen welfare, the UAE's Defaulted Debts Settlement Fund has taken a significant step. It has waived debts totaling more than AED 475.154 million for 1,435 Emirati citizens, in collaboration with 19 banks and financial institutions. This initiative is a testament to the leadership's vision, guided by President His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court.
The primary goal is to ease the financial burden on citizens and promote their overall well-being. By addressing the challenges faced by those in debt, the UAE aims to support family stability and contribute to broader social development. The report highlights that this initiative seeks to alleviate the living pressures on defaulters and assist them in regaining financial stability.
The debt relief program covers a wide range of cases, including humanitarian and medical situations, low-income borrowers, the deceased, low-income retirees, and senior citizens. Debt settlements with banks are conducted with utmost care, adhering to strict legal and regulatory standards, ensuring that each loan's nature and purpose are considered, with a focus on essential and necessary expenses.
The list of participating banks and entities is impressive, featuring well-known institutions such as Abu Dhabi Commercial Bank Group, Emirates NBD, First Abu Dhabi Bank, Abu Dhabi Islamic Bank, Mashreq Bank, RAKBANK, Sharjah Islamic Bank, Dubai Islamic Bank, e&, United Arab Bank, Arab Bank for Investment & Foreign Trade (Al Masraf), Commercial Bank of Dubai, HSBC, Ajman Bank, Amlak Finance, Emirates Islamic Bank, Standard Chartered Bank, National Bank of Umm Al Qaiwain, and Citibank.
This announcement comes at a significant time, just days before the UAE National Day, celebrated on December 2. Also known as Eid Al Etihad, this day commemorates the unification of the emirates under a single flag in 1971. It serves as a reminder of the UAE's rich history and the formation of a sovereign, independent nation, allowing each emirate to retain its unique identity. The celebrations bring communities and generations together, fostering a sense of unity and pride.
As families gather for festive gatherings, they indulge in traditional feasts, featuring dishes like the beloved khuzi, a roasted lamb delicacy served on spicy rice. The UAE's National Day is a time of joy and reflection, a day to honor the past and celebrate the present, all while the country's flag, adorned in red, green, white, and black, proudly waves in the air.
