UAE: Debt Settlement Fund waives default debts of 1,244 people worth over $107mln

UAE: Debt Settlement Fund waives default debts of 1,244 people worth over $107mln

DUBAI - The Defaulted Debts Settlement Fund announced the exemption of 1,244 citizens from their debts with a total value of AED394,586,000, in cooperation with 18 banks and financial institutions in the country.

The initiative follows the directives of 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, to stamp out all obstacles met by Emirati citizens and ensure social welfare and economic well-being in society.

On this occasion, Jaber Mohammed Ghanem Al Suwaidi, Minister of State and Chairman of the Supreme Committee of the Fund, expressed his thanks to His Highness Sheikh Mohammed bin Zayed and His Highness Sheikh Mansour bin Zayed for the initiative that embodies the unyielding commitment of the leadership to achieve prosperity and well-being for citizens.

He also commended the effective response of banks and financial institutions for the cooperation they showed in contributing to the success of this initiative and assuming responsibility towards society.

Al Suwaidi pointed out that the settlement of debts is subject to specific and strict laws and standards regarding the quality of loans and their areas of expenditure, taking into