Photo for illustrative purposes only. ARCHIVE

The Non-performing Debt Relief Fund announces that 17 banks and other financial institutions have waived more than Dh536,230,000 in debts of 1,214 Emiratis. The UAE President, Sheikh Mohamed bin Zayed Al Nahyan, issued the order, and the Deputy Prime Minister and Minister of the Presidential Court, Sheikh Mansour bin Zayed Al Nahyan, managed the directives. The order was done before the country's 51st National Day. The seventeen banks carrying out the directives are First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Al Hilal Bank, Mashreq Bank, Emirates NBD, Abu Dhabi Islamic Bank, RAKBANK, HSBC, Dubai Islamic Bank, National Bank of Fujairah, United Arab Bank, Sharjah Islamic Bank, Commercial Bank of Dubai, Amlak Finance, Standard Chartered, Al Masraf, Emirates Islamic Bank, and National Bank of Umm Al Qaiwain (NBQ). The Non-performing Debt Relief Fund will settle the money owed by Emiratis. Jabr Mohammed Ghanem Al Suwaidi, Minister of State and Chairman of the Supreme Committee of the Non-performing Debt Relief Fund, said that the waiver is part of the UAE government's efforts to ensure that all UAE Nationals have a good life. BKM/ Expat Media
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