UAE President Sheikh Mohamed bin Zayed Al Nahyan. ARCHIVE

More than Dh834 million in accrued loan interest owed by low-income Emirati retirees has been waived under directives from UAE President Sheikh Mohamed bin Zayed Al Nahyan. The Defaulted Debts Settlement Fund announced that 2,339 retirees across the UAE will benefit from the initiative, which was carried out in cooperation with several local banks and financial institutions. The programme targets Emirati retirees aged 50 and above who are struggling with limited income and mounting debt obligations. According to the fund, the initiative is aimed at easing financial burdens on retirees while strengthening family and social stability in the country in line with the objectives of the Year of the Family 2026. In a statement, the fund thanked participating banks for supporting efforts to improve the quality of life of retirees and help ensure greater financial stability for citizens. The largest contribution came from ADCB Group, which waived Dh655 million in accrued interest. Other participating institutions included First Abu Dhabi Bank with Dh150 million, Abu Dhabi Islamic Bank with Dh18.5 million, Emirates NBD Group and Emirates Islamic with Dh6.7 million, Dubai Islamic Bank with Dh2.3 million, Commercial Bank of Dubai with Dh792,000, Sharjah Islamic Bank with Dh716,000, and National Bank of Ras Al Khaimah with Dh566,000. Under the initiative, participating banks will also waive future interest and profit payments on the affected loans. Beneficiaries will continue repaying only the principal amounts under facilitated repayment schedules designed to reduce financial strain. ICA/Expat Media
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