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UAE pledges to wipe out $100mn in debt for over 3,000 of its citizens

UAE pledges to wipe out $100mn in debt for over 3,000 of its citizens
The debt settlement fund in the United Arab Emirates (UAE) has announced plans to write off loans worth 361 million dirhams taken out by more than 3,300 Emiratis, the country’s state news agency WAM reports.

The measure is intended to ensure a decent standard of life for all Emiratis, along with a high level of social stability, according to Jaber Mohammad Ganem Al Suwaidi, general-director of the Crown Prince Court of Abu Dhabi and chairman of the Supreme Committee of the Debt Settlement Fund, as cited by the agency.

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According to Al Suwaidi, the generous step will decrease the financial burden for the country’s nationals. The debts remission coincides with the Year of Tolerance, announced by UAE President Shaikh Khalifa Bin Zayed Al Nahyan.

The initiative will reportedly be implemented in close partnership between the UAE Banks Federation and the UAE Central Bank, with 13 local lenders taking part in the program. The national banks that are going to discharge the debts include Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank, Emirates NBD, First Abu Dhabi Bank, Dubai Islamic Bank, the National Bank of Ras Al-Khaimah, Al Hilal Bank, Union National Bank, Noor Bank, Emirates Islamic, Commercial Bank of Dubai, Sharjah Islamic Bank, and Arab Bank for Investment & Foreign Trade.

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The government has also launched special awareness sessions to improve the financial literacy of Emiratis by providing details on the risks of living on loans and teaching young people how to manage their finances.

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