ABU DHABI: The debt settlement fund in the UAE has announced the exemption of 3,310 Emiratis from their debt in cooperation with 13 local banks, the state news agency WAM announced on Saturday.

Jaber Mohammed Al-Suwaidi, Director General of Abu Dhabi Crown Prince's Court, Chairman of the Higher Committee for the Treatment of Distressed Debt, said this initiative comes within the framework of the keen leadership of the United Arab Emirates to secure the living conditions of citizens and their interest in enhancing their family stability.

He explained that the initiative is particularly important to coincide with the "Year of Tolerance" announced by His Highness Shaikh Khalifa Bin Zayed Al Nahyan, President of the UAE.

He pointed out that it aims to make tolerance a sustainable institutional work expressed through practical initiatives translated on the ground — and is reflected in good and happiness on the lives of citizens and residents in the land of the UAE.