Sheikh Mohamed orders Dh834 million debt relief for low-income UAE retirees

Abu Dhabi: Under the directives of UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and with the follow up of Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court, the Defaulted Debts Settlement Fund, in cooperation with several UAE banks, has waived more than Dh834 million in interest accrued on loans owed by 2,339 low-income retirees across the country.

In a statement, the fund thanked the banks and financial institutions that contributed to the initiative, commending their support for efforts aimed at easing financial burdens on citizens and strengthening family and social stability in the UAE.

The initiative, which targets Emirati retirees aged 50 and above with limited income, is part of ongoing efforts to improve quality of life and support the financial stability of retirees, in line with the objectives of the Year of the Family 2026.

Participating banks, and the amounts waived by each, include ADCB Group with Dh655 million, 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, the banks will waive future interest and profit payments on loans, while beneficiaries will continue repaying the principal amounts under facilitated repayment schedules. Participating banks will contact beneficiaries covered by the initiative.