191013 His Highness Sheikh Khalifa Bin Zayed Al Nahyan protocol picture
His Highness Sheikh Khalifa Bin Zayed Al Nahyan Image Credit: WAM

Abu Dhabi: President His Highness Sheikh Khalifa Bin Zayed Al Nahyan has ordered the settlement of defaults on personal loans of 1,716 Emiratis, amounting to Dh787 million.

Sheikh Khalifa's gesture, coinciding with the UAE’s 48 National Day, aims to ensure the family and social stability of Emirati citizens,” said Jaber Mohammad Ghanem Al Suwaidi, Director General of the Abu Dhabi Crown Prince’s Court and Chairman of the Supreme Committee of the Debts Settlement Fund for Citizens with limited income.

He emphasised that the move also aims to ensure that Emiratis are enjoying a dignified life and financial independence that contribute to striking a balance in the Emirati society.

The default loans will be settled by 15 banks, including Abu Dhabi Commercial Bank Group, Al Hilal Bank, Abu Dhabi Islamic Bank, First Abu Dhabi Bank, Standard Chartered Bank, Dubai Islamic Bank, and Emirates Islamic Bank. Other banks include Mashreq Bank, Emirates NBD Bank, Sharjah Islamic Bank, Noor Bank, National Bank of Ras Al Khaimah and Arab Bank for Investment and Foreign Trade, National Bank of Umm Al Quwain, Commercial Bank of Dubai and Ajman Bank. The banks will settle the personal loans for the waived citizens in coordination with the UAE Central Bank.

Al Suwaidi said Khalifa’s gesture gains special importance because it comes in conjunction with the nationwide celebrations of the 48th National Day.