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UAE President Sheikh Mohamed wipes out $136m debt for Emiratis

President Sheikh Mohamed bin Zayed ordered AED536.2m ($136.1m) of debt owed by people in the UAE to be waived ahead of the country’s 51st National Day, according to Arabian News.

Debt for 1,214 UAE Nationals will be paid off as part of the directives announced by the President.

17 banks and institutions, thought to include First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Al Hilal Bank, Mashreq Bank, Emirates NBD, Abu Dhabi Islamic Bank, RAK Bank, HSBC and Dubai Islamic Bank, will clear the debts.

UAE Nationals’ debt cancelled
A Non-performing Debt Relief Fund will settle the money owed for Emiratis.

Jabr Mohammed Ghanem Al Suwaidi, Minister of State and Chairman of the Supreme Committee of the Non-performing Debt Relief Fund, said that the waiver is part of the UAE leadership’s keenness to ensure a decent life for all UAE Nationals.

On Monday it was announced that the Sharjah Debt Settlement Committee (SDSC) approved more than AED76m to pay off the debts of 134 of the cases presented, this was done in implementation of the directives of Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah.

The head of Emiri court and Head of SDSC, Rashid Ahmed bin Al Sheikh confirmed that the committee approved an amount of AED76,755,000, to pay the debts of 134 cases within the 23rd batch.

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