Under the directives of Mohammed bin Zayed, the United Arab Emirates has announced a significant initiative to assist indebted citizens, whereby 1,435 individuals will be relieved of their debts amounting to 475 million and 154 thousand dirhams. This announcement comes as a result of the guidance of His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State, and under the supervision of His Highness Sheikh Mansour bin Zayed Al Nahyan. This initiative embodies the vision of the wise leadership to secure a dignified life for citizens and enhance social stability in the country.
Initiative Contributing to the Social Vision
In accordance with Mohammed bin Zayed’s directives, the “Debt Restructuring Fund” has been organized in collaboration with 19 banks and financial institutions in the country. The initiative aims to alleviate the financial burdens on struggling citizens, thereby contributing to the stability of families. The announcement reflects the leadership’s commitment to providing comfort and well-being for the citizens of the state.
Beneficiary Categories of the Exemption
The initiative includes a range of needy groups facing financial difficulties, including humanitarian and medical cases, low-income individuals, as well as retirees and senior citizens. The settlement of borrowers’ debts with banks follows strict criteria to ensure that the loans were directed towards essential needs.
Fruitful Cooperation with Banks and Institutions
This initiative involved the participation of 19 banks, financial institutions, and companies, such as Abu Dhabi Commercial Bank, Emirates NBD, and Abu Dhabi Islamic Bank. The cooperation of these institutions with the “Debt Restructuring Fund” serves as evidence of the integration between the public and private sectors in supporting the community. The initiative reflects Mohammed bin Zayed’s directives to enhance social development and effective communication between citizens and banks.
A Step Towards a Cohesive Society
Through this initiative, the wise leadership seeks to build a prosperous community that reflects the values of cooperation and solidarity among its members. Under the guidance of Mohammed bin Zayed, tangible results are being achieved that enhance social stability, contributing to family cohesion and a better quality of life for citizens.