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Banks erase debt worth Dhs869.85m of 1,607 Emiratis

Banks erase debt worth Dhs869.85m of 1,607 Emiratis

The move was implemented as per the directives of the UAE President Sheikh Khalifa bin Zayed Al Nahyan

Several banks across the UAE have struck off debts of 1,607 Emiratis, totalling in excess of Dhs869.85m, the Non-performing Debt Relief Fund announced on November 30.

Participating lenders included: First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Al Hilal Bank, Mashreq Bank, Emirates NBD, Abu Dhabi Islamic Bank, Standard Chartered, RAKBANK, Commercial Bank of Dubai, Dubai Islamic Bank, Emirates Islamic, NBQ, and the Arab Bank for Investment & Foreign Trade (Al Masraf).

The move was implemented as per the directives of the UAE President Sheikh Khalifa bin Zayed Al Nahyan.

“Since its establishment in 2011, under the directives of President His Highness Sheikh Khalifa, the fund has undertaken many important initiatives to address the issues and concerns of citizens and provide them with the means for a decent standard of life, in cooperation with national banks and the Central Bank,” said Jaber Mohammed Ghanem Al Suwaidi, director-general of the Crown Prince Court of Abu Dhabi and chairman of the Supreme Committee of the Non-performing Debt Relief Fund.

Al Suwaidi also expressed his thanks to all banks that formed part of this initiative, official news agency WAM reported.

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