In a significant gesture, President Mohamed bin Zayed Al Nahyan has sanctioned an extensive debt cancellation program benefitting 2,339 retirees who are struggling financially across the UAE, with a total relief of over AED 834 million.
As part of this commendable initiative, seven banks within the UAE have been instructed to eliminate all accrued interest on loans taken by the impacted retirees. This strategy is designed to alleviate financial burdens on these citizens and enhance their overall living standards.
The oversight of the debt settlement process will be carried out by Mansour bin Zayed Al Nahyan, the Vice President, Deputy Prime Minister, and Chairman of the Presidential Court.
Executed through the Defaulted Debts Settlement Fund, this program underlines the UAE leadership's unwavering dedication to assist vulnerable segments of the population.
Officials have emphasized that this decision underscores the nation's commitment to social welfare, family stability, and community support. It is anticipated to foster social development by lifting financial pressures from retired citizens, enabling them to lead stable and dignified lives.
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