Debt Settlement Fund waives default debts of 3, 482 people worth over AED1.5 billion

ABU DHABI, 26th November, 2014 (WAM) -- Ahmed Juma Al Zaabi, Deputy Minister of Presidential Affairs and Chairman of the Supreme Committee of the Debt Settlement Fund, has announced that eight national banks have waived defaulted loans of 2,397 citizens worth AED1.144 billion.

He said the Fund also announced waiving bad debts worth AED400 million for 1,085 people, bringing the number of beneficiaries whose debts have been dropped to 3,482 citizens, adding that the total value of the waived amount touched AED1.5 billion.

The minister explained that the beneficiaries fall under the category committed to pay in addition to the cases of social security or health disability or special needs and a number of humanitarian cases.

He made the remarks today at a press conference held at the Emirates Palace.

Meanwhile, Al Zaabi congratulated President His Highness Sheikh Khalifa bin Zayed Al Nahyan, Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Members of Supreme Council, Their Highnesses Rulers of the Emirates, and His Highness General Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces and Crown Princes, on the occasion of UAE's 43rd national day anniversary.

The minister noted that the Fund, which was established upon the directives of the UAE President and orders of the Crown Prince of Abu Dhabi, seeks to help the citizens who face difficulties in settling their debts. He also thanked H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, on his support to the Fund.

He said the national banks, which waived the debts included Abu Dhabi Commercial Bank, the First Gulf Bank, Mashreqbank, Union Bank, National Bank of Abu Dhabi, Emirates National Bank Dubai, Hilal Bank and the National Bank of Umm al-Qaiwain.

WAM/Majok