UAE President Announces Dh834 Million Debt Relief for Low-Income Retirees
Sheikh Mohamed orders Dh834 million debt relief for low-income UAE retirees
Gulf News
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Sheikh Mohamed bin Zayed Al Nahyan has ordered the waiver of over Dh834 million in loan interest for 2,339 low-income retirees in the UAE. This initiative aims to alleviate financial burdens and enhance the quality of life for Emirati retirees aged 50 and above, aligning with the Year of the Family 2026 objectives.
- 01The Defaulted Debts Settlement Fund has waived Dh834 million in interest for retirees.
- 022,339 low-income Emirati retirees will benefit from this initiative.
- 03Participating banks include ADCB Group, which waived Dh655 million, and First Abu Dhabi Bank, which waived Dh150 million.
- 04The initiative targets retirees aged 50 and above with limited income to improve their financial stability.
- 05Banks will continue to collect principal amounts under adjusted repayment schedules.
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In a significant move to support low-income retirees, UAE President Sheikh Mohamed bin Zayed Al Nahyan has directed the Defaulted Debts Settlement Fund to waive over Dh834 million in accrued interest on loans owed by 2,339 retirees across the country. This initiative, overseen by Sheikh Mansour bin Zayed Al Nahyan, aims to alleviate financial burdens and enhance the quality of life for Emirati retirees aged 50 and above. Participating banks, including ADCB Group and First Abu Dhabi Bank, have contributed significantly, with ADCB waiving Dh655 million alone. The banks involved will not only waive future interest payments but also allow beneficiaries to repay their principal amounts under more manageable schedules. This initiative aligns with the UAE's broader goals for the Year of the Family 2026, focusing on social stability and support for citizens. The fund expressed gratitude to the banks for their contributions, emphasizing the importance of collaborative efforts in enhancing the financial well-being of retirees in the UAE.
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This initiative will significantly ease the financial burden on low-income retirees, enhancing their quality of life and social stability in the UAE.
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