Government

The United Arab Emirates has waived more than Dh834 million in accrued interest and profits on debts owed by low-income retirees across the country, ahead of Eid al-Adha.

The initiative was implemented under the directives of the UAE President and carried out through the Debt Settlement Fund in cooperation with national banks and financial institutions.

A total of 2,339 retired Emirati citizens aged 50 and above benefited from the initiative, which aims to ease financial burdens and support social and economic stability for retirees with limited income.

Authorities said the move reflects the UAE’s commitment to strengthening community solidarity and improving quality of life for citizens, particularly during significant religious occasions.

Participating financial institutions contributed the following amounts toward the initiative:

• Abu Dhabi Commercial Bank Group: Dh655 million
• First Abu Dhabi Bank: Dh150 million
• Abu Dhabi Islamic Bank: Dh18.5 million
• Emirates NBD and Emirates Islamic: Dh6.7 million
• Dubai Islamic Bank: Dh2.3 million
• Commercial Bank of Dubai: Dh792,000
• Sharjah Islamic Bank: Dh716,000
• National Bank of Ras Al Khaimah: Dh566,000

Under the initiative’s implementation mechanism, participating banks will waive future interest and profit charges on loans, while beneficiaries will continue repaying the principal amount through facilitated repayment schedules.

The beneficiaries will be contacted directly by the participating banks and financial institutions regarding the settlement arrangements.

Officials stated that the initiative aligns with the objectives of the UAE’s “Year of the Family 2026”, which focuses on strengthening family cohesion, financial stability, and social well-being across the country.

• Tags
• #Business
• #Magazine
• #Lifestyle