x Abu Dhabi, UAEWednesday 17 January 2018

Dh1.3 billion in Emirati bank loan debts to be settled

Some 2,500 Emiratis are expected to benefit from the presidential initiative to settle debts of 1,714 affected citizens whose bank loans amount to Dh1.311 billion.

ABU DHABI // About 2,500 Emiratis are expected to benefit from a presidential initiative to settle the debts of citizens whose bank loans total about Dh1.31 billion, the state news agency Wam reported.

The scheme is part an initiative from the President, Sheikh Khalifa, to settle debts of Emiratis.

It includes a committee to generate Dh10bn to address loans.

Ahmed Al Zaabi, Deputy Minister of Presidential Affairs, signed an agreement on Monday with two banks – Dubai Islamic and Dubai Commercial – to settle the personal loans of Emiratis whose cases are in courts. The initiative was announced by Sheikh Khalifa on the 40th National Day, in 2011.

Twenty local and foreign banks out of the 51 banks operating in the country have already signed an agreement with the fund committee since February last year.

Mr Al Zaabi said the initiative affected thousands of nationals.

He said the Government was intent on resolving the issue and highlighted the importance of the laws defined by the Central Bank, which clarify the relations between banks and customers taking loans.