Prime Highlights
- UAE waived AED834 million in loan interest for retirees.
- The initiative supports low-income Emiratis aged 50 and above.
Key Facts
- A total of 2,339 retirees will benefit from the programme.
- ADCB Group contributed the largest waiver amount of AED655 million.
Background
The UAE’s Defaulted Debts Settlement Fund, in partnership with several banks across the country, has waived more than AED834 million in accumulated loan interest for 2,339 low-income Emirati retirees.
The initiative was launched under the directives of UAE President Sheikh Mohamed bin Zayed Al Nahyan and follows continued efforts to improve financial stability and quality of life for retired citizens. The programme mainly supports Emiratis aged 50 and above with limited income.
According to official details, participating banks agreed to waive future interest and profit payments on outstanding loans, while beneficiaries will continue repaying the original principal amounts under easier repayment plans. Banks involved in the initiative will directly contact eligible beneficiaries.
The fund stated that the programme aims to reduce financial pressure on retirees and strengthen family and social stability across the UAE. The initiative also aligns with the objectives of the Year of the Family 2026.
Among the participating institutions, ADCB Group contributed the largest waiver amount at AED655 million. First Abu Dhabi Bank waived AED150 million, while Abu Dhabi Islamic Bank contributed AED18.5 million. Emirates NBD Group and Emirates Islamic together waived AED6.7 million.
Other participating banks included Dubai Islamic Bank, Commercial Bank of Dubai, Sharjah Islamic Bank and National Bank of Ras Al Khaimah, which also provided financial relief under the initiative.
The Defaulted Debts Settlement Fund thanked the banks and financial institutions for supporting efforts to ease financial burdens on citizens. The fund stated that cooperation between government institutions and banks plays an important role in improving social and economic stability for families across the country.
