UAE waives Dh834mn in interest for 2,339 low-income retirees in major relief drive
Nationwide financial relief initiative targets vulnerable pensioners
ABU DHABI – Under the directives of UAE President and Ruler of Abu Dhabi His Highness Sheikh Mohamed bin Zayed Al Nahyan, and the follow-up of Crown Prince of Abu Dhabi His Highness Sheikh Mansour bin Zayed Al Nahyan, the Defaulted Debts Settlement Fund has announced a major financial relief initiative benefiting thousands of Emirati retirees.
The programme, delivered in cooperation with several UAE banks, has waived more than Dh834 million in accrued loan interest owed by 2,339 low-income retirees across the country.
The move forms part of wider efforts to ease financial pressures and enhance social stability among citizens, particularly retired individuals with limited income.
Debt relief
The initiative specifically targets Emiratis aged 50 and above, focusing on those facing constrained financial circumstances. Authorities confirmed that participating banks have agreed to cancel future interest and profit payments on eligible loans while allowing beneficiaries to continue repaying the principal amounts under structured and facilitated schedules.
The Defaulted Debts Settlement Fund expressed appreciation to the banking sector for its cooperation in advancing national welfare objectives.
Bank support
A wide network of financial institutions contributed to the programme, with ADCB Group leading the waivers at Dh655 million. First Abu Dhabi Bank followed with Dh150 million, while Abu Dhabi Islamic Bank contributed Dh18.5 million.
Emirates NBD Group and Emirates Islamic together waived Dh6.7 million, Dubai Islamic Bank Dh2.3 million, Commercial Bank of Dubai Dh792,000, Sharjah Islamic Bank Dh716,000, and National Bank of Ras Al Khaimah Dh566,000.
Scheme impact
The initiative aligns with broader national priorities, including the Year of the Family 2026, reinforcing financial resilience and social cohesion. Participating banks are expected to directly contact eligible retirees, ensuring the benefits are implemented smoothly and efficiently across all covered accounts.