Dubai: The initiative, implemented through the Defaulted Debts Settlement Fund in cooperation with several UAE banks, will benefit 2,339 Emirati retirees aged 50 and above who are facing financial difficulties.

The move comes under the directives of Sheikh Mohamed bin Zayed Al Nahyan and with the follow-up of Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court.

According to the announcement, participating banks have agreed to waive accumulated interest and future profit payments on loans, while retirees will continue repaying only the principal amounts through facilitated repayment plans. Banks involved in the initiative will directly contact eligible beneficiaries.

The fund praised the contribution of banks and financial institutions for supporting efforts aimed at easing financial burdens on citizens and enhancing family and social stability in the UAE.

The initiative aligns with the objectives of the UAE’s “Year of the Family 2026” and reflects ongoing efforts to improve the quality of life and financial stability of retirees.

Among the banks contributing to the initiative, ADCB Group accounted for the largest waiver amount at Dh655 million, followed by First Abu Dhabi Bank with Dh150 million. Abu Dhabi Islamic Bank waived Dh18.5 million, while Emirates NBD Group and Emirates Islamic contributed Dh6.7 million. Dubai Islamic Bank waived Dh2.3 million, with additional contributions from Commercial Bank of Dubai, Sharjah Islamic Bank, and National Bank of Ras Al Khaimah.