UAE writes off $2b debt owned by citizens to mark National Day celebration
London, Nov. 29, 2020 (AltAfrica)-The Abu Dhabi government in United Arab Emirates, UAE is granting $2 billion debt relief in homes, land parcels and mortgage loans to more than 6,100 citizens ahead of the country’s National Day on December 2, the Abu Dhabi Media Office reported on Saturday.
“Totalling 7.2 billion dirhams in local currency, the third package of housing benefits disbursed this year reflects the leadership’s ongoing commitment to ensuring the social stability of UAE citizens,” the media office announced in a tweet.
Totalling AED7.2bn, the third package of housing benefits disbursed this year reflects the leadership’s ongoing commitment to ensuring the social stability of UAE citizens. pic.twitter.com/8S2IHTmE8g— مكتب أبوظبي الإعلامي (@admediaoffice) November 28, 2020
The package includes 3,099 plots of land, 2,000 housing loans and 601 homes, which were granted to citizens in #AbuDhabi, Al Ain and Al Dhafra, as well as home loan repayment exemptions for 381 citizens, worth 340 million aed.
The government will also exempt some retirees and families of deceased citizens from mortgage repayments, the media office said on Twitter.
Citizens make up a small number of the UAE’s predominately expatriate population.
Many have suffered from the impact of the coronavirus pandemic and oil price collapse has wreaked havoc on the country’s economy.