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Home›Business›UAE writes off $2b debt owned by citizens to mark National Day celebration

UAE writes off $2b debt owned by citizens to mark National Day celebration

By alternativeafrica
November 29, 2020
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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.

In the spirit of National Day celebration, Abu Dhabi, UAE grants citizens $2 b debt relief in homes, land, loan

“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.

READ ALSO: IJEBU COMMUNITY, NIGERIA GETS FIRST ELECTRICITY AFTER 200 YEARS

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.

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