UAE ruler wipes away debts of 6,830 Emiratis
The ruler of the United Arab Emirates, President Sheikh Khalifa Bin Zayed Al Nahyan, has wiped the debts of 6,830 Emiratis, worth 2 billion dirhams (545 million dollars), state news agency WAM reported Wednesday.
The debt cancellation will only apply to Emirati citizens with limited income and whose loans do not exceed 1 million dirhams, dpa reported.
Emiratis imprisoned for their inability to pay their lenders would be released once their debts were settled.
In November, the oil-rich country established a 2.7-billion-dollar fund to provide loan assistance for lower-income citizens.