President Sheikh Mohamed bin Zayed has ordered debt relief for 1,214 Emiratis ahead of the country's 51st National Day.
The Non-performing Debt Relief Fund announced on Tuesday that 17 banks and financial institutions had waived the debts, which amounted to more than Dh500 million ($136.1 million).
Since its establishment, the fund has co-operated with national banks to address the issues and concerns of citizens and provide them with the means of a decent standard of life.
Last year around the same time, a total of 4,511 Emirati citizens had financial debt worth more than Dh1.1 billion written off.
The banks and institutions that took part in this year's initiative have not yet been revealed.