“National Bonds” plans to introduce a savings fund for “end of service” benefits

Muhammad Qasim Al Ali, CEO of National Bonds, recently announced the launch of a new savings fund aimed at private end-of-service benefits. The fund is expected to be launched in the second quarter of 2024 pending regulatory approvals from authorities such as the Ministry of Labor and the Securities Commission. According to a survey conducted by the company, 82% of UAE employees are in favor of employers investing in their end-of-service benefits, with around 6 million employees being targeted.

During a press conference announcing the financial results for the year 2023, National Bonds reported that their portfolio had grown by 2% to 14 billion dirhams compared to the previous year. Sales also increased by 25%, reaching 6.4 billion dirhams. The value of distributions since National Bonds’ establishment reached 2.9 billion dirhams, with 219 winners receiving a total of 758 million dirhams in prizes.

Al Ali attributed National Bonds’ strong performance in 2023 to growing awareness among citizens and residents about the importance of saving, especially after the Covid-19 pandemic. The number of new investors increased by 215%, monthly savings by 122%, and women’s participation in savings programs by 87%. The highest annual investment return for clients was recorded at 5.84%.

In addition to its savings offerings, National Bonds also has a real estate development and investment arm called the National Real Estate Company. Al Ali recently announced that Tower B of the “399 Hills Park” project had been successfully sold, and Tower A would be added to the company’s income-generating assets for leasing purposes. Two new real estate projects with an investment value of up to 800 million dirhams are set to be announced soon, providing around 350 units.

By Samantha Johnson

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