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

National Bonds Launches New Savings Fund Targeting End-of-Service Benefits, Reports Strong Financial Performance

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

In addition to the new savings fund, National Bonds reported strong financial results for the year 2023. Their portfolio grew by 2% to 14 billion dirhams compared to the previous year, and sales increased by 25%, reaching 6.4 billion dirhams. The value of distributions since the establishment of National Bonds reached 2.9 billion dirhams, with 219 winners of the Million Dirham Prize 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%.

Furthermore, at National Real Estate Company (NRC), an affiliate company owned by National Bonds Group, Al Ali announced that Tower B in “399 Hills Park” project has been successfully sold out. NRC plans to add Tower A to its income-generating assets for leasing purposes while two new real estate projects with an investment value of up to AED800 million are set to be announced soon providing over 350 units.

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