• Sun. Apr 14th, 2024

National Bonds CEO Announces Launch of End-of-Service Savings Fund, Reports Strong Performance in 2023

BySamantha Nguyen

Apr 3, 2024
“National Bonds” plans to introduce a savings fund for “end of service” benefits

Muhammad Qasim Al Ali, the CEO of National Bonds, has announced plans to launch a 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. Al Ali stated that 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.

During a press conference to announce the financial results for the year 2023, National Bonds reported strong growth in their portfolio and sales. Their portfolio grew by 2% to 14 billion dirhams compared to the previous year, while 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 to a growing awareness among citizens and residents about the importance of saving, especially after the Covid-19 pandemic. He highlighted that 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%.

At the real estate development and investment arm of National Bonds, The National Real Estate Company, Al Ali announced successful sales for all units in Tower B of “399 Hills Park” project and added Tower A to its income-generating assets for leasing purposes. Additionally, two new real estate projects with an investment value up to AED800 million are set to be announced soon providing approximately350 units.

By Samantha Nguyen

As a content writer at newsskio.com, I weave words to craft compelling narratives that captivate readers and bring stories to life. With a keen eye for detail and a passion for storytelling, I strive to create engaging and informative content that resonates with our audience. Whether I'm delving into the latest news trends or exploring unique angles on various topics, my goal is to deliver quality content that informs, entertains, and inspires. Join me on this journey as we uncover the news stories that matter most.

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