• Sat. Apr 20th, 2024

National Bonds Launches New Savings Fund for Private End-of-Service Benefits while Celebrating Financial Success in 2023

BySamantha Jones

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

In recent news, National Bonds CEO Muhammad Qasim Al Ali has 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. 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.

Meanwhile, National Bonds reported strong financial results for the year 2023, with their portfolio growing 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 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’ success 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, known as the National Real Estate Company. Recently, Al Ali announced that Tower B of their “399 Hills Park” project had sold out all units, and Tower A will be added to their income-generating assets for leasing purposes. Furthermore, two new real estate projects with an investment value up to AED800 million are set to be announced soon, providing approximately 350 units for investors.

Overall, it’s clear that National Bonds is making strides in both its savings and real estate endeavors, positioning itself as a leading financial institution in the UAE.

By Samantha Jones

As a dedicated content writer at newszxcv.com, I bring a passion for storytelling and a keen eye for detail to every piece I create. With a background in journalism and a love for crafting engaging narratives, I strive to deliver informative and captivating content that resonates with our readers. Whether I'm covering breaking news or delving into in-depth features, my goal is to inform, entertain, and inspire through the power of words. Join me on this journey as we explore the ever-evolving world of news together.

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