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

National Bonds, a leading financial institution in the UAE, announced the upcoming launch of 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. Muhammad Qasim Al Ali, CEO of National Bonds, 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, at their real estate development and investment arm, National Real Estate Company, Al Ali announced the successful sale of all units in Tower B of the “399 Hills Park” project. Tower A will be added to the company’s income-generating assets for leasing purposes. Additionally, two new real estate projects with an investment value of up to 800 million dirhams are set to be announced soon, providing 350 units.

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 its 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 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%.

By Sophia Gonzalez

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