Dubai wealth fund takes over National Bonds saving scheme

Investment Corp buys remaining 50% stake, replaces board of directors at savings firm
The Sharia-compliant saving scheme saw sales of AED2bn in 2010
By Joanne Bladd
Thu 10 Mar 2011 12:50 PM

Dubai's sovereign wealth fund, Investment Corporation of
Dubai (ICD), acquired the remaining 50 percent stake in National Bonds Corp, taking
full ownership of the Islamic savings scheme.

The fund has also appointed a new five-member board of
directors, the state-owned company said in a statement Wednesday.

The remaining shares were bought from local shareholders,
National Bonds Corp said, without disclosing the value of the acquisition.

The Sharia-compliant savings scheme made more than AED2bn in
sales in 2010 and saw a nine percent rise in customers, the statement said.

“Investment Corporation of Dubai's move to acquire full
ownership of National Bonds stems from our confidence in the company's
long-term potential as a dynamic and diversified savings scheme,” ICD chief
executive Mohammed Al-Shaibani said in the statement.

ICD is one of the emirate's three conglomerates along with
Dubai Holding and Dubai World.

Its unlisted investments were worth AED70.3bn ($19.14bn),
while the listed firms were worth AED19.8bn ($5.39bn), a Dubai government bond
prospectus last year showed.

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