Dubai wealth fund takes over National Bonds saving scheme

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.