Shuaa Capital and National Bonds have announced plans to launch a joint venture in Saudi Arabia to offer savings and investments schemes in the Gulf kingdom.
The partnership aims to meet a growing demand for investment and savings solutions in the kingdom, in line with the Vision 2030’s objectives, the companies said in a statement.
The two parties said they are in discussions with regulators to agree and implement an operations framework to be launched in the second half of this year.
Dubai-based National Bonds said it takes an innovative approach to Shariah-compliant products and services, catering to a wide-range of customers, from retail to high-net-worth individuals to corporations.
Mohammed Qasim Al Ali, CEO of National Bonds Corporation said:
“In partnership with Shuaa Capital, National Bonds is delighted to announce our expansion in Saudi Arabia. It is an exciting time for the kingdom as it strives to create a diverse and sustainable economy for its citizens.
"Saudi Arabia is a strategically important market for us, and with over 70 percent of the population under the age of 30, there is a strong opportunity to increase financial literacy among a new generation of Saudis."
Fawad Tariq-Khan, CEO of Shuaa Capital, added: “By partnering with one of the pioneers of Shariah-compliant saving schemes, we strengthen further our commitment to providing financial solutions that cater to the needs of the people in the region.
“We, along with our colleagues at National Bonds, have identified an exciting, untapped opportunity in the kingdom for supporting the investment demands of a young and increasingly financially savvy population.”For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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