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

National Bonds Launches Savings Fund for Private End-of-Service Benefits in Q2 2024; Strong Performance in 2023 Due to Increasing Awareness of Saving

Muhammad Qasim Al Ali, CEO of National Bonds, announced the upcoming launch of a savings fund targeting private end-of-service benefits. The fund is set to be launched in the second quarter of 2024 pending necessary approvals from authorities such as the Ministry of Labor and the Securities Commission. According to a survey conducted by the company, 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.

During a press conference to announce financial results for 2023, National Bonds reported that their portfolio grew 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 receiving a total of 758 million dirhams in prizes.

Al Ali attributed National Bonds’ strong performance 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%.

At the real estate development and investment arm of National Bonds, Al Ali announced that Tower B units at “399 Hills Park” were sold out and Tower A will be added for leasing purposes. Additionally, two new real estate projects worth up to 800 million dirhams are set to be announced soon, providing up to

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