• Thu. Apr 25th, 2024

National Bonds Launches New End-of-Service Benefits Fund Amidst Strong Financial Performance and Real Estate Success

BySamantha Nguyen

Apr 3, 2024
“National Bonds” plans to introduce a savings fund for “end of service” benefits

National Bonds CEO Muhammad Qasim Al Ali recently announced the launch of a new savings fund aimed at private end-of-service benefits. The fund is expected to be launched in the second quarter of 2024, pending approval from regulatory authorities such as the Ministry of Labor and the Securities Commission. Al Ali stated that a survey conducted by his company showed that 82% of UAE employees are in favor of employers investing in their end-of-service benefits, with around 6 million employees being targeted.

In addition to the new savings fund, National Bonds reported strong financial results for the year 2023. Their portfolio grew by 2% to 14 billion dirhams compared to the previous year, while sales 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 of the Million Dirham Prize receiving a total of 758 million dirhams in prizes.

Al Ali attributed National Bonds’ strong performance in 2023 to a 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%.

Furthermore, at the real estate development and investment arm of National Bonds, The National Real Estate Company, Al Ali announced that Tower B units from “399 Hills Park” project have been sold successfully. Tower A will now be added to their income-generating assets for leasing purposes. Additionally, two new real estate projects with an investment value up to 800 million dirhams are set to be announced soon providing over 350 units.

Overall, it appears that National Bonds is performing well across various sectors and continues to grow its customer base through its innovative products and services while also contributing positively towards economic growth through real estate development and investment projects.

By Samantha Nguyen

As a content writer at newsqwe.com, I am passionate about crafting engaging and informative articles that captivate our audience. With a background in journalism and a keen eye for detail, I strive to deliver content that is not only well-researched but also adds value to our readers' lives. From breaking news stories to in-depth features, I take pride in my ability to tell compelling stories that resonate with our diverse audience. When I'm not typing away at my keyboard, you can find me exploring new cafes, practicing yoga, or getting lost in a good book. I am thrilled to be a part of the newsqwe.com team and look forward to sharing my love for writing with all of our readers.

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