Asia Biz News - Asian Business News and Tenders
Two UAE Financial Services Firms Form JV to Develop New Offerings in Saudi Arabia
June 10, 2018
Dubai-based National Bonds, a savings and investment company, and SHUAA Capital psc, a major integrated financial services firm also in the United Arab Emirates, have formed a joint venture in Saudi Arabia to develop a variety of new savings and investment programs within the country.
By combining the expertise of SHUAA Capital and National Bonds, the partnership aims to meet a growing demand for investment and savings solutions in the Kingdom, in line with the Kingdom’s Financial Sector Development programme. The programme, a key enabler in achieving the Vision 2030’s objectives, aims to create a robust financial service sector to support a diversified Saudi ecomomy.
Mr. Mohammed Qasim Al Ali, Chief Executive Officer 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 and we are committed to providing best-in-class services – across the country – to help further the country’s ambitions in boosting the savings programs.
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. Through a diverse set of products and services, we will provide inclusive acccess to our offerings to help the Kingdom’s citizens achieve and maintain financial stability in the long-term. Through our partnership with SHUAA, we will contribute towards the financial health of the country’s citizens while supporting the ambitions of the Kingdom’s finanical sector”, he added.
Fawad Tariq-Khan, Chief Executive officer of SHUAA Capital psc:
“Over the past ten years, SHUAA has embedded itself well in the Kingdom as an Investment and Fund Manager, creating a network of relationships and affiliations, and delivering returns for our shareholders. By partnering with one of the pioneers of Shariah-compliant saving schemes, we stregnthen further our commitment to providing financial solutions that cater to the needs of the people in the region.”
He further explains, “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. The combined expertise of National Bonds and SHUAA Capital will pioneer a new era for saving schemes and investment products at this exciting time of growth in Saudi Arabia.”
The two parties are in discussions with regulators to agree and implement an operations framework to be launched in the second half of this year.
National Bonds 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. Headquartered in Dubai, National Bonds provides UAE residents with credible and safe savings opportunities, driven by a purpose to create a stronger economy by helping its customers achieve financial stability through regular saving.
SHUAA’s long standing presence in the Kingdom since 2008 has been via its fully owned subsidiaries SHUAA Capital Saudi Arabia (SCSA) which is a Captial Market Authority (CMA) licensed entity, and Sharia’h compliant financing company Gulf Finance Saudi Arabia (GFSA), which is licensed by the Saudi Arabian Monetary Agency (SAMA).