Shuaa Capital, a premier financial services company in the UAE, and National Bonds, a leading savings and investment company, have announced plans to launch a new joint venture in Saudi Arabia.
A memorandum of understanding (MoU) was signed recently by both parties detailing their commitment to offer savings and investments schemes in Saudi Arabia, said a statement from Shuaa Capital.
By combining the expertise of the two firms, the partnership aims to meet a growing demand for investment and savings solutions in the kingdom, in line with the Financial Sector Development programme, it stated.
National Bonds Corporation CEO Mohammed Qasim Al Ali said: “In partnership with Shuaa Capital, we are 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 programmes,” remarked Al Ali.
“Saudi Arabia is a strategically important market for us, and with over 70 per cent of the population under the age of 30, there is a strong opportunity to increase financial literacy among a new generation of Saudis,” he stated.
“Through a diverse set of products and services, we will provide inclusive access 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 financial sector,” he added.
Shuaa Capital CEO Fawad Tariq Khan said: "Over the past 10 years, we have embedded ourselves 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 further strengthen our commitment to providing financial solutions that cater to the needs of the people in the region,” observed Khan.
"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," stated the top official.
“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,” he added.
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, the company 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.