Saudi regulator issues licence to UAE’s National Bonds
Saudi business permit allows National Bonds to fund management, arrangement and advisory
Dubai: The Capital Markets Authority of Saudi Arabia has issued a licence to the UAE’s National Bonds Company, which has Dh7 billion of assets under management, to conduct business in the Kingdom.
The company will be allowed to conduct investment fund management, arranging and advising activities in the securities business, the regulator said in a statement.
National Bonds has been witnessing robust business in the UAE.
According to data, the number of regular savers increased by 14 per cent at the end of last year to hit 35,800 accounts compared to 31,400 at the end of 2017.
Savings surged by 18 per cent to amount to Dh448.8 million as compared to the previous Dh381.7 million.
By the end of last year, the company had 48,000 accounts for individual and corporate customers.