Dubai: Shuaa Capital and National Bonds signed a Memorandum of Understanding (MoU) targeting a joint venture to offer savings and investments schemes in Saudi Arabia.
Saudi Arabia is a strategically important market, and with over 70 per cent of the population under the age of 30, presenting an opportunity to increase financial literacy.
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 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 programmes,” Mohammad Qasim Al Ali, chief executive officer of National Bonds Corporation, said in a statement.
The two parties are in discussions with regulators to agree on and implement an operations framework to be launched in the second half of this year.
Fawad Tariq-Khan, chief executive officer of Shuaa Capital, said: “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.”
