SHUAA Capital and National Bonds Sign Memorandum of Understanding Targeting Joint Venture in Kingdom of Saudi Arabia
SHUAA Capital psc - the UAE's premier integrated financial services company and Nationwide Bonds - a leading financial savings and investment company, have announced plans to release a joint venture in the Kingdom of Saudi Arabia (the Kingdom). A Memorandum of Understanding (MoU) was signed recently by both events detailing their dedication to provide financial savings and investments systems in Saudi Arabia.
By combining the know-how of SHUAA Capital and National Bonds, the partnership aims to satisfy a growing need for financial investment and cost savings options in the Kingdom, in accordance with the Kingdom's Financial Sector Development program. The program, a key enabler in achieving the Vision 2030's goals, intends to produce a durable economic solution field to support a diversified Saudi ecomomy.
Mr. Mohammed Qasim Al Ali, Chief Executive Officer of National Bonds Corporation said:
"In partnership with SHUAA Funding, National Bonds is thrilled to introduce our expansion in Saudi Arabia. It is an interesting time for the Kingdom as it makes every effort to produce a diverse and sustainable economy for its people and we are dedicated to giving best-in-class services - throughout the country - to help even more the nation's passions in increasing the savings programs.
Saudi Arabia is a strategically important market for us, and with over 70 percent of the populace under the age of 30, there is a strong opportunity to enhance financial proficiency among a new generation of Saudis. With a varied set of product or services, we will certainly offer comprehensive acccess to our offerings in order to help the Kingdom's residents accomplish and preserve monetary stability in the long-term. Through our partnership with SHUAA, we will contribute to the financial health of the nation's residents while supporting the passions of the Kingdom's finanical market", he added.
Fawad Tariq-Khan, Chief Executive officer of SHUAA Capital psc:
" Over the past 10 years, SHUAA has installed itself well in the Kingdom as an Investment and Fund Manager, developing a network of partnerships and affiliations, and providing returns for our shareholders. By partnering with one of the pioneers of Shariah-compliant conserving systems, we stregnthen better our commitment to giving economic solutions that cater to the needs of individuals 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 celebrations remain in conversations with regulatory authorities to concur and implement an operations framework to be released in the second fifty percent of this year.
National Bonds takes an innovative method to Shariah-compliant products and solutions, catering to a wide-range of customers, from retail to high-net-worth individuals to companies. Locateded in Dubai, National Bonds offers UAE residents with reputable and safe cost savings chances, driven by an objective to develop a stronger economic climate by helping its customers accomplish monetary stability through normal conserving.
SHUAA's lengthy standing existence in the Kingdom considering that 2008 has been by means of its totally owned subsidiaries SHUAA Capital Saudi Arabia (SCSA) which is a Captial Market Authority (CMA) licensed entity, and Shariah compliant financing company Gulf Finance Saudi Arabia (GFSA), which is licensed by the Saudi Arabian Monetary Agency (SAMA).
