UAE's Shuaa Capital, National Bonds plan joint venture in Saudi Arabia
Shuaa Capital signed a memorandum of understanding with National Bonds, a Shariah-compliant savings and investment company, to launch a joint venture in Saudi Arabia, it said in a statement to Dubai Financial Market on Monday.
Under the agreement, the two companies will offer savings and investments schemes in Saudi Arabia, in line with the Kingdom’s financial sector development programme.
“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," said Mohammed Qasim Al Ali, Chief Executive Officer of National Bonds Corporation.
The two companies are in discussions with regulators to agree and implement an operations framework to be launched in the second half of 2018, the statement said.
Shuaa has a presence in the Kingdom since 2008 through its fully owned subsidiaries Shuaa Capital Saudi Arabia, a Capital Market Authority licensed entity, and Shariah-compliant financing company Gulf Finance Saudi Arabia, which is licensed by the Saudi Arabian Monetary Authority.