The program’s objectives are to assist people in making investments in their future and to assist businesses with staff retention tactics.
Workers of over 9,000 businesses that are registered with the Umm Al Quwain Free Trade Zone Authority (UAQ FTZ) will now be able to plan for their retirement and take advantage of National Bonds’ savings options.
In response to the UAE government’s announcement of a new optional system for end-of-service gratuities for workers in the private sector and free zones, which aims to protect workers’ savings (which constitute the end-of-service gratuities) and ensure that they are safely invested, the UAQ FTZ and the UAE-based savings and investment company have formed a new partnership.
The flexible savings and investment plans offered by National Bonds, which include “Term Sukuk,” “Second Salary Programme,” “Global Saving Club,” and “Golden Pension Plan,” are intended to assist individuals in saving for the future and to assist corporations in retaining staff. These plans are available to entities under the purview of UAQ FTZ as well as their employees.
According to Mohammed Qasim Al Ali, group chief executive officer of National Bonds, “the UAE government places a significant emphasis on retirement planning, recognising its critical role in ensuring stability and financial independence of UAE nationals and residents.” Johnson M. George, General Manager of UAQ FTZ, stated, “We are thrilled to start this new journey with National Bonds, a pioneering company with proven capabilities in financial planning.” According to Johnson M. George, General Manager of UAQ FTZ, “We are supporting the UAE government’s goal of protecting workers’ savings and enabling our community to secure their financial futures.”
We will have more reach in the UAE thanks to our collaboration with UAQ FTZ. This is consistent with our continuous goal to offer programs and services that encourage a culture of saving and make it possible for both people and businesses to have sustainable financial development.
In the first half of 2023, National Bonds, which has received contributions from more than 850,000 customers, increased its investment portfolio by 9% to reach AED14 billion ($3.81 billion).
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