- UAQ FTZ registered company employees, can now leverage National Bonds’ saving solutions to help them plan their retirement.
- The partnership aligns with the latest announcement by the UAE government regarding the new optional system for end-of-service gratuities.
Dubai – UAE, 21 September, 2023
National Bonds, the UAE’s savings and investment company, and Umm Al Quwain Free Trade Zone Authority (UAQ FTZ), have announced a new partnership in which more than 9,000 registered company employees can now leverage from National Bonds’ saving solutions to help them plan their retirement.
This partnership aligns with the latest announcement by the UAE government regarding the new optional system for end-of-service gratuities for employees in the private sector and free zones, which aims to safeguard workers’ savings, which constitute the end of service gratuities, and ensure that they are safely invested in order to shield their rights and to achieve the stability of their families.
Furthermore, the partnership will give entities under UAQ FTZ’s umbrella and their employee's access to National Bonds’ diverse range of flexible savings and investment programs, aimed at helping individuals invest in their future and supporting corporates with employee retention strategies, such as ‘Term Sukuk’, ‘Second Salary Program’, ‘Global Saving Club’, and the ‘Golden Pension Plan’, particularly designed for enhancing end of service benefits for employees.
Commenting on the partnership, UAQ FTZ Chairman Sheikh Khalid bin Rashid Al Mu'alla said “This partnership will accelerate our push towards the financial wellness of our stakeholders and strengthen our position as a global business hub.”
"We are excited to embark on this new journey with National Bonds, a pioneering company with demonstrated capabilities in financial planning,” added UAQ FTZ General Manager, Johnson M. George. “By offering access to National Bonds' diverse range of savings and investment programs, we are empowering our community to secure their financial futures and also aligning with the UAE government's vision of safeguarding workers' savings. Together, we are shaping a brighter, more secure tomorrow for all."
Mohammed Qasim Al Ali, Group Chief Executive Officer of National Bonds, said: “The UAE government places significant emphasis on retirement planning, recognizing its critical role in ensuring stability and financial independence of both UAE nationals and residents. At National Bonds, we are delighted to announce our partnership with UAQ FTZ which will enable us to reach a wider audience within the UAE. This collaboration aligns perfectly with our continuous commitment to delivering initiatives and solutions designed to encourage a savings culture and facilitate sustainable financial development for individuals and corporates alike.”
The announcement coincides with a period of notable achievements for National Bonds, as the group has experienced significant success across various aspects and recorded a significant growth in its investment portfolio by 9% to reach AED 14 billion during the first half of this year, contributed by more than 850,000 customers.
