DUBAI, June 10 (Xinhua) -- United Arab Emirates (UAE) investment bank Shuaa Capital and National Bonds, a saving and investment company, Sunday announced plans to launch a joint venture in Saudi Arabia.
The move will meet the growing demand for investment and saving solutions in the kingdom, in line with the Financial Sector Development program, the two firms said in a joint statement.
The program, a key enabler in achieving the Vision 2030's objectives, aims to create a robust financial service sector to support a diversified Saudi economy.
Mohammed Qasim Al Ali, chief executive officer of National Bonds Corporation, said Saudi Arabia is a strategically important market, with over 70 percent of the population under the age of 30, and there is a strong opportunity to increase financial literacy among a new generation of Saudis.
Fawad Tariq-Khan, chief executive officer of Shuaa Capital, said "by partnering with one of the pioneers of Shariah-compliant saving schemes, we strengthen further our commitment to providing financial solutions that cater to the needs of the people in the region."
