By Amr Adel
Dubai-Mubasher: The Dubai-based National Bonds Corp. seeks to form partnerships in Saudi Arabia, which will be the first step for expansions outside the UAE market, CEO Mohammed Al-Ali told Mubasher.
“We look for strategic partners in Saudi Arabia that is considered one of the major economies in the region,” he said.
The CEO added that his company negotiated with Saudi parties, but no agreement has been reached.
The move will take some time amid the current challenges facing the regional economies, he noted.
“Despite fluctuations in the global markets and their impact on the GCC region, we managed to maintain our investment portfolio at the same level of last year (AED 5.8 billion/$1.6 billion),” Al-Ali said.
The local investments dominate 97% of the company’s investment portfolio, while the GCC and other markets capture the remaining percentage.
National Bonds liquidated nearly 70% of its equity portfolios amid the steep decline in stock markets in order to ease investment risks, especially as the company’s strategy focuses on low-risk sectors to maintain the funds of bond holders.
Al-Ali ruled out the issuance of Shariah-compliant gold sukuk in cooperation with a company, due to the fierce competition with local banks in gold sukuk investments.
The CEO, however, rejected to forecast the returns of this fiscal year on the gloomy prospects about global economy.
The company recorded competitive annual returns of up to 4% in 2014.
Translated by Abdul Maguid Aboshahla
