In addition to this acquisition, ICD has also appointed five new members for board of directors.
This move gives ICD 100% ownership of National Bonds, by acquiring the remaining 50% of shares from its previous local shareholders.
Launched in 2006, NBC has achieved consistently positive annual results & attractive profit rates, achieving a cumulative profit rate for the bondholders from its Mudaraba fund of 26.45 % over the last five years.
Investment Corporation of Dubai executive director & CEO Mohammed Al-Shaibani said ICD move to acquire full ownership of National Bonds stems from confidence in the company’s long-term potential as a dynamic and diversified savings scheme.
"We share National Bonds’ belief that a culture of saving is vital for a healthy economy, and are proud to join them in their journey towards helping to build a more stable economy based on responsible saving," Al-Shaibani said.
National Bonds Corporation PJSC chairman Khalifa Al Daboos said they are keen to work under the direction of ICD and with the new board to further strengthen the awareness and importance of saving in the UAE, taking NBC to the next level.
