Investment Corporation of Dubai takes control of National Bonds

Breaking News:Dubai holding company assumes full control of the national savings scheme.

Investment Corporation of Dubai (ICD) says it has completed the acquisition of National Bonds Corporation, the Sharia-compliant investment company. The company bought the 50 per cent stake it didn't already own, giving it 100 per cent control, the company said in a statement. No purchase price was disclosed.

ICD has appointed a new five-member board of directors. National Bonds registered sales of Dh2bn in 2010 with more than 610,000 customers, a 9 per cent increase from 2009, the company said.

"Investment Corporation of Dubai's move to acquire full ownership of National Bonds stems from our confidence in the company's long-term potential as a dynamic and diversified savings scheme," said Mohammed I. Al-Shaibani, the chief executive of ICD. "We share National Bonds' belief that a culture of saving is vital for a healthy economy."

National Bonds was established in 2006 as a private joint stock shareholding company. Its primary shareholders were the Dubai Government, Emaar Properties, Dubai Bank and Dubai Holding,

National Bonds invested more than Dh1bn in property in 2007 and 2008. It also invested in property management company BCS Strata Management Services. In 2010 National Bonds had Dh3.7 bn under its control, the company said.