National Bonds, the Sharia-compliant savings and investment company owned by the Investment Corporation of Dubai, has unveiled a new plan that will help people become dirham millionaires through savings and accumulated profits over a period of up to 10 years.
Called “My One Million”, it is an “affordable savings plan” that allows participants to select a savings tenor of three to 10 years with the goal of saving Dh1 million ($272,294), Rehab Lootah, deputy group chief executive of National Bonds, said on Monday.
Customers can jump-start their savings journey by making a lump-sum investment in the plan, while companies can contribute to the scheme on behalf of their employees.
“Our mission is to empower individuals and corporations alike with knowledge and opportunities that foster lasting financial prosperity within our community,” Ms Lootah said.
“With the launch of My One Million, becoming a millionaire is a choice that every individual can make.”
The Covid-19 pandemic raised widespread concern over personal financial issues and highlighted the importance of saving, having an emergency fund for short-term cash needs and enough money for retirement.
The UAE, the second-largest Arab economy, has recovered strongly from the pandemic-induced slowdown on the back of the government’s fiscal and monetary measures.
The UAE has undertaken several economic, legal and social reforms to strengthen its business environment, increase foreign direct investment, attract skilled workers and provide incentives to companies to set up or expand their operations.
Last month, the UAE introduced an optional savings retirement plan that allows employees in the UAE’s private and free zone sectors to invest their end-of-service benefits to build long-term wealth.
Watch: UAE launches new gratuity scheme
End-of-service gratuities are lump-sum payments that all employed residents are entitled to after completing at least one year of service with a company.
The scheme will involve the formation of savings and investment funds that will be overseen by the Securities and Commodities Authority in collaboration with the Ministry of Human Resources and Emiratisation.
Meanwhile, a survey by National Bonds in July found that 82 per cent of employees in the UAE are open to employers investing their end-of-service benefits, while more than eight in 10 savers believe it is important to have an emergency fund to survive difficult economic times.
More than a third of respondents to the annual National Bonds Savings Index survey also said they planned to retire in the UAE because of the country’s “stability”.
“This has led to a significant number of individuals, particularly expat Arabs, considering longer-term investment opportunities within the country as well as 60 per cent of Asians, and Westerner respondents are eyeing the UAE as an investment destination,” the survey said.
Savers who want to join the My One Million plan can register through the National Bonds app or visit one of the company’s branches.
Once registered, participants then choose the duration of the plan and set up their monthly contributions.
For example, if a customer chooses a 10-year plan and invests a lump sum of Dh100,000, their monthly contribution required to reach Dh1 million at the end of the term will be Dh6,200, National Bonds said.
“Our aim is clear; we help individuals build robust, long-term financial futures with our unique and adaptable solutions,” said Ms Lootah.
In March, National Bonds also launched a Second Salary programme that aims to generate a supplementary income for Emiratis and UAE residents during retirement.
It comprises a saving phase, in which customers deposit money into National Bonds every month for a period between three and 10 years, and an income phase, which allows customers to draw an income every month.
In the second phase of the plan, customers will receive their base investment amount every month plus their accumulated profit. The profit earned will be compounded monthly to provide enhanced returns, National Bonds said.
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
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Swansea 2
Grimes 20' (pen), Celina, 29'
Man City 3
Silva 69', Nordfeldt 78' (og), Aguero 88'
Profile Periscope Media
Founder: Smeetha Ghosh, one co-founder (anonymous)
Launch year: 2020
Employees: four – plans to add another 10 by July 2021
Financing stage: $250,000 bootstrap funding, approaching VC firms this year
Investors: Co-founders
Results:
5pm: Handicap (PA) | Dh80,000 | 1,600 metres
Winner: Dasan Da, Saeed Al Mazrooei (jockey), Helal Al Alawi (trainer)
5.30pm: Maiden (PA) | Dh80,000 | 1,600m
Winner: AF Saabah, Tadhg O’Shea, Ernst Oertel
6pm: Handicap (PA) | Dh80,000 | 1,600m
Winner: Mukaram, Pat Cosgrave, Eric Lemartinel
6.30pm: Handicap (PA) | Dh80,000 | 2,200m
Winner: MH Tawag, Richard Mullen, Elise Jeanne
7pm: Wathba Stallions Cup Handicap (PA) | Dh70,000 | 1,400m
Winner: RB Inferno, Fabrice Veron, Ismail Mohammed
7.30pm: Handicap (TB) | Dh100,000 | 1,600m
Winner: Juthoor, Jim Crowley, Erwan Charpy
Global state-owned investor ranking by size
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TO ALL THE BOYS: ALWAYS AND FOREVER
Directed by: Michael Fimognari
Starring: Lana Condor and Noah Centineo
Two stars
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Dubai World Cup draw
1. Gunnevera
2. Capezzano
3. North America
4. Audible
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6. Pavel
7. Gronkowski
8. Axelrod
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10. Yoshida
11. K T Brave
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13. Dolkong
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
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Electric scooters: some rules to remember
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- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
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Get Out
Director: Jordan Peele
Stars: Daniel Kaluuya, Allison Williams, Catherine Keener, Bradley Whitford
Four stars
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
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Aston Villa 1 (Konsa 63')
Sheffield United 0
Red card: Jon Egan (Sheffield United)
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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2000: Israel withdraws from Lebanon after nearly 30 years without an officially demarcated border. The UN establishes the Blue Line to act as the frontier.
2007: Lebanon and Cyprus define their respective exclusive economic zones to facilitate oil and gas exploration. Israel uses this to define its EEZ with Cyprus
2011: Lebanon disputes Israeli-proposed line and submits documents to UN showing different EEZ. Cyprus offers to mediate without much progress.
2018: Lebanon signs first offshore oil and gas licencing deal with consortium of France’s Total, Italy’s Eni and Russia’s Novatek.
2018-2019: US seeks to mediate between Israel and Lebanon to prevent clashes over oil and gas resources.
ENGLAND SQUAD
Joe Root (captain), Dom Sibley, Rory Burns, Dan Lawrence, Ben Stokes, Ollie Pope, Ben Foakes (wicketkeeper), Moeen Ali, Olly Stone, Chris Woakes, Jack Leach, Stuart Broad
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