New Saudi savings scheme planned

A new savings and investment scheme is set to be launched in Saudi Arabia by UAE-based National Bonds and Shuaa Capital.

An initial agreement was signed by the pair who are in talks with regulators with the aim of launching in the second half of the year.

“Saudi Arabia is a strategically important market for us, and with over 70 percent of the population under the age of 30, there is a strong opportunity to increase financial literacy among a new generation of Saudis,” said National Bonds CEO Mohamed Qasim Al-Ali.

Last year National Bonds reported returns of between 1.6 percent and 3.6 percent for savers in the UAE according to its website, rising to 4 percent for customers with a three-year term.

Saudi Arabia is aiming to open up its financial services sector to increased foreign investment as part of a wider economic diversification push.