Dubai's Shuaa Capital and savings scheme National Bonds formed a strategic alliance under which the investment bank will offer advisory and brokerage services to the Sharia-compliant firm.

The partnership is also aims at expanding the customer bases of both and promoting a savings culture in the UAE.

The tie-up will "help some of our clients shift from risk exposure investments to risk control," remarked Khalifa Al Daboos, chairman of National Bonds.

Shuaa said it was looking to close one or more acquisitions by the end of the year after sources said last month that it had targeted several companies, including brokerages in Egypt, for potential purchases.

Dubai sovereign wealth fund, Investment Corporation of Dubai, took control of National Bonds in March when it brought the remaining 50 per cent it didn't own from entities, including Dubai Holding and Emaar Properties.-Reuters