Sheikh Hamdan launches savings scheme for Dubai expats

A savings scheme for expats has been approved by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council. The scheme is intended to enhance the end-of-service benefits systems for expats working in the public sector while it remains an option for the private sector firms. The initiative will allow employees to acquire several saving opportunities and investment avenues, including Sharia-compliant ones, for financial sustainability and a higher quality of life throughout their career and service in Dubai. Employees who do not want to invest their benefits, on the other hand, are given options that ensure capital protection. The scheme is expected to boost financial liquidity as well as the financial environment quality of Dubai. The initiative will also ensure that Dubai can remain an attractive career destination for outstanding and quality talent across various fields. The Dubai International Financial Centre (DIFC) will supervise the scheme along with several international investment firms as the scheme will be implemented in stages. The savings scheme was realized after a successful similar implementation of the DIFC for their employees in 2020. Sheikh Hamdan assures that the government initiatives have the employees’ interests in mind while ensuring decent life for them and their families and providing equitable opportunities in recognition of their efforts and determination. KSO/Expat Media
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