Dubai Crown Prince launches ‘savings fund’ for expats in public sector

Crown Prince of Dubai and Chairman of the Executive Council - Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum on Wednesday has launched a 'savings fund' for the expats who are doing jobs in the public sector.

Dubai, United Arab Emirates: Crown Prince of Dubai and Chairman of the Executive Council – Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum on Wednesday has launched a ‘savings fund’ for the expats who are doing jobs in the public sector. The fund has been launched with the aim to safeguard the rights of the expats employees while providing them with the opportunities to enhance their savings.

The meeting of the Executive Council of Dubai was held on Wednesday in “Deep Dive Dubai” witnessed the announcement of the scheme.

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However, the fund will remain a choice for the private sector companies. This initiative of the government also implements an end-of-service benefits system.

Hamdan bin Mohammed sharing the pictures, wrote on his Twitter, citing, “Dubai Government would continue to launch the initiatives to make sure the welfare of its employees in accordance with international best practices”.

“The savings scheme is a new step towards – attracting more talent, innovators & investors across various fields, as we look to consolidate the current position of Dubai as a leading city that delivers optimum work and living standards”, he then added.

The government officials further outlined that the savings fund has also been launched with the aim of encouraging the ” culture of savings and financial planning among expatriate employees”. The Dubai International Financial Centre, in collaboration with numerous international investment companies that provides attractive as well as safe investment opportunities, will be responsible for the supervision of the initiative.

Experts have a firm belief that this scheme will attract a lot of talented individuals while fostering the flexibility and attractiveness of the labour market in Dubai.

The scheme will also assist an individual in protecting and managing their dues by depositing them in the fund. No financial dues from the former years of service to which the current legislation applies will not be included.

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Moreover, the employees will be getting the opportunity of choosing multiple investment structures, including traditional investment funds, as well as others consistent with Islamic Sharia.

Tariq Saeed

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