Dubai approved the launch of the "Savings Scheme for Foreign Employees in the Government of Dubai" to enhance the end-of-service benefits system.
The Dubai International Financial Centre will supervise the Scheme in partnership with several international investment firms that provide attractive and safe investment opportunities.
The announcement was made during the Executive Council of Dubai meeting, attended by Crown Prince of Dubai Sheikh Hamdan bin Rashid Al Maktoum and Deputy Ruler of Dubai Sheikh Maktoum bin Rashid Al Maktoum.
Speaking at the meeting, Sheikh Hamdan stressed that the Scheme would play a pivotal role in continuously developing the government sector's capabilities and enhancing its attractiveness to qualified professionals across various fields.
He ensured that all citizens or residents were provided with the needed support, in line with international best practices and Dubai's vision to reach unprecedented levels of excellence across the government sector.
"The steering committee, led by the General Secretariat of The Executive Council, will implement an integrated plan to ensure that the objectives of the Scheme are met, through which we seek to offer equitable opportunities for our brothers and sisters in the Dubai Government in recognition of their efforts and determination," Emirates News Agency (WAM) quoted the Crown Prince as saying.
"We seek to enhance the flexibility and attractiveness of the market in Dubai through the continuous development of our system," said Sheikh Hamdan, adding that the Savings Scheme is a new step towards attracting more talent, innovators, and investors across various fields.
Sheikh Hamdan noted that Dubai is looking to consolidate its position as a leading city that delivers optimum work and living standards.
The initiative will also ensure that Dubai remains an attractive career destination that appeals to outstanding talent through an integrated system that offers employees various saving opportunities across financial portfolios that can grow their benefits and savings for the future.
The Scheme provides employees with several financial benefits, most notably the opportunity to save across different financial portfolios to grow their savings and provide economic sustainability for themselves and their families.
It will also protect and manage dues more effectively by depositing them in the Scheme starting from the date of enrolment; hence, it will not include any financial dues from former years of service to which the current legislation applies.
Employees will choose from multiple investment structures, including traditional investment funds and others compatible with Islamic Sharia.
Employees who do not wish to invest their benefits will also be provided with options that ensure capital protection.
The Scheme is expected to boost financial liquidity in Dubai in the coming years and enhance the quality of the evolving economic environment in the emirate.
It was conceptualized after the Dubai International Financial Centre (DIFC) successfully implemented it for employees working within the DIFC in 2020.
The Council also approved the Dubai Traffic Safety Strategy 2022-2026, developed by the Roads and Transport Authority and the Dubai Police Headquarters.
The strategy's objective is to make Dubai one of the safest cities globally and achieve the zero road deaths vision by developing and implementing 53 strategic initiatives that fall under four key categories: traffic control, vehicle and highway engineering, traffic awareness, systems, and management.
