Dubai International Financial Centre (DIFC), the leading global financial centre in the region, today announced that its innovative employee workplace savings plan, the DIFC Employee Workplace Savings (DEWS) scheme, has surpassed $1 billiion in Assets under Administration (AuA).
Launched in February 2020, DEWS was the first initiative of its kind in the region, representing a transformational step by DIFC in modernising the way end-of-service benefits are managed, said the statement from DIFC.
By replacing the traditional gratuity system with a fully funded and professionally managed savings plan, DEWS introduced a new model that prioritises transparency, sustainability, and long-term financial security for employees, while enabling employers to adopt global best practices in workforce benefits.
Since inception, DEWS has attracted significant participation across the DIFC community and subsequently been expanded to expatriates in 61 Government of Dubai entities.
To date, a total of 2,726 employers have enrolled in the scheme, and 74,323 individuals are now registered, benefitting from the security of regulated savings and the ability to grow their end-of-service benefits through a range of investment options, said the statement.
The scheme’s rapid growth to more than $1 billion in AuA reflects the high levels of trust and confidence from both employers and employees, as well as DIFC’s robust regulatory framework and world-class governance standards.
Beyond the AuA that is held within the scheme, payouts to previous participants have exceeded an additional $340mn.
Abdulla Mohammed Al Basti, Secretary General of The Executive Council of Dubai and Chairman of the Steering Committee of the Savings Fund for the Employees Working in Dubai, said the success of the DEWS scheme underscores the government's commitment to providing new investment opportunities for individuals, companies, and institutions.
"Such pioneering initiatives are instrumental in ensuring a better future for the community. Furthermore, effective public-private partnerships are vital; they align with the objectives of the Dubai Economic Agenda (D33), enhance employee benefits, and provide long-term financial security for employees. This comprehensive strategy consolidates Dubai's position at the forefront of the world's most competitive cities," he stated.
Essa Kazim, Governor of DIFC, said: "Reaching over $1 billion in assets under administration in just over five years is a remarkable achievement for DEWS. This groundbreaking scheme has safeguarded the financial futures of close to 75,000 employees. Additionally, it has strengthened Dubai and DIFC’s ability to further attract and retain the very best global talent to work for companies in the region’s pre-eminent global financial centre and government entities."
"Aligned with the Dubai Economic Agenda (D33), DEWS is an integral part of DIFC’s long-term vision to become a top four global financial centre, and reinforce Dubai’s reputation as a leading city to live and work in," he noted.
Arif Amiri, Chief Executive Officer of DIFC Authority, said: "Surpassing $1 billion in assets reflects the confidence of employers and employees in DEWS, as well as DIFC’s role as a catalyst for advancing progressive initiatives that support the Dubai Economic Agenda (D33)."
"The scheme’s success is a testament to DIFC’s ability to create innovative solutions that generate long-term value. DEWS is a clear example of how DIFC is further enhancing Dubai’s reputation as the region’s leading business-friendly destination, supports employers in adopting global best practices, and reinforces the city’s attractiveness for international talent," he added.-TradeArabia News Service