The Dubai International Financial Centre (DIFC), the leading financial hub in the Middle East, Africa, and South Asia, has announced that its innovative employee savings program, the Dubai Employee Workplace Savings Scheme (DEWS), has surpassed $1 billion in managed assets.
Launched in February 2020, this was the region’s first initiative of its kind, representing a transformative step by the DIFC to modernize end-of-service benefits management. By replacing traditional severance bonus systems with a fully funded, professionally managed savings plan, DIFC has introduced a new model that emphasizes transparency, sustainability, and long-term financial security for employees, while enabling employers to adopt global best practices in workforce benefits.
Since its introduction, the scheme has seen significant participation from the DIFC community, and it has since expanded to include expatriate employees across 61 government entities in Dubai. To date, 2,726 employers have enrolled in the plan, with approximately 74,323 employees now benefiting from a secure and organized savings methodology, as well as the opportunity to grow their end-of-service benefits through various investment options.
The rapid growth of the scheme, marked by exceeding $1 billion in managed assets, reflects high levels of confidence from both employers and employees, alongside the strong regulatory framework and global governance standards upheld by the DIFC. In addition to the managed assets, payments made to former participants have totaled over $340 million.
In this context, H.E. Abdullah Mohammed Al Basti, Secretary General of the Executive Council of Dubai and Chair of the Employee Savings Scheme Steering Committee, stated: “Dubai continues its path of sustainable growth, which positively impacts individuals, communities, and business sectors, embodying the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, as well as the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, to prioritize human development.”
The unprecedented achievement of the Employee Workplace Savings Scheme underscores the commitment of the Dubai Government to provide new investment opportunities for individuals and businesses, through pioneering initiatives that guarantee a brighter future for the Dubai community, supported by effective partnerships between the public and private sectors. This bolsters the goals of the Dubai Economic Agenda D33, enhances employee benefits, and provides long-term financial security, reinforcing Dubai’s position as a leading global city.
In response, H.E. Essa Kazim, Governor of the DIFC, remarked: “Achieving over $1 billion in managed assets within just five years is an extraordinary success for the Employee Workplace Savings Scheme. This pioneering initiative has provided a financial safety net for the future of approximately 75,000 employees.
It has also enhanced Dubai’s and the DIFC’s ability to attract and retain top global talent to work in companies operating within the centre and government entities. Furthermore, aligned with the Dubai Economic Agenda D33, this scheme is integral to the DIFC’s long-term vision of being among the top four global financial hubs and reinforcing Dubai’s reputation as a premier destination for living and working.”
Additionally, H.E. Arif Amiri, CEO of the DIFC Authority, stated: “Surpassing $1 billion in managed assets reflects the trust employers and employees place in the Employee Workplace Savings Scheme and highlights the DIFC’s central role in promoting leading initiatives that support the Dubai Economic Agenda D33. The success of this scheme illustrates the centre’s ability to innovate solutions that offer long-term sustainable value. It is a clear example of how the DIFC bolsters Dubai’s reputation as a leading regional business hub, supporting employers in adopting global best practices and enhancing the city’s appeal to global talent.”
The success of the Employee Workplace Savings Scheme relies on strategic partnerships with selected entities. Equiom serves as the main independent custodian overseeing the scheme’s assets and safeguarding member rights, while Zurich Workplace Solutions manages daily operational functions and customer service. Investment management is provided by Mercer, a leading global financial consulting firm, which ensures a diversified investment portfolio using a meticulous approach, optimizing growth opportunities for employees that meet global professional standards.
The Employee Workplace Savings Scheme continues to set new standards for workforce savings in the region, empowering employees through financial security and peace of mind, while simultaneously enhancing Dubai’s status as an advanced and inclusive global financial centre.