Image: Dubai Media Office
Dubai International Financial Centre (DIFC), the global financial hub in the Middle East, Africa, and South Asia (MEASA), has announced that the DIFC Employee Workplace Savings (DEWS) scheme has surpassed $1bn in Assets under Administration (AuA).
Launched in February 2020, DEWS was the first initiative of its kind in the region, transforming how end-of-service benefits are managed. By replacing the traditional gratuity system with a fully funded and professionally managed savings plan, DEWS introduced a model focused on transparency, sustainability, and long-term financial security for employees, while enabling employers to align with global workforce benefits standards.
Strong participation
Since inception, the scheme has attracted strong participation across the DIFC community and was later extended to expatriates in 61 Government of Dubai entities. To date, 2,726 employers have enrolled, and 74,323 individuals are registered, benefiting from regulated savings and a variety of investment options to grow their end-of-service benefits.
The scheme’s rapid growth to more than $1bn in AuA highlights the confidence of employers and employees, supported by DIFC’s robust regulatory framework and governance standards. In addition, payouts exceeding $340m have been made to former participants.
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 the Emirate of Dubai, said: “Dubai continues to pursue sustainable growth by placing people at the heart of this development, reflecting the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of The Executive Council of Dubai.
“The success and performance of the DEWS scheme underscores the Dubai 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.”
Essa Kazim, Governor of DIFC, commented: “Reaching over $1bn 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.”
Arif Amiri, Chief Executive Officer of DIFC Authority, said: “Surpassing $1bn 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.”
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The DEWS scheme is supported by key partners: Equiom serves as master trustee, providing independent oversight to protect members’ interests; Zurich Workplace Solutions (Middle East) acts as plan administrator, ensuring smooth operations and client servicing; and Mercer manages the underlying funds, offering employees access to diversified, professionally managed investment options.
DEWS continues to set a benchmark for workplace savings across the region, enhancing financial security for employees and further strengthening Dubai’s reputation as a forward-thinking global financial hub.
