Hamdan bin Mohammed approves the launch of the "Savings Scheme" for
foreign employees in the Dubai government.
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince
of Dubai and Chairman of the Executive Council, approved the launch of the "Savings Scheme
for Foreign Employees in the Government of Dubai", which will enhance the system of endof-service benefits, under the supervision of the Dubai International Financial Center and in
partnership with several international institutions that provide attractive and safe investment
opportunities in order to ensure the attraction and retention of talent by providing an integrated
system that provides various savings opportunities for employees in financial portfolios that
develop their entitlements and savings to ensure their present and future.
This came during His Highness presiding over the Executive Council meeting, which
was held today (Wednesday) in "Deep Dive Dubai" in the presence of His Highness Sheikh
Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime
Minister and Minister of Finance and First Deputy Chairman of the Executive Council. of the
topics on the agenda.
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum stressed that
this step comes within the framework of the process of continuous development of the
capabilities of the government sector, enhancing its attractiveness to the best qualified cadres
in its various fields, and creating the best supportive conditions for all its employees, whether
citizens or residents, in compliance with Dubai's approach in the field of Distinguishing the
government sector and in order to provide all its employees with all the ingredients that
guarantee them and their families a decent life, whether during their stay on the job or after the
end of their service period, while following the best international practices in this regard and
applying what suits them with what Dubai hopes for its government employees and guarantees
that guarantee their rights and contribute to their development.
Launched in January 2020 and offered a low-cost investment platform, Dubai
Financial Center plan attracts talent and ensures security and transparency.
In line with Dubai’s plan to make the emirate a center of the global economy and a
preferred place for work and life, in January 2020, the Dubai International Financial Center
began implementing the “Workplace Employee Savings Fund Scheme”, which is the first of
its kind in the region, as part of the center’s endeavors to keep pace with global trends in The
field of employee benefits, and supporting their plans to plan their financial future, especially
the retirement stage, by developing an end-of-service benefits system within the center, from a
defined structure based on rewards to a professionally funded and managed plan based on
contributions, transparency and security of their savings, and confirms the leadership of the
Dubai International Financial Center As a premier business hub that attracts the best talent that
contributes to shaping the future of the financial sector.
The plan provided a low-cost investment platform to receive and manage the mandatory
end-of-service contributions of the employers in the center on behalf of the employees and any
additional voluntary savings by the employees, which includes cash or cash equivalent options
for the contributing members who do not want to take the risk of investing through their
contributions.
Dubai International Arbitration Center launches new rules 2022.
The Dubai International Arbitration Center has launched the new arbitration rules 2022,
which keep pace with the requirements of the next stage and are compatible with the needs of
the conflicting parties, so that these new rules will be a qualitative leap in the level of arbitration
services provided by the center to its clients in the country, the region and the world. The launch
of the center's new arbitration rules came after it was approved by the Board of Directors of
the Dubai International Arbitration Center in its recent meeting.
The launch of the new rules is the result of efforts made over more than a year, as a
specialized working group was formed that included the most prominent experts and
practitioners of commercial arbitration in the country and abroad in cooperation with the
administrative body of the Center, who held more than 75 meetings to review the arbitration
rules, and draft the new rules that take into account The latest international practices in this
field.
The rules were characterized by their consistency with the most important arbitration
rules applied by the most important arbitration institutions around the world, and to ensure their
compatibility with local, regional and global requirements. The new rules will come into effect
from March 21.
Headed by Mansour bin Zayed, Central Bank approves 5,000 jobs for citizens in
the banking and insurance sector by the end of 2026.
His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister, Minister
of Presidential Affairs and Chairman of the Board of Directors of the Central Bank of the
United Arab Emirates, chaired the meeting of the Board of Directors of the Central Bank, which
was held today at Qasr Al Watan in Abu Dhabi.
His Highness Sheikh Mansour bin Zayed Al Nahyan welcomed the attendees, and His
Highness thanked the Central Bank for the efforts made in all its sectors and senior
administrations, to maintain financial stability in the banking sector. And the green financial
system, which the Central Bank is working to achieve at the highest levels of quality and in
line with the best international practices, to ensure the country’s leadership regionally and
internationally in this field.
The meeting was attended by Vice-Presidents H.E. Abdul Rahman Saleh Al Saleh, H.E.
Jassim Muhammad Al Zaabi, H.E. Khalid Muhammad Balamy, Governor of the Central Bank,
and Their Excellencies Board Members Younis Haji Al-Khoury, Sami Daen Al-Qamzi, and
Dr. Ali Mohammed Al-Rumaithi.
The Board of Directors of the Central Bank approved the Emiratisation program for
leading and key jobs in the banking and insurance sector in the country, by activating the
Central Bank’s initiatives related to Emiratisation by approving 5,000 new jobs by the end of
2026, in coordination with the Emirates Institute for Banking and Financial Studies and the
Board of Directors of the UAE Cadres Competitiveness Council, assigning and following up
the Institute in achieving these objectives.
During the meeting, a report on the follow-up to the implementation of the decisions
and directives issued by the Council in its previous meetings, and the decisions taken by
passing, were reviewed.
The Council reviewed some topics submitted by some departments and departments in
the banking and insurance supervision sector in the Central Bank, where it approved the
requests of banks and other financial institutions and took the necessary decisions regarding
them. He also agreed to amend the scope of work of the Banking Risk Center at the Central
Bank regarding the bounced check system.
The Council also reviewed the Central Bank's plan regarding cooperation and
communication with the private sector and financial and banking institutions, the collective
efforts made to combat money laundering and terrorist financing in the UAE, at the local and
international levels, and the enhanced compliance system for combating money laundering and
terrorist financing.
The Council completed the discussion of the topics on its agenda, which included some
administrative and operational issues, and took the appropriate decisions regarding them. The
Council also approved the framework for action proposed by the Risk Department of the
Central Bank.