Dubai international financial centre (difc): DIFC today announced that its innovative employee workplace savings plan, the DIFC Employee Workplace Savings (DEWS) scheme, has surpassed US$1 billion 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.
According to Emirates News Agency, DEWS replaced the traditional gratuity system with a fully funded and professionally managed savings plan. This model prioritises transparency, sustainability, and long-term financial security for employees while enabling employers to adopt global best practices in workforce benefits. Since its inception, DEWS has attracted significant participation across the DIFC community and has been expanded to expatriates in 61 Government of Dubai entities. To date, 2,726 employers have enrolled in the scheme, and 74,323 individuals are now registered, benefitting from regulated savings and the ability to grow their end-of-service benefits through a range of investment options.
The scheme's rapid growth to more than US$1 billion in AuA reflects high levels of trust and confidence from both employers and employees, as well as DIFC's robust regulatory framework and governance standards. Beyond the US$1 billion AuA held within the scheme, payouts to previous participants have exceeded an additional US$340 million.
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, stated that Dubai is pursuing sustainable growth by placing people at the heart of this development. This reflects the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum and the directives of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum. He emphasized that the success of the DEWS scheme underscores the Dubai Government's commitment to providing new investment opportunities and ensuring a better future for the community.
Essa Kazim, Governor of DIFC, commented on the achievement of reaching over US$1 billion in assets under administration in just over five years. He highlighted that the scheme has safeguarded the financial futures of close to 75,000 employees and strengthened Dubai and DIFC's ability to attract global talent. The DEWS scheme aligns with the Dubai Economic Agenda (D33) and is part of DIFC's vision to become a top four global financial centre.
Arif Amiri, Chief Executive Officer of DIFC Authority, noted that surpassing US$1 billion in assets reflects the confidence of employers and employees in DEWS and DIFC's role as a catalyst for advancing progressive initiatives. The scheme's success is a testament to DIFC's ability to create solutions that generate long-term value and enhance Dubai's reputation as a business-friendly destination.
The success of DEWS has been supported by the expertise of its appointed partners. Equiom acts as the scheme's master trustee, providing independent oversight, while Zurich Workplace Solutions (Middle East) serves as the plan administrator. The underlying funds are managed by Mercer, ensuring a diversified and professionally managed range of investment options for employees.