The first government initiative of its kind in the region
Hamdan bin Mohammed approves the “providing fund” for foreign employees in the Dubai government
Hamdan bin Mohammed while presiding over the Executive Council meeting in the presence of Maktoum bin Mohammed.
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The Fund guarantees employees and their families a decent life.
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H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, approved the launch of the "Provision Fund for Foreign Employees in the Government of Dubai", which will enhance the system of end-of-service benefits, under the supervision of the Dubai International Financial Center, and in partnership with several international institutions, It provides attractive and safe investment opportunities, to ensure the attraction and retention of competencies 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 yesterday at 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.
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 its employees, both citizens and residents, in compliance with Dubai's approach in the field of excellence. The government sector, and in order to provide all its workers with all the ingredients that guarantee them and their families a decent life, whether during their time at the head of their work or after the end of their service period, while following the best international practices in this regard, and applying what is commensurate with what Dubai hopes for its government employees Features and guarantees that guarantee their rights and contribute to their development.
His Highness said: “We directed the formation of a steering committee headed by the General Secretariat of the Executive Council to prepare an integrated plan to ensure that the fund achieves its objectives, through which we seek to achieve the best advantages for our resident sisters and brothers in the Dubai government, in appreciation of their efforts, and in order to help them develop their dues in a thoughtful economic manner. It takes into account their future and the future of their dependents.”
His Highness added: "Through the continuous development of the labor system in Dubai, we seek to enhance the attractiveness of the labor market in the emirate, and increase its level of flexibility that supports and empowers employees, which confirms the upgrading of the level of services provided, and at the same time guarantees the rights of resident employees, in appreciation of their contributions as partners in our comprehensive development process." The Provident Fund is a new step towards attracting more talents, innovators and investors in various fields, and we will continue to work to consolidate Dubai’s position as the best city to live and work in the world.”
The new fund contributes to attracting the most prominent and most qualified international talents and retaining them to work in Dubai, within an integrated system that enhances the attractiveness and flexibility of the labor market in the emirate, similar to the leading countries in this field, which have labor markets that are considered the best in the world.
The Provident Fund also provides employees with many financial advantages, most notably the opportunity to save in financial portfolios to develop their savings, provide financial sustainability for them and their families, and protect and manage financial dues more effectively, as the financial dues will be deposited in the Fund starting from the date of subscription to the system without including the dues. Financial for previous years of service, to which current legislation applies, in addition to enabling employees to choose multiple investment mechanisms, including traditional investment funds, and others compatible with Islamic Sharia, as well as providing options that ensure capital protection for employees who do not wish to invest their dues.
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum directed the formation of a steering committee, headed by the General Secretariat of the Executive Council, and membership of the Department of Finance, the Department of Human Resources of the Government of Dubai, the Department of Legal Affairs of the Government of Dubai, the Supreme Legislation Committee, and the Dubai International Financial Center, where the committee will develop a plan Working, setting executive procedures and supervising the fund’s workflow and achieving its objectives, and studying the extent to which this system can be applied voluntarily to workers in the private sector in the Emirate of Dubai, in accordance with the legislation in force in this regard, after coordination with the competent federal and local authorities.
The fund will enhance the financial liquidity invested in Dubai during the next phase, to devote the quality and leadership of the supportive financial environment in the emirate, as the idea of the employee provident fund comes after the successful experience that the Dubai International Financial Center started on all employees of the center’s region in 2020.
The board of trustees and international investment destinations, under the supervision of the Dubai International Financial Center, will assume the tasks of supervising the fund within a governance system that ensures the efficiency and effectiveness of the fund, in the interest of the employee first, and then providing multiple investment fields, in addition to supporting the planning and management of human resources and the workforce in Dubai. , by securing the financial dues related to the employees’ end of service on a regular and sustainable basis within an integrated system that is managed with high efficiency.
Hamdan bin Mohammed:
• «We are keen to provide workers in the government sector with everything that guarantees them and their families a decent life».
• "We implement everything that is compatible with Dubai's aspirations for its government employees in terms of privileges and guarantees that guarantee them their rights and contribute to their development."
53 strategic initiatives
The Executive Council has approved the Dubai Traffic Safety Strategy 2022-2026, which was developed by the Dubai Roads and Transport Authority and the Dubai Police General Command. And the implementation of 53 strategic initiatives, pouring into four main axes, including traffic control, road and vehicle engineering, traffic awareness, in addition to systems and management.
Dubai has achieved leadership in the field of traffic safety, to match the most prominent countries and cities in the world in this regard, and the strategy will complete what has been achieved within the objectives of the National Agenda and Dubai Plan 2021, and will include finding and providing alternative and sustainable individual transportation, while ensuring the application of the highest standards of traffic safety, according to the visions of Foresight, based on continuous development to consolidate an integrated system for the road and traffic safety sector, taking into account the latest technologies and ingredients that contribute to reducing traffic accidents, and reducing their impact on lives and property, as Dubai pays great attention to infrastructure and projects in general, especially those related to roads, with the aim of Protecting community members and contributing to the growth and development of the national economy.
Fund Objectives
■ Ensure and protect the rights of employees and provide opportunities to develop their entitlements and savings.
■ Attract the best talents and minds and enhance the flexibility and attractiveness of the labor market in Dubai.
■ Consolidating the culture of savings for employees and financial planning for their present and future.
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• The Provident Fund for Foreign Employees enhances the end-of-service benefits system in the Government of Dubai, and follows international best practices.
• Studying the extent to which the system can be voluntarily applied to workers in the private sector in Dubai, in accordance with the applicable legislation, and in coordination with the competent federal and local authorities.
• Provide multiple investment mechanisms, in line with employee preferences, including the provisions of Islamic Sharia, while ensuring capital protection for employees who do not wish to invest.
• Depositing the financial dues in the fund starting from the date of subscribing to the provident fund.
• The fund is managed by a board of trustees and international investment destinations, under the supervision of the Dubai International Financial Center, and with controls that ensure financial efficiency.
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