#Dubai Plans Savings Fund for Foreigners Working in Government - Bloomberg

Dubai Plans Savings Fund for Foreigners Working in Government - Bloomberg

Dubai, the Middle East’s financial hub, said it will set up a savings fund for foreign employees working in government, the emirate’s latest step to retain and attract talent.

The fund will be supervised by the Dubai International Financial Center and run in partnership with international institutions, according to a statement. Expatriates will be able to access portfolios in both traditional and Islamic investment funds.

A committee will look into access for private-sector employees, it added.

The United Arab Emirates, made up of seven emirates including Dubai, has been introducing new labor regulations that make it easier for foreigners to work.

They include so-called golden visas that grant holders a 10-year residency permit and allow retired foreigners to stay on. Expatriate residents make up nearly 90% of the UAE population but many left as the pandemic eliminated some employment opportunities.