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UAE to benefit from proposed expat pension
11 November 2011
A proposed expat saving scheme could be the catalyst for an expansion of the region’s capital markets. Stephanie Baxter reports
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UAE
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GCC
Proposals by the Dubai government to set up an expat pension system in the UAE could result in flows of “tens of billions of dollars” into the region’s capital markets, according to Simon Fielder, managing director of Dubai-based fund manager, Ryland Gray. The Dubai Department of Economic Development (DED,) recently announced a study to see if a savings scheme for expats in the region is viable. This is in response to the UAE’s end of service benefit (EoSB), which is a gratuity paid by the employer, based on length of service and basic salary at the end of an employees contract.Asset managers in the UAE are reacting positively to the DED’s announcement which would push a large amount of money into the region’s asset management industry, according to Fielder: “The size of the market is absolutely enormous in terms of the amount of money sitting on company balance sheets in...
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