The UAE's advantages as a place to live and work are well known, and there is much to be said about its diverse international work force and office culture.
Many who come to the country arrive with an employment contract to work in the private or public sector or in the free zones. Now, UAE residents – primarily employees of the private sector and free zones – can look forward to end of service benefits in the form of accumulated savings as and when they reach the end of their service with a company. The new end-of-service savings scheme was laid out by Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, at the regular UAE Cabinet meeting in Abu Dhabi. The idea behind the new investments scheme is to foster a culture of savings, protect employees and create financial stability for families.
Many companies in the UAE already provide gratuities or lump sums – with varying terms, depending on their contracts. But in general, after working for at least a year at a company, employees receive a gratuity of 14 days of basic pay for each year in the job. This sum increases to 30 days (of basic pay per year) after completing five years at the same company.
Companies that participate will be required to pay a monthly contribution under the scheme. When employees leave the company, they will receive savings and investment returns accrued during their tenure. This is especially important as even though many among us keep an eye on the future – either investing in mutual funds or stocks, setting aside funds for children's college, retirement and so on. Financial literacy is by no means everyone's forte, and not everyone is inclined to save or proficient at systematic savings. Many are unfamiliar with the nuances of calculating gratuities or planning for their futures keeping savings in mind.
A survey in 2021 of more than 1200 people showed 40 per cent of UAE respondents outside the Dubai International Finance Centre didn't know about gratuities or how their salaries could work for them. Considering realities of financial unawareness, having employers put away on employees' behalf an amount that will grow and yield a tidy sum years down the line could be an attractive proposition for many, who have options in signing up for companies' schemes.
There is also the factor of trust that enters the picture in UAE federal plans that are deemed more secure with good reason, as opposed to perhaps riskier investments that may or may not yield the returns that one had hoped for. Nor is this the first progressive step the country has taken looking out for its many millions of overseas workers. In March last year, Dubai laid out an inclusive new savings pension plan for non-Emirati employees working in Dubai’s government and public sector.
End of service benefits are frequently the norm in several countries, not just in the West, to ensure financial security for employees. They're in keeping with industry best practices and prove immensely valuable in the many cases when they help people tide over lean periods between jobs. Financial experts told The National that this measure "would bring the Emirates in line with employment packages offered in countries such as the UK, the US, and Australia".
Even as more details of the new end-of-service programme, including the timeline, come to light, the country's broad approach and plans are clear: they're centred on taking care of the work force and in doing so, making the country more attractive to future potential employees. Other government steps to the same end, including providing visas for remote work, make the UAE more inviting to overseas talent. Strengthening the legal framework around employee benefits at a federal level could encourage people not just to relocate to the UAE, but to build their lives here, provide for families, and watch them grow, as the country itself does.
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
The specs
Engine: 3.8-litre, twin-turbo V8
Transmission: eight-speed automatic
Power: 582bhp
Torque: 730Nm
Price: Dh649,000
On sale: now
The specs
Engine: 3.8-litre twin-turbo flat-six
Power: 650hp at 6,750rpm
Torque: 800Nm from 2,500-4,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 11.12L/100km
Price: From Dh796,600
On sale: now
UAE players with central contracts
Rohan Mustafa, Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Shaiman Anwar, Adnan Mufti, Mohammed Usman, Ghulam Shabbir, Ahmed Raza, Qadeer Ahmed, Amir Hayat, Mohammed Naveed and Imran Haider.
The schedule
December 5 - 23: Shooting competition, Al Dhafra Shooting Club
December 9 - 24: Handicrafts competition, from 4pm until 10pm, Heritage Souq
December 11 - 20: Dates competition, from 4pm
December 12 - 20: Sour milk competition
December 13: Falcon beauty competition
December 14 and 20: Saluki races
December 15: Arabian horse races, from 4pm
December 16 - 19: Falconry competition
December 18: Camel milk competition, from 7.30 - 9.30 am
December 20 and 21: Sheep beauty competition, from 10am
December 22: The best herd of 30 camels
Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
The specs
Engine: 4-litre twin-turbo V8
Transmission: eight-speed PDK
Power: 630bhp
Torque: 820Nm
Price: Dh683,200
On sale: now
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
The specs: 2018 Mercedes-Benz E 300 Cabriolet
Price, base / as tested: Dh275,250 / Dh328,465
Engine: 2.0-litre four-cylinder
Power: 245hp @ 5,500rpm
Torque: 370Nm @ 1,300rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.0L / 100km
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
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UAE v Zimbabwe A, 50 over series
Fixtures
Thursday, Nov 9 - 9.30am, ICC Academy, Dubai
Saturday, Nov 11 – 9.30am, ICC Academy, Dubai
Monday, Nov 13 – 2pm, Dubai International Stadium
Thursday, Nov 16 – 2pm, ICC Academy, Dubai
Saturday, Nov 18 – 9.30am, ICC Academy, Dubai
