The Dubai International Financial Centre (DIFC) has announced new changes to the Employment Law that mandate contributions to a savings scheme for Gulf nationals employed at the financial hub.

These changes have been made after a period of public consultation in 2023. Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, has promulgated these updates to ensure that the DIFC’s laws meet global best practices.

Under these changes, DIFC companies are required to make top-up payments into a Qualifying Scheme, which includes the DIFC Employee Workplace Savings plan (DEWS) for employed GCC nationals. Additionally, companies have to make contributions to the workers’ General Pension and Social Security Authority (GPSSA).

These top-up payments are required if the amount of GPSSA contributions made by employees is less than the monthly end-of-service contributions under the Employment Law that they would have received if they were not GCC nationals.

This ensures that GCC nationals in DIFC are not disadvantaged and receive benefits similar to other employees.

Other changes have been made to ensure that Qualifying Schemes do not receive contributions from companies or workers subject to sanctions. The DIFC has also updated Trust Law, Foundations Law and Operating Law to comply with the latest regulations.

The Dubai International Financial Centre (DIFC) is a special economic zone in Dubai that was established in 2004 as a financial hub for companies operating in the Middle East, Africa, and South Asia (MEASA) markets. The zone spans 110 hectares, or 272 acres.

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On behalf of Dubai Internet City, Ammar Al Malik, Executive Vice President – Commercial at TECOM Group, signed the agreement with Dr. Thomas Mack, Head of Scouting & Advisory at German Entrepreneurship GmbH.

Under the terms of the agreement, Dubai Internet City will support German start-ups with the data, insights, and resources needed to enter the UAE and new regional markets. German start-ups will also be invited to establish a base at Dubai Internet City and access its rich network of industry peers, corporates, potential investors, universities, and public sector specialists.

Commenting on the agreement on behalf of Dubai Internet City, Ammar Al Malik, Executive Vice President – Commercial at TECOM Group, said: “In today’s dynamic global economy, start-ups expanding to new markets need seamless entry points that facilitate smoother transitions and alleviate cultural differences to foster an environment supportive of business growth and innovation.

“Dubai Internet City’s ecosystem provides invaluable opportunities for start-ups, who gain access to mentorship, potential collaborations, and a diverse talent pool through our network, which is aligned with the structural priorities of the Dubai Economic Agenda ‘D33’ vision. As the home of international technology giants, our district nurtures collaboration and peer learnings, and is the ideal launching pad for companies looking to start- or scale-up from Dubai into new regional and global markets.”

Germany is an important trading partner of the UAE, and non-oil trade exchange between both countries was valued at $9.6 billion in 2022. Germany is the UAE’s second-largest trading partner in the European Union, accounting for 17% of the UAE’s total trade with the bloc last year, while the UAE was Germany’s largest Arab trade partner in 2021.

“We are pleased to sign this agreement with Dubai Internet City, a regional leader for the technology sector,” said Dr. Thomas Mack, Head of Scouting & Advisory at German Entrepreneurship GmbH. “The memorandum provides German companies with not only the opportunity to gain a smooth entry into a new market, but also to swiftly collaborate with global industry leaders that have a home at Dubai Internet City and engage with its wide entrepreneurial network of investors, accelerators, and other start-ups across the region.”

The agreement was signed as Dubai Internet City and in5, TECOM Group’s start-up incubator that has nurtured over 850 enterprises since its inception in 2013, participate in the GITEX Global 2023 and Expand North Star 2023 events in the city this week.

Dubai Internet City is Innovation Partner for GITEX Global 2023, which is being held at Dubai World Trade Centre on 16-20 October. The district is the region’s largest tech hub and has led Dubai’s digital transformation strategy for over two decades, serving as a platform for global tech brands, start-ups, and innovators to work, connect, and innovate. It is home to more than 3,000 customers, including Fortune 500s and SMEs such as Google, 3M, Microsoft, and Careem, in addition to over 29,000 professionals and entrepreneurs.

Dubai Internet City is part of TECOM Group’s portfolio of business districts that includes Dubai Design District (d3), Dubai Science Park, Dubai Media City, Dubai Studio City, Dubai Production City, Dubai Knowledge Park, Dubai International Academic City, and Dubai Industrial City.

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