The bulk of the United Arab Emirates population is made up of expat workers but until now there has been little domestic opportunity for the expat community to save for their retirement.
Now a new scheme has been launched by the trust arm of the National Bank of Abu Dhabi called the Wealth Builder Plan designed to keep a greater proportion of the wealth generated by expats inside the country.
The new UAE expat pension scheme is expected to prove popular with employers as well as employees allowed to contribute. There are no minimum salary requirements for entry into the scheme and expats will be able to withdraw their funds no matter how long they have been employed.
Samira Zakour, Chief Marketing Officer of NBAD Trust Services, says: “By offering employees a cost effective and professionally managed savings solution, employers will be able to demonstrate that they have the long term interests of their staff in mind. This will have a powerful and positive impact on their ability to recruit and retain high quality employees.
“This plan would offer employees access to international investment options that may not be available to the individual investor. It also allows them to track the progression of selected funds and see exactly how much has been saved whenever and wherever. The portal also allows investors to change investment strategy as personal needs and circumstances change.”