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UAE holds talks on setting up retirement funds for expats

The planned new system will include an enhanced gratuity scheme and a private sector savings programme. A plan to set up investment funds for the retirement benefits of UAE expats has been set in motion, as the Federal Authority for Government Human Resources (FAHR) recently held a meeting with major firms regarding the system. The…

UAE holds talks on setting up retirement funds for expats

The planned new system will include an enhanced gratuity scheme and a private sector savings programme.

A plan to set up investment funds for the retirement benefits of UAE expats has been set in motion, as the Federal Authority for Government Human Resources (FAHR) recently held a meeting with major firms regarding the system.

The planned new system will include an enhanced gratuity scheme and a private sector savings programme that will help retain talent in the country, according to authorities.

The FAHR said the meeting, held with leading local and international expert firms, looked into the best practices in the management of retirement funds and analysed which strategies would work best for the expatriate population of the country.

The meeting followed the Workers Incentives and End-of-Service Benefits Conference that took place in Dubai in February this year, in which officials had proposed that a savings scheme be created for expats.

“With accelerated technological advancements and the increased retirement age and years of service, there is an urgent need in the region to establish investment funds to manage retirement and end-of-service benefits, which will provide a saving opportunity to all employees in the UAE and the regional labour markets,” Dr Abdul Rahman Abdul Manan Al Awar, director-general of the FAHR, said at the Dubai conference.

At the recent meeting, Al Awar said authorities have conducted a study that will help improve the end-of-service benefits system in the country. “The retirement funds will help employees plan properly by taking advantage of end-of-service benefits, enabling them to make use of their financial resources and creating jobs for new generations,” he said.

“I believe the idea of creating a savings system for end-of-service benefits in all sectors is an important strategic step as it will be the first of its kind in the region.”

Al Awar added that the roundtable meeting with major firms and experts involved an in-depth discussion of some of the key points mentioned in the study. Actual experiences, based on best international practices, were also tackled.

While conducting the study, several meetings were held with local governments, the Ministry of Finance, the Ministry of Economy, pension funds, the Securities and Commodities Authority, and Departments of Economic Development and Executive Councils in Abu Dhabi and Dubai.
ismail@khaleejtimes.com

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Worker in UAE stabs roommate over wrong recipe

He allegedly stabbed him using a kitchen knife. An Asian worker was charged with insult and fighting with his roommate at the Ras Al Khaimah Criminal Court after he allegedly stabbed him using a kitchen knife leading to a permanent disability. As per the court records, the case unfolded when the duo had a heated…

Worker in UAE stabs roommate over wrong recipe

He allegedly stabbed him using a kitchen knife.

An Asian worker was charged with insult and fighting with his roommate at the Ras Al Khaimah Criminal Court after he allegedly stabbed him using a kitchen knife leading to a permanent disability.

As per the court records, the case unfolded when the duo had a heated argument over a “wrong recipe” for a dish.

The duo allegedly swore at each other and got involved in a brawl. The forensic report showed the roommate suffered a permanent disability in his hand after the accused slashed his wrist.

Both of them were referred to the public prosecution where they were charged with swearing and assaulting each other. One of them had an additional charge of causing a permanent disability. The case was referred to the RAK Criminal Court where the accused said he was angry after the victim insulted him for telling him about the incorrectly cooked dish.

However, the roommate denied the charges and said that he did not insult or assault the accused. He added that the defendant harshly insulted him for using a wrong recipe and then stabbed him.

The court ordered adjournment of the case to a later time for ruling.

ahmedshaaban@khaleejtimes.com

Ahmed Shaaban

Originally from Egypt, I have been in Dubai since December 2005. Before coming here, I worked as an English language instructor, chief En/Ar translator, proofreader, reporter in Egypt and Qatar. I have also worked as a reporter, correspondent and simultaneous translator with two satellite channels in Dubai. I have a masters degree in media, Cairo University, 2014, a bachelor degree in English language and translation, Ain Shams University, Cairo, 1996, and three post-graduate diplomas in English language and Instruction. With over 19 years of experience in translation, interpretation, EFL instruction, and reporting. I am interested in technology, aviation, politics, as well as community, parliament and defence issues. I enjoy reading, writing, exercising, and surfing the web.

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Video: Sheikh Mohammed spends birthday with grandkids

Sheikh Mohammed is celebrating his 70th birthday today. To celebrate his 70th birthday, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai spent his time relaxing with his family. In a video shared by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of…

Video: Sheikh Mohammed spends birthday with grandkids

Sheikh Mohammed is celebrating his 70th birthday today.

To celebrate his 70th birthday, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai spent his time relaxing with his family.

In a video shared by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai on social media, the Dubai Ruler can be seen flocked by his grandchildren as he exits a car. Sheikh Mohammed lovingly interacts with them – exchanging greetings and conversing with his grandkids.

#Family ?? pic.twitter.com/jabuoM3kDH
– Hamdan bin Mohammed (@HamdanMohammed) July 15, 2019

The video then segues to a moment when Sheikh Hamdan carries one of them and the baby is seen trying to catch Sheikh Mohammed’s attention.

Sheikh Mohammed is celebrating his 70th birthday today. He was born on July 15, 1949, at the Al Maktoum house in Al Shindagha. He is the third of Sheikh Rashid bin Saeed Al Maktoum’s four sons. His brothers are Sheikh Maktoum, Sheikh Hamdan and Sheikh Ahmed. His mother was Sheikha Latifa bint Hamdan Al Nahyan, daughter of Sheikh Hamdan bin Zayed bin Khalifa Al Nahyan, a former ruler of Abu Dhabi.

 

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England win Cricket World Cup after Super Over drama

England were all out for 241 on the last ball of the 50th over, chasing New Zealand’s 241 for eight. England won the Cricket World Cup for the first time after New Zealand matched their 15 in a Super Over but lost on fewer boundaries scored in the match after an extraordinary final at Lord’s…

England win Cricket World Cup after Super Over drama

England were all out for 241 on the last ball of the 50th over, chasing New Zealand’s 241 for eight.

England won the Cricket World Cup for the first time after New Zealand matched their 15 in a Super Over but lost on fewer boundaries scored in the match after an extraordinary final at Lord’s was tied on Sunday.

England were all out for 241 on the last ball of the 50th over, chasing New Zealand’s 241 for eight.

England scored 14 in the last over but Mark Wood was run out seeking the second run that would have won it for the hosts.

Ben Stokes, who finished on 84 not out, came back for the Super Over with Jos Buttler amid scenes never before seen at the home of cricket.

New Zealand needed two off the last ball of Jofra Archer’s over but Martin Guptill was run out coming back for the second run and England triumphed due to hitting more boundaries on the day.

England, three-times runners-up previously, had bowled and fielded superbly to restrict 2015 runners-up New Zealand to 241-8, with Liam Plunkett and Chris Woakes each taking three wickets.

Henry Nicholls made 55 and Tom Latham 47 without ever really looking comfortable but the score began to look challenging as England slumped to 86-4 before Stokes and Buttler put on 110 to set up the amazing finale.

 

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