DIFC: savings plan surged to $127 million in One Year Dubai International

Dubai- Massader News

Dubai International Financial Centre, the tax-free business hub that’s home to banks including Goldman Sachs Group Inc., said assets under management in its employee savings plan surged to $127 million in its first year, according to Bloomberg.

More than 19,000 employess from 1,187 firms have enrolled in the DIFC Employee Workplace Savings Plan as of Feb. 1, according to a statement. Zurich Middle East is the plan administrator and Mercer the investment adviser.

Dubai last year replaced the accruing end-of-service gratuity payment plan that has been in place since the inception of the business centre in 2004. In additon to Goldman, Citigroup Inc. and Morgan Stanley have their regional offices in DIFC.