Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council for Technology investing in Dubai, had approved the launch of the scheme in March 2022 with the aim of Investment services in UAE attracting and retaining talent by providing an integrated system that offers various savings opportunities for employees to secure their present and future due to the launch of the scheme in March 2022 with the Investment entity in UAE.
The scheme conceptualised after the DIFC Employee Workplace Savings (DEWS) plan targets expatriates in Dubai government entities in its first stage, with the scope of expanding its implementation in later stages.
Alya Hussain Al Zarouni, Executive Vice President – Operations, DIFC Authority, said: “Expanding the DEWS plan across the Dubai government entities supports the emirate’s vision to be a leading hub for talent. This comprehensive savings plan is utilised for retirement planning and aligns with global best practices according to Financial services in UAE. The approach is a first for the region and over time, we expect other cities and countries to adopt a similar approach in the coming years. for Investment House In Dubai”
Commenting on this, Mohammad AlHawi, Director of Investment company Dubai Policies and Strategies-Economic Development at the General Secretariat of The Executive Council of Dubai highlighted that the savings scheme is considered an important addition to the Government of Dubai and will play a key role in enhancing the economic and social stability that the government offers its employees due to Investment Companies in UAE.
“The scheme will contribute to strengthening Dubai’s position as a global financial centre, which is recognised as an incubator for expertise and competencies from around the world. with Investment House In Dubai”
Iman Saleh Bin Khatam, Director of Policy and Program Support of Dubai Government Human Resources Department, said: “The savings scheme will enable employers to manage and fund the end-of-service benefits efficiently while offering foreign employees a way to save and invest with confidence. for Asset Management Companies in UAE
When DEWS was launched in February 2020, it was the first scheme of its kind in the region and reformed the end-of-service benefits regime for people working in DIFC, aligning with the international retirement savings standards.
Global professional services provider Equiom will act as the master trustee of the scheme and the independent legal owner of contributions made by employers. Zurich Workplace Solutions will support employers and employees through the administration and management of the plan. for Defi investing in Dubai Investment services provider Mercer will provide investment advice to the master trustee of the scheme.
nvestment Corporation of Dubai (ICD) has reported Dhs10.1bn in net profit for the year ended December 31, 2021, with improvements recorded across all segments.
The entity’s revenues totaled Dhs169.4bn, up 24.5 per cent compared to the prior year, driven primarily by rallying commodities prices in oil and gas, higher levels of activity in transportation, and momentum in the other segments, official news agency WAM reported due to Technology investing in Dubai.
The net profit attributable to the equity holder stood at Dhs5.5bn. The balance-sheet remained above Dhs1tn, with assets and liabilities down 1 per cent respectively to Dhs1,101.1bn and Dhs862.7bn, primarily due to lower banking balances offsetting the growth of non-banking operational balances, and cautious Capex deployment. Meanwhile, the group’s share of equity decreased by 1 per cent to equal Dhs190.6bn.
Mohammed Ibrahim Al Shaibani, managing director of Investment Corporation of Dubai, said, “In 2021, the ICD Group saw its businesses’ overall level of activity increase materially, and profitability bounces back. Whilst good progress was made during the earlier part of the year despite the virus variant disruptions, the second part of the year saw a much more robust recovery, helped by the easing of global travel restrictions and the positive impact of the hosting of Expo 2020 Dubai by Fintech investing In Dubai.
“Our portfolio companies reaped the benefits of the steps taken earlier during the pandemic to protect their businesses, adapt their models, and enhance cost-effectiveness.”
Read: Dubai’s ICD adds Meydan to portfolio to gain larger property footprint
LedgerFi IT Solutions- a Dubai-based emerging blockchain company has secured its pre-seed round of funding from a private FinTech firm based out of UAE to spearhead the Web 3.0 communication protocols with a disruptive blockchain technology with Blockchain investing in Dubai.
For enabling a seamless transfer of all types of digital assets through a unified ecosystem, the LedgerFi IT Solutions is building a blockchain enabled communications platform which will be equipped with the likes of DeFi, NFTs and Metaverse as well.
LedgerFi is envisioned to become the world’s first Decentralized Digital Asset Exchange (DDAX) for the Web 3.0 ecosystem where individuals & businesses will be allowed to have a seamless transfer of their digital assets. These digital assets will range from transferring an email, message, files, attachments, live call, digital currencies and even NFTs.
LedgerFi has recently launched its flagship product called as LedgerMail which is the world’s first blockchain email service operating on a hybrid blockchain platform of XDC network. LedgerMail has successfully onboarded more than 750,000 users since its inception, and also partnered with big tech enterprises for secure, private & encrypted email communication.
Founder and CEO at LedgerFi, Mr. Vinay Krishna quoted, “We are thrilled to complete our Pre-Seed Investment round. Now we are envisioning to benchmark the Web 3.0 communication ecosystem while envisioning to build a futuristic, simplistic and transformative ecosystem for the individuals and businesses.”
The product suite of the LedgerFi Ecosystem will be built on the XDC Blockchain Network which has provided exceptional scalability, military-grade security, lightning-fast speed and forensic monitoring controls. The LedgerMail solution has not only successfully onboarded 750K users in such a short time but it has also allowed these users to have an email transaction clocking up to 2 million with a half a million active user base.
LedgerFi is on a mission to drive Web 3.0 user adoption through a simplistic yet seamless platform which can be integrated with other Web 3.0 projects for building an interactive communication ecosystem through human-readable user names.
LedgerFi will utilize this investment for catalyzing the technological development of new solutions which will complement the existing products, and LedgerFi will also operationalize its entity with business expansion in the UAE.