Sukoon Insurance, one of the UAE’s leading insurers, has recently launched its highly anticipated End-of-Service Benefits (EOSB) Savings scheme, called Go Saver in Dubai International Financial Centre (DIFC). Operated through its wholly-owned subsidiary, Sukoon Workplace Savings Solutions Limited, this plan comes after nearly a year of having completed its licensing process in DIFC in July 2023, making Go Saver the second approved plan in DIFC. This development has been confirmed by several companies now exploring Sukoon’s offerings, with some already making the transition.
Sukoon’s launch marks the end of the single dominance of DEWS (DIFC Employees Workplace Savings), which has been the sole provider of the EOSB Savings scheme in DIFC since its inception in 2020. DEWS is managed by a consortium consisting of Zurich Workplace Solutions as scheme administrator, Mercer as investment advisor, and Equiom Group as trustee. Over the years, DEWS has benefitted from a steady increase in membership and assets under management (AuM) as the only provider, with further growth driven by the enrollment of expatriate employees in the Dubai government sector in 2023. DEWS has generated gains for its beneficiaries in three of the four years from FY 2020 to FY 2023 with ten funds on offer.
About Go Saver
Go Saver features strong international partnerships as well, including CSC serving as Operator and Trustee, Sukoon Workplace Savings Solutions as the administrator, and Generali as the guarantor for the default fund.
Go Saver presents a lineup of thirteen (13) independent funds with varying risk profiles and asset classes, including Shari’ah-compliant options.
Notably, this includes an insurance-backed capital guarantee fund by Generali Global Pension, a leading global insurer and asset manager that guarantees 100% capital protection for both contributions and returns, a strong differentiation with respect to DEWS.
Our view
With the launch of Go Saver, DIFC now has two fully operational EOSB Savings plans aligned with leading global practices and offering multiple fund options. It is interesting to note that these plans could easily be leveraged beyond their jurisdiction to bring to UAE’s mainland, a comprehensive offering for private sector companies at speed (more so with Sukoon being a local brand), while the approved fund managers for the mainland scheme will likely need more time to fully develop their offerings (see our previous article).
More details on Go Saver’s performance and Sukoon’s plans for UAE’s mainland EOSB Savings scheme will be shared in due course. Signup for our newsletter so you don’t miss out!
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