AB Espresso: UAE Savings Scheme vs. Gratuity: What is it all about?

Hello reader,

In today’s newsletter:

Discover the latest stories from Arabian Business, compiled by our editorial team. Here's what you missed on Thursday:

UAE employers are being encouraged to enrol in a new end-of-service benefits scheme that may replace traditional gratuity payments. Known as the Savings Scheme, this option offers workers financial benefits and is seen as a potential draw for talent. It also allows employees to add voluntary contributions and may appeal to freelancers and the self-employed in the UAE.

In aviation, Emirates Group announced its strongest-ever half-year financial results, with a pre-tax profit of AED10.4bn ($2.8bn) for the first half of 2024-25, surpassing last year’s record. This period also marks the first time Emirates Group is subject to UAE corporate income tax, which reduced the profit after tax to AED9.3bn ($2.5bn).

Meanwhile, Dubai’s property sector set a record in October, with AED61.5bn ($16.7bn) in transactions, a 56% increase over the same month last year, per Property Finder. This is the highest value on record for a single month, with 20,670 transactions representing a 71% rise from October 2023. The report also outlines trends in ownership and rental markets.

Aside from this, a new study from Cisco highlights cybersecurity risks for UAE working parents who share work devices with their children. Findings show that 40% of parents who share devices allow unsupervised access with full passcode knowledge, posing security challenges in the hybrid work environment.

In another study, entrepreneurship is surging in Saudi Arabia, with 42% of adults planning to start businesses within three years, according to the GEM National Report launched at the Biban24 Forum. The report, created by Prince Mohammed Bin Salman College of Business and Entrepreneurship, highlights the growing role of women entrepreneurs and the highest level of entrepreneurial intent in the Kingdom in eight years.

Until next time, Sharon Benjamin for Arabian Business

THE LONGER READ:

Trump victory could mean less proxy wars, business-first diplomacy, and a deal with Putin to rein in Iran – marking a dramatic shift in how the US handles Israel’s conflicts with Gaza and Lebanon, experts say

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