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Equiom have been named a 'Master Trustee' by the Dubai International Financial Centre in a move the firm says reinforces Jersey's ongoing efforts to attract business from the Middle East.
The appointment relates to the DIFC Employee Workplace Savings (DEWS) Scheme due to launch next year.
It will see all DIFC-registered companies, with a combined total of more than 24,000 employees, contributing to an overarching end of service gratuity trust scheme. The DEWS Scheme will be mandatory for all organisations based within the DIFC, with the ability to opt out in only very limited circumstances.
The scheme is due to launch in January 2020 with Equiom as the Master Trustee and Zurich serving as the administrator for the scheme.
Pictured: The move reinforces the island's efforts to establish connections with the finance industry in the Middle East.
Having provided similar services to corporations in the Middle East for more than 18 years and with four established offices in the UAE, Equiom says it was well-placed to deliver the service.
Equiom’s Global Chief Executive Officer, Sheila Dean (pictured), explained: "The selection of Equiom as Master Trustee for the DEWS Scheme is a huge honour for us and testament to the capability of the team. Having spent many years myself working with Middle Eastern employers to provide employee incentives I am delighted to see the DIFC introduce a mandatory plan which will not only secure accrued benefits but provide a platform to enable growth and a longer term outlook."
Steve Le Seelleur, Managing Director at Equiom Jersey added: "This is excellent news for Equiom. We have longstanding relationships with families in the Middle East and more specifically in the Gulf Cooperation Council (GCC) region.
"As a centre for excellence in succession planning and asset protection services, Jersey is well placed to serve this market and Equiom’s selection as Master Trustee only strengthens our credibility there. I am looking forward to building on our network in the GCC and across the Middle East, exploring all of the opportunities it has to offer."
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