Emirates NBD, a leading banking group in the Middle East, North Africa and Türkiye (MENAT) region, has signed a Memorandum of Understanding (MoU) with Fidelity International (‘Fidelity’) to work together on a new workplace savings proposition for employers in the UAE.
This collaboration brings together Emirates NBD’s deep-rooted knowledge of local markets leveraging the capabilities of Emirates NBD Asset Management and the bank’s Chief Investment Office, with Fidelity’s global expertise in providing long-term savings and investment solutions. The companies will work closely together to develop a workplace savings offering in line with global best practices, with the aim to deliver better financial futures for people working in the UAE.
The UAE government is advancing policies dedicated to positioning the country as a destination for investment, innovation and entrepreneurship, bolstered by a high quality of life and sustainability objectives. Within the UAE, reforms to the End of Service Benefit (EOSB) regime have the potential to accelerate in the coming years, driven by a growing commitment to financial security among citizens and residents. Emirates NBD is committed to the UAE’s vision and innovative approach to building a financial ecosystem in the country. In turn, this stimulates future economic growth and allows companies to attract and retain the best talent.
An important part of this journey involves increasing the financial literacy of the working population, where Emirates NBD will leverage Fidelity’s expertise in this area with the aim of empowering individuals to build better financial futures over the long-term.
Commenting on the collaboration, Marwan Hadi, Group Head of Retail Banking and Wealth Management at Emirates NBD, said: “We are committed to making a meaningful difference in our communities. By offering tailored financial solutions, we empower our customers to make informed decisions about managing their wealth. Fidelity brings exceptional knowledge and experience to this partnership—benefiting clients who entrust their hard-earned savings to Emirates NBD.”
Christian Staub, Head of EMEA and Global Head of Client Propositions at Fidelity International, added: “We are delighted to be partnering with Emirates NBD on this strategic initiative, utilising our global expertise in the long-term savings market to help create a new and innovative workplace solution for employers in the UAE. As a family and management-owned company we think generationally in terms of the services we build and provide. As we celebrate 25 years in the UAE, we have been, and remain, committed to working closely with our strategic partners to help them provide exceptional value to their clients now and in the years to come.”
Our thoughts
The MoU between Emirates NBD and Fidelity International is another important signal that the UAE’s EOSB Savings Scheme is gathering momentum. As more fund managers including global players enter this space, there will be greater choice for employers.
We at Pensions Monitor think this is a great pairing, and we look forward to seeing what fund offerings this collaboration will bring to the UAE EOSB savings market. We will continue to track these developments closely and share timely updates with our subscribers as the EOSB landscape evolves.
