Dubai –  Oman Insurance Company (Sukoon) has received approval from Dubai Financial Services Authority (DFSA) to launch a new subsidiary called Oman Insurance Workplace Savings Solution (OIWSS).

Dubai International Financial Centre (DIFC) will provide the subsidiary with a platform to secure services to companies across the GCC. It will enable the firms to manage their end-of-service gratuity savings in an effective and regulated manner.

The new entity, which is fully owned by Sukoon, will operate from its new office in DIFC, according to a press release.

Emmanuel Deschamps, Head of Life and Pensions and member of the Executive Committee at Sukoon, indicated: “The gratuity and employee savings landscape in the UAE provides an enormous opportunity, especially due to the regulatory changes which are expected in the country.”

“We have seen the success within companies in DIFC and the public sector where gratuity provisions have been invested in a savings scheme,” Deschamps added.

Salmaan Jaffery, Chief Business Development Officer at DIFC, said: “Sukoon's establishment of OIWSS within DIFC highlights their commitment, in alignment with our shared vision, to revolutionise the pension and savings landscape in the region.”

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