Ras Al Khaimah Economic Zone (RAKEZ) has formed a partnership with Praxis, a leader in pension solutions and employer services, and Equevu, a key technology provider specializing in system integrations and secure data management. This collaboration will bring the Middle East Workplace Savings Scheme (MEWSS) to the RAKEZ business community, offering a comprehensive solution that promotes employee financial wellness and boosts loyalty.
The partnership was formalized with the signing of a Memorandum of Understanding (MoU) by Praxis Group Head of Pensions & Employer Solutions James Barber-Lomax, Equevu CEO Hazem Abdelrahman, and RAKEZ VAS Director Mohammed Kutyba Al Issa, at Compass Coworking Centre.
Through this strategic MoU, Praxis as the appointed Trustee will provide implementation, ongoing administration and management of the savings plans. As the technology provider, Equevu will integrate its systems with RAKEZ’s infrastructure to streamline onboarding and provide all members with a user-friendly interface to view and manage their accounts. MEWSS has been locally designed to provide secure data exchange while ensuring compliance with local data protection laws and managing critical documentation processes such as KYC, KYB, and AML with client consent.
RAKEZ Group CEO Ramy Jallad said: “We are delighted to partner with Praxis and Equevu to bring MEWSS to our business community. This initiative is part of our ongoing commitment to enhance the operational success and wellbeing of our stakeholders. MEWSS aligns with our strategic vision by providing innovative services that support our clients. Alongside offering a comprehensive financial tool for our community members, MEWSS also aligns with our vision to foster a thriving business environment where companies and their employees can prosper together. By facilitating this advanced savings platform, we are helping our businesses attract and retain top talent, while ensuring financial security and satisfaction for their workforce”.
MEWSS offers an innovative platform for workplace savings, allowing employers to provide valuable financial benefits to employees. The scheme is designed to boost engagement, retention, and productivity by enabling employees to conveniently save and invest through payroll deductions. Furthermore, it provides employers with a method to manage and fund end-of-service gratuities through a segregated trust account, improving financial security for employees while reducing the liability on the company’s balance sheet.
James Barber-Lomax said, “RAKEZ is a rapidly expanding freezone within the UAE, and it is fantastic to see how focused the leadership is in ensuring that employees within the freezone umbrella are at the centre of this evolution. Financial wellbeing is a crucial aspect of today’s workforce, and as expatriates in the UAE stay for extended periods, it becomes increasingly important for them to plan for their financial future. MEWSS brings a perfect mix of traditional and tech-enabled service. We are delighted to be working with RAKEZ and look forward to welcoming its community to the platform”.
Hazem Abdelrahman said, “RAKEZ continues to empower businesses with forward-thinking solutions, and this partnership reflects that commitment. At Equevu, in collaboration with Praxis, we are driving this initiative by delivering a secure platform that streamlines onboarding, enhances data security, and ensures regulatory compliance. With multiple integrations, we simplify the process for RAKEZ companies, enabling them to seamlessly implement workplace savings and enhance employee financial well-being. Our platform is already trusted by businesses in the UAE, and we are excited to expand into Ras Al Khaimah, supporting RAKEZ in providing companies with innovative solutions that drive long-term growth and stability”.
This partnership represents a major advancement in RAKEZ's dedication to strengthening the business ecosystem and promoting the economic well-being of its community.