RAKEZ Collaborates With Praxis And Equevu To Introduce Middle East Workplace Savings Scheme

Ras Al Khaimah Economic Zone (RAKEZ) has partnered with Praxis and Equevu to introduce the Middle East Workplace Savings Scheme (MEWSS) to its business community. This collaboration aims to enhance employee financial wellness and loyalty through a robust savings solution. The partnership was formalised with a Memorandum of Understanding (MoU) signed by key representatives from each organisation at Compass Coworking Centre.

The MEWSS platform offers a modern approach to workplace savings, enabling employers to provide significant financial benefits to their employees. By allowing payroll deductions for savings and investments, the scheme aims to boost employee engagement, retention, and productivity. It also helps employers manage end-of-service gratuity in a segregated trust account, reducing financial liability on their balance sheets.

Praxis will serve as the Trustee, overseeing implementation and ongoing management of the savings plans. Equevu will integrate its technology with RAKEZ’s systems to streamline onboarding and provide an intuitive interface for members to manage their accounts. This setup ensures secure data exchange while complying with local data protection laws and managing essential documentation processes like KYC, KYB, and AML.

RAKEZ Group CEO Ramy Jallad expressed enthusiasm about the partnership, stating: "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." He highlighted that MEWSS aligns with RAKEZ's vision by offering innovative services that support clients while fostering a thriving business environment.

James Barber-Lomax from Praxis noted the importance of financial wellbeing for expatriates in the UAE who stay for extended periods. He stated: "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." He praised RAKEZ's leadership focus on employee-centric evolution within the freezone.

Equevu CEO Hazem Abdelrahman commented on the partnership's significance: "RAKEZ continues to empower businesses with forward-thinking solutions, and this partnership reflects that commitment." He emphasised Equevu's role in delivering a secure platform that simplifies onboarding while ensuring regulatory compliance and enhancing data security.

Commitment to Business Ecosystem Growth

This collaboration represents a major advancement in RAKEZ’s efforts to improve its business ecosystem and support economic welfare within its community. By facilitating this advanced savings platform, RAKEZ helps businesses attract top talent while ensuring workforce satisfaction through financial security.

The introduction of MEWSS underscores RAKEZ's dedication to providing innovative solutions that drive long-term growth and stability. The scheme is designed not only as a comprehensive financial tool but also as a means of fostering prosperity among companies and their employees within Ras Al Khaimah.

With inputs from WAM