RAKEZ Partners with Praxis and Equevu to Launch Middle East Workplace Savings Scheme
Ras Al Khaimah Economic Zone (RAKEZ) has announced a strategic partnership with Praxis, a leading provider of pension solutions and employer services, and Equevu, a technology firm specializing in system integrations and secure data management. This collaboration aims to introduce the Middle East Workplace Savings Scheme (MEWSS) to the RAKEZ business community, reinforcing financial wellness for employees and fostering enhanced loyalty within organizations.
The partnership was formalized with the signing of a Memorandum of Understanding (MoU) at Compass Coworking Centre. The agreement was signed by Praxis Group Head of Pensions & Employer Solutions James Barber-Lomax, Equevu CEO Hazem Abdelrahman, and RAKEZ VAS Director Mohammed Kutyba Al Issa.
Through this initiative, Praxis will serve as the appointed Trustee, overseeing the implementation, administration, and management of the savings plan. Equevu, as the technology provider, will integrate its advanced systems with RAKEZ’s infrastructure, ensuring a seamless onboarding experience and a user-friendly interface for employees to manage their accounts. MEWSS has been locally designed to facilitate secure data exchange, comply with local data protection laws, and efficiently handle critical documentation processes such as KYC, KYB, and AML, with full client consent.
RAKEZ Group CEO Ramy Jallad expressed enthusiasm about the partnership, stating, “We are delighted to collaborate with Praxis and Equevu to bring MEWSS to our business community. This initiative aligns with our ongoing commitment to fostering a thriving business ecosystem where companies and employees can grow together. MEWSS is designed to provide a comprehensive financial solution that supports our stakeholders in attracting and retaining top talent while ensuring employee financial security.”
MEWSS offers an innovative workplace savings platform that allows employers to provide meaningful financial benefits to their workforce. The scheme promotes employee engagement, retention, and productivity by enabling easy payroll-based savings and investment. Additionally, employers can leverage MEWSS to manage and fund their end-of-service gratuity in a segregated trust account, ensuring financial security for employees while reducing corporate liabilities.
James Barber-Lomax emphasized the importance of financial planning in today’s workforce, particularly for expatriates in the UAE. “RAKEZ is one of the fastest-growing free zones in the region, and it is commendable to see its leadership prioritizing employee financial well-being. As more expatriates choose to stay in the UAE for extended periods, long-term financial planning becomes essential. MEWSS blends traditional financial solutions with modern technology to provide an optimal solution for RAKEZ businesses. We are excited to introduce this platform to the RAKEZ community.”
Echoing this sentiment, Hazem Abdelrahman highlighted Equevu’s commitment to secure and seamless financial management solutions. “RAKEZ continues to empower businesses by delivering forward-thinking solutions, and this partnership is a testament to that vision. At Equevu, in collaboration with Praxis, we are committed to offering a robust platform that simplifies onboarding, enhances data security, and ensures full regulatory compliance. With multiple integrations, we streamline the process for RAKEZ companies, allowing them to effortlessly implement workplace savings and enhance employee financial wellness. Our platform has already gained trust across the UAE, and we are excited to extend our services to the Ras Al Khaimah business community.”
This collaboration represents a significant milestone in RAKEZ’s ongoing efforts to enhance the regional business ecosystem and provide financial security solutions that benefit both employers and employees. The introduction of MEWSS is set to drive long-term growth, operational efficiency, and financial stability for companies operating within RAKEZ.
