Ras Al Khaimah Economic Zone (RAKEZ) has entered into a partnership Praxis, a leader in pension solutions and employer services, and Equevu, a key technology provider specialising in system integrations and secure data management. The collaboration will introduce the Middle East Workplace Savings Scheme (MEWSS) to the RAKEZ business community, providing a robust solution that supports employee financial wellness and helps enhance loyalty.
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L-R: Hazem Abdel Rahman, Equevu Mohammed Kutyba Al Issa, RAKEZ and James Barber-Lomax, Praxis Group
The partnership was formalised through the signing of 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 provides a cutting-edge platform for workplace savings, enabling employers to offer meaningful financial benefits to employees. The scheme is designed to foster engagement, retention, and productivity by allowing employees to easily save and invest through payroll deductions. Additionally, it offers employers a way to manage and fund their end-of-service gratuity in a segregated trust account, enhancing financial security for employees and 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 marks a significant step forward in RAKEZ’s commitment to enhancing the business ecosystem and supporting the economic welfare of its community.