Ras Al Khaimah Economic Zone (RAKEZ) announced the launch of Workers Protection Insurance Programme, a key initiative in partnership with RAKINSURANCE. This programme is set to significantly enhance the financial security and welfare of workers within the RAKEZ-registered companies, and aligns with the Ministry of Human Resources & Emiratisation’s (MoHRE) focus on enhancing financial security for employees.
RAKEZ Group CEO Ramy Jallad and RAKINSURANCE CEO Sanjeev Badyal during the launch of Workers Protection Insurance Programme
The new insurance solution will replace the current visa deposit requirements, offering comprehensive insurance coverage that includes due and unpaid salaries, end-of-service gratuity, repatriation costs, and coverage for work-related injuries. This initiative underscores RAKEZ’s commitment to fostering a secure and thriving business environment, aligning with the UAE’s strategic goals for employee rights and corporate governance, as well as Ras Al Khaimah’s vision to enhance the quality of life for its workers.
The official signing of the strategic partnership, attended by RAKEZ Group CEO Ramy Jallad and RAKINSURANCE CEO Sanjeev Badyal, highlights the collaborative efforts to enhance worker protections and support Ras Al Khaimah’s economic and social development.
“At RAKEZ, we are deeply committed to the well-being of the workforce within our community. The launch of the Workers Protection Insurance Programme marks a significant milestone in our ongoing efforts to provide a secure and prosperous environment for employees of the companies registered with RAKEZ. This initiative is not just about compliance, but about going above and beyond to ensure that our business community is supported at every level. By safeguarding the interests of these workers, we strengthen the foundation of trust and stability that RAKEZ is built upon,” Jallad said.
Badyal said, “We are thrilled to announce our partnership with RAKEZ. Together, we are launching a Workers Protection Insurance Scheme to ensure a safer and more secure future for all workers employed by businesses in RAKEZ. This collaboration demonstrates our shared commitment to employee welfare.”
The launch of this insurance scheme provides peace of mind to the workforce and positions RAKEZ as a forward-thinking organisation committed to community welfare. Furthermore, it enhances Ras Al Khaimah’s appeal as a top business destination by reducing financial risks for employers and boosting job security for employees.
About Ras Al Khaimah Economic Zone (RAKEZ)
RAKEZ is a powerhouse business and industrial hub established by the Government of Ras Al Khaimah in the United Arab Emirates. It currently hosts over 23,000 companies coming from over 100+ countries and operating in more than 50 industries.
RAKEZ offers entrepreneurs, startups, SMEs and manufacturers a wide-range of solutions, including free zone and non-free zone licences, customisable facilities, and first-class services provided in a one-stop shop. Furthermore, RAKEZ has specialised zones that are tailored to specific needs of investors: Al Nakheel and Al Hamra Business Zones for commercial and service companies; Al Ghail, Al Hamra and Al Hulaila Industrial Zones for manufacturers and industrialists; and an Academic Zone for educational providers.
A leading economic zone, RAKEZ aims to continue attracting diversified investment opportunities that will contribute to the economic growth of Ras Al Khaimah.
About RAKINSURANCE
Ras Al Khaimah National Insurance Company (P.S.C.), carrying out its commercial activity under the name RAKINSURANCE, is a public shareholding company established in 1976 and registered with the Central Bank of the UAE as an insurance company under registration number (7) and listed on the Abu Dhabi Securities Exchange (ADX) with an authorized paid-up capital of AED 121,275,000.
RAKINSURANCE provides a comprehensive range of insurance products through various distribution channels and has additional branches in Abu Dhabi and Dubai.