RAKEZ Collaborates with Praxis and Equevu to Launch MEWSS for Business Community

Ras Al Khaimah Economic Zone has announced a strategic partnership with Praxis, a prominent provider of pension solutions and employer services, and Equevu, a technology firm specializing in system integration and secure data management. This collaboration aims to introduce the Middle East Workplace Savings Scheme to the RAKEZ business community, offering a comprehensive solution to enhance employee financial well-being and loyalty.

The formalization of this partnership took place at the Compass Coworking Centre, where a Memorandum of Understanding was signed by key representatives: James Barber-Lomax, Head of Pensions & Employer Solutions at Praxis Group; Hazem Abdelrahman, CEO of Equevu; and Mohammed Kutyba Al Issa, Director of RAKEZ Value Added Services. Under this agreement, Praxis will serve as the trustee, overseeing the implementation and management of the savings plans, while Equevu will integrate its technological solutions with RAKEZ's infrastructure to enhance user experience and ensure data security.

Ramy Jallad, Group CEO of RAKEZ, expressed enthusiasm about the initiative, stating that the partnership reflects RAKEZ's commitment to advancing the operational success and financial well-being of its stakeholders. He emphasized that MEWSS aligns with RAKEZ's strategic objectives by introducing innovative services designed to attract and retain top talent, thereby fostering a thriving business environment.

MEWSS is designed to provide a modern approach to workplace savings, enabling employers to offer substantial financial benefits to their employees. The scheme facilitates seamless saving and investment through payroll deductions and assists employers in managing end-of-service benefits via a dedicated trust account. This structure not only enhances financial security for employees but also mitigates financial risks for employers.

James Barber-Lomax highlighted RAKEZ's rapid growth within the UAE and commended the organization's leadership for prioritizing employee welfare. He underscored the importance of financial stability for employees, particularly expatriates who often have extended tenures in the UAE and require robust financial planning for their futures. Barber-Lomax noted that MEWSS combines traditional pension services with technological advancements, expressing eagerness to collaborate with RAKEZ in this endeavor.