Ras Al Khaimah Economic Zone (RAKEZ) has teamed up with Praxis, a leader in pension solutions and workplace services, and Equevu, a technology company that focuses on integrating systems and keeping data safe. The goal of this partnership is to bring the Middle East Workplace Savings Scheme (MEWSS) to the attention of the RAKEZ business community. This is a big answer that helps employees stay loyal and healthy financially.

A Memorandum of Understanding (MoU) was signed at the Compass Coworking Centre by James Barber-Lomax, Head of Pensions & Employer Solutions at Praxis Group, Hazem Abdelrahman, CEO of Equevu, and Mohammed Kutyba Al Issa, Director of RAKEZ VAS. This made the relationship official. Praxis has been named as the Trustee for this deal and will be in charge of overseeing the implementation and management of the savings plans. Equevu will connect its systems to RAKEZ’s infrastructure to make the user interface better for members.

Ramy Jallad, CEO of RAKEZ Group, was excited about the project and said that this relationship shows how committed they are to improving their stakeholders’ operational success and well-being. Jallad said that MEWSS fits with RAKEZ’s strategic goal because it provides new services that help clients and make the business world thrive. The platform’s goal is to find and keep top talent while also making sure workers can afford to live.

MEWSS provides a modern way for employees to save money at work, which lets companies give their workers important financial benefits. Through payroll deductions, it makes it easy to save and invest. It also helps employers handle their end-of-service bonuses in a separate trust account. This arrangement gives workers more financial security and lowers businesses’ risks.

James Barber-Lomax talked about how quickly RAKEZ has grown in the UAE and how the company’s leaders put employee safety first. He stressed how important it is for workers to be financially stable, especially since expats in the UAE tend to stay longer and need to plan for their future finances. Barber-Lomax said that MEWSS is a mix of traditional and tech-enabled services and was excited to work with RAKEZ.

Hazem Abdelrahman said that this relationship shows how committed RAKEZ is to giving businesses new tools to help them succeed. He said that Equevu and Praxis are working together to create a safe platform that makes onboarding easier and improves data protection, making sure that rules are followed. An increasing number of businesses in the UAE already trust Equevu’s platform, and the company is excited to help RAKEZ find new ways to grow that will last.

With this agreement, RAKEZ has made a big step forward in its efforts to improve the business environment and help the community’s economy.