Praxis partners with RAKEZ and Equevu to enhance workplace savings for businesses

Independent pension solutions and employer services firm Praxis has become the first provider to collaborate with Ras Al Khaimah Economic Zone (RAKEZ) and specialist technology provider Equevu on the delivery of a new workplace savings scheme to businesses in the growing emirate. This follows the signing of a Memorandum of Understanding (MoU) with RAKEZ and Equevu.

The partnership introduces the Middle East Workplace Savings Scheme (MEWSS) to RAKEZ businesses, offering a structured savings plan that enhances employee financial wellbeing and strengthens retention. RAKEZ achieved record 66% year-on-year growth in 2024, welcoming over 13,000 new companies, taking the total number in the RAKEZ business community to 30,000. Positioning itself as a key player in the region’s economic future, the free zone is attracting businesses across a wide range of sectors[1].  

As the appointed Trustee, Praxis will oversee the scheme’s implementation, administration, and management. Equevu will align its systems with RAKEZ’s infrastructure, to help streamline onboarding and provide a user-friendly platform for employees to manage their savings. The scheme ensures compliance with local data protection laws and facilitates the secure handling of key documentation, including KYC, KYB, and AML processes.

Praxis has provided employer solutions to clients in the UAE for over a decade. Last year it launched a groundbreaking joint venture with Daman National Health enabling companies in the region to manage their end of service liability for expatriate employees and optional personal savings plans for all employees.

The MoU was signed by Hazem Abdel Rahman, Equevu CEO, Mohammed Kutyba Al Issa, RAKEZ VAS Director and James Barber-Lomax, Praxis Group Head of Pensions & Employer Solutions at Compass Coworking Centre.

James Barber-Lomax said: “RAKEZ is a rapidly expanding free zone within the UAE, and it is fantastic to see how focused the leadership is in ensuring that employees within the free zone 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.”

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. 

“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 enables employees to save and invest through payroll deductions while allowing employers to manage end-of-service gratuity in a segregated trust account. This reduces corporate liabilities and enhances financial security.

Hazem Abdel Rahman added: “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, including the UAE Pass, we simplify the process for RAKEZ companies, enabling them to seamlessly implement workplace savings and enhance employee financial wellbeing. 

“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.