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.
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.
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 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.”