Ras Al Khaimah Economic Zone (RAKEZ) has launched the Workers Protection Insurance Program, in partnership with RAKINSURANCE, a leading regional insurance company in the UAE.
This program aims to improve the financial security and welfare of workers within the RAKEZ-registered companies. This also aligns with the goals of Ministry of Human Resources & Emiratization’s (MoHRE) to enhance the financial security for employees.
The new insurance solution provides comprehensive insurance coverage, such as due and unpaid salaries, end-of-service gratuity, repatriation costs, and coverage for work-related injuries by replacing the current visa deposit requirements.
Ramy Jallad, Group CEO of RAKEZ, and Sanjeev Badyal, CEO of RAKINSURANCE, attended the signing ceremony. This strategic partnership highlights the collaborative efforts to enhance worker protections and support Ras Al Khaimah’s economic and social development.
Ramy Jallad Group CEO – RAKEZ
“At RAKEZ, we are deeply committed to the well-being of the workforce within our community. The launch of the Workers Protection Insurance Program 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.”
Sanjeev Badyal stated that, “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.”
This insurance scheme ensures peace of mind to the workforce and highlights RAKEZ’s commitment to creating a secure and thriving business environment. By reducing financial risks for employers and enhancing job security, this initiative will also reinforce Ras Al Khaimah’s position as a top business destination.
