Equevu has made its official debut in Abu Dhabi as the first Emirati-developed workplace savings platform committed to providing businesses and their employees access to world-class savings options.
In line with this goal, Equevu enables employees, through their employers, to invest a percentage of their salaries in a highly rated investment portfolio to serve as a savings wallet or a pension nest-egg. Employers can offer this benefit as a replacement to the end-of-service gratuity, or an additional benefit for their employees.
The employees will get to choose the investment options such as conventional investments, Shariah-compliant or Environmental, Social, and Governance-conscious investments based on their risk appetite and lifestyle preferences.
Equevu enables companies to attract and retain best talents by offering enhanced employee benefits and helping their employees become financially secure, independent, and ready for the future. It offers a distinctive customer experience through its state-of-the-art technology platform, which will encourage higher adoption and engagement in financial wellbeing.
Registered with the Abu Dhabi Global Market, the company is governed according to international best practices. The investment line-up is provided by the largest professional asset manager in the world, and the money will be protected using a Trust provided by a leading Trustee service providers globally.
Equevu is backed by a number of respectable investors in the region, the largest of whom is Dr. Sheikh Mohammed Bin Ham, an Emirati businessman, philanthropist, author and former UAE Federal National Council member.
“All of us work hard to create a better life for ourselves and our loved ones, yet we often overlook the fact that we have to start saving and investing for our future early on. This is where Equevu comes in. We strive to provide employees with avenues to grow their wealth and manage their long-term savings. The solution in which our clients’ hard-earned money is being saved and invested is governed according to world-class standards, powerful technology and an intuitive user experience for an easy and secure experience,” said Hazem Abdel Rahman, CEO of Equevu.
He continued: “The UAE and the GCC at large are quickly moving into advanced country territory with their ambitious plans and impressive implementations. Providing workplace saving solutions falls in line with regional governments’ objectives to attract and retain the best talents in the world.”
Workplace savings solutions are prevalent in Australia, Europe, and North America, typically as part of private pension programs. They are now becoming increasingly popular in the UAE and have been recently rolled out in Dubai International Financial Centre (DIFC) and for expatriate government employees in Dubai.
He added: “The key to financial freedom isn’t earning more money, but it is saving and investing more money, consistently over time. This is the principle that we follow and promote at Equevu. The funds can be withdrawn anytime so the employees will have peace of mind.”
Globally, financially stressed employees are 5 times more likely to be distracted at work. Around 46% of employees spend three hours or more during the work-week thinking about or dealing with financial issues.
Equevu aims to address this and provide value to both employers and employees with a vision to become the main technology platform for savings solutions in the Middle East.
