UAE Introduces Free Zone for AI and Digital Assets

Ras Al Khaimah’s Digital Evolution

In a move to transition beyond its conventional revenue streams, such as cultural attractions, Ras Al Khaimah is venturing into the burgeoning world of digital assets.

Inception of RAK Digital Assets Oasis

Under the leadership of Ras Al Khaimah ruler, Sheikh Mohammed bin Saud bin Saqr Al Qasimi, the RAK Digital Assets Oasis (RAK DAO) was unveiled on October 19th. This groundbreaking economic free zone caters to entities engaged in innovative domains like virtual assets, blockchain technology, Web3, and artificial intelligence (AI).

RAK DAO’s Comprehensive Offerings

RAK DAO is meticulously tailored for service providers exploring areas such as the metaverse, utility tokens, virtual asset wallets, NFTs, DAOs, decentralized apps, and other Web3-centric ventures. Furthermore, with the collaboration of ecosystem partners, RAK DAO is poised to roll out grant initiatives and supply specific expertise in tech, marketing, and business strategy realms.

Sheikh Saud expressed the zone’s aspiration, highlighting its aim to usher in a new era of digital asset innovations and breakthrough conceptions. Recognizing the immense potential in the digital asset landscape, he conveyed the importance of Ras Al Khaimah positioning itself at the forefront of this revolution.

Strategic Alliances

A pivotal agreement was penned between Maryam Buti Al Suwaidi, CEO of the Securities and Commodities Authority, and RAK DAO’s CEO, Sameer Al Ansari.

While Ras Al Khaimah’s transition into the digital world is noteworthy, it’s also venturing into a domain where technological strongholds such as Abu Dhabi and Dubai have already established a formidable presence.

Joining the UAE’s Web3-Friendly Bandwagon

RAK DAO becomes the latest addition to the UAE’s impressive roster of Web3-embracing free zones. These zones offer entrepreneurs complete control over their enterprises, bespoke tax arrangements, and distinct regulatory setups, with UAE’s criminal law being the lone exception. Esteemed zones like the Abu Dhabi Global Market and Dubai Multi Commodities Centre serve as exemplary models.

To further solidify its commitment, Sheikh Saud ratified Law No 2 of 2023, endorsing RAK DAO’s formation. This law not only underlines economic diversification objectives but also beckons global trailblazers to the free zone. As an affirmation of its vision, RAK DAO is uniquely positioned with financial, administrative, and legislative autonomy, primed as a haven for the digital asset industry.

RAK DAO has also forged partnerships with prominent entities such as the HBAR Foundation, Rakbank, and the Romanian AI innovator, Humans.ai.