RAS AL KHAIMAH, UAE, November 28, 2023 – The Ras Al Khaimah Emirate (RAK) of the United Arab Emirates officially commenced operations of its Digital Assets Oasis (DAO) on October 19, 2023, by Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah. 1 The Digital Asset Oasis (DAO) aims to boost the growth and development of companies in the emerging industries of digital assets, Web3, and artificial intelligence (AI) sectors by providing a range of benefits, including 100% foreign ownership, zero corporate and personal income tax, a streamlined regulatory framework, access to a skilled talent pool, and a supportive ecosystem of partners and service providers.
The free zone has also established a dedicated innovation hub to provide companies with access to state-of-the-art infrastructure, resources, and mentorship. RAK DAO’s strategic location in the UAE, a global hub for commerce and innovation, further enhances its appeal.
This should also be considered in conjunction with the progress of NEON City in Saudi Arabia, Dubai’s aspirations to become a tech hub, Hong Kong’s initiatives in the east, and Belgium’s endeavors within the European Union. All of these locations are actively competing to lead the way in the industries of Web3, Blockchain, and AI.
The emirate’s pro-business environment, coupled with its infrastructure and connectivity, makes it an ideal location for companies seeking to expand their global reach, analysts said.
RAK DAO’s vision also looks at promoting the development of emerging technologies, such as blockchain, metaverse, and decentralized finance (DeFi), positioning itself at the forefront of digital innovation.
The free zone is expected to create thousands of new jobs and contribute billions of dollars to the UAE’s economy.
- Forbes India: https://www.forbesindia.com/article/cryptocurrency/uaes-first-web3focused-free-zone-rak-dao-launched-in-ras-al-khaimah/89141/1[↩]
