On October 19, Sheikh Saud bin Saqr Al Qasimi unveiled the RAK Digital Assets Oasis, also known as RAK DAO. It’s a specialized economic free zone with a unique focus on nurturing companies in the digital and virtual assets realm, which includes exciting fields like blockchain, Web3, and AI industries.
RAK DAO aims to become a thriving hub for cutting-edge technology providers, offering support in areas like metaverse development, blockchain infrastructure, utility tokens, virtual asset wallets, NFTs, DAOs, decentralized apps, and the broader Web3 landscape.
But it’s not just about infrastructure. RAK DAO is all about building a community by offering grant programs and targeted assistance, from tech support to marketing and business growth strategies. In his opening speech, Sheikh Saud highlighted the ambition behind RAK DAO – to foster innovation in the digital asset world and lead the way in this rapidly growing industry.
In a strategic move, an agreement was also reached between the Securities and Commodities Authority, led by CEO Maryam Buti Al Suwaidi, and RAK DAO’s CEO Sameer Al Ansari.
Ras Al Khaimah, traditionally known for its historical charm, is now diversifying its economic portfolio with a strong focus on the digital asset sector.
RAK DAO steps into a competitive arena, joining other Web3-friendly free zones in the UAE, like those in Abu Dhabi and Dubai. These zones offer attractive benefits such as full business ownership, unique tax arrangements, and regulatory independence under UAE’s criminal law.
Under Law No 2 of 2023, issued by Sheikh Saud, RAK DAO has received the financial and legislative independence it needs to operate as a specialized, innovation-driven free zone for virtual assets. This law is part of the broader economic diversification and global outreach efforts in the region, as reported by the Emirates News Agency in March.
To build a solid foundation, RAK DAO has formed partnerships with entities like the HBAR Foundation, Rakbank, and Romanian AI company Humans.ai, showcasing its commitment to creating a strong and collaborative digital asset ecosystem.
The launch of RAK DAO aligns perfectly with the Ras Al Khaimah Royal Family’s mission to transform the emirate into a blockchain and tech hub. This initiative aims to create thousands of high-skilled jobs and attract innovative tech companies and business leaders.