On October 19, Sheikh Saud bin Saqr Al Qasimi of Ras Al Khaimah launched the RAK Digital Assets Oasis (RAK DAO), a specialized economic free zone aimed at fostering companies in the digital and virtual assets space, including blockchain, Web3, and AI industries.
This initiative positions RAK DAO as a nurturing ground for service providers in cutting-edge technological areas such as metaverse development, blockchain infrastructure, utility tokens, virtual asset wallets, nonfungible tokens (NFTs), decentralized autonomous organizations (DAOs), decentralized applications, and broader Web3 domains.
Beyond infrastructure, RAK DAO is set to bolster its community with grant programs and targeted assistance spanning technology support to marketing and business growth strategies. In his inaugural address, Sheikh Saud articulated the ambition behind RAK DAO: to cultivate a thriving hub for digital asset innovation and enable trailblazing ideas to take shape. Recognizing the vast opportunities in the digital assets realm, he expressed intent for Ras Al Khaimah to be at the forefront of this burgeoning industry.
In a strategic move, an agreement was also struck 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 attractions, is expanding its economic portfolio with this focus on the digital asset sector.
The RAK DAO enters a competitive landscape, joining the ranks of established Web3-friendly free zones in the United Arab Emirates, such as those in Abu Dhabi and Dubai, which offer benefits like full business ownership, unique tax schemes, and regulatory autonomy under the umbrella of UAE’s criminal law.
Under Law No 2 of 2023, issued by Sheikh Saud, RAK DAO has been granted the necessary financial and legislative independence to operate as a tailored, innovation-driven free zone for virtual assets. According to the Emirates News Agency report from March, this law is a component of the region’s broader economic diversification and global outreach efforts.
To strengthen its foundation, RAK DAO has secured partnerships with entities like the HBAR Foundation, Rakbank, and Romanian AI company Humans.ai, reinforcing its commitment to establishing a robust and collaborative digital asset ecosystem.
The launch of the RAK DAO aligns with the Royal Family of Ras Al Khaimah’s broader mission to transform the emirate into a blockchain and tech hub, creating tens of thousands of high-skilled jobs and attracting innovative tech companies and business leaders.
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