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RAK plans world's first free zone dedicated to digital and virtual asset companies

We are building the free zone of the future for the companies of the future, Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, Chairman of RAK ICC and Chairman of RAK Digital Assets Oasis

The government of Ras Al Khaimah (RAK) has announced its intention to launch RAK Digital Assets Oasis, the world’s first free zone dedicated to digital and virtual asset companies. The announcement was made on Monday at Blockchain Life 2023.

RAK Digital Assets Oasis will be a purpose-built, true innovation-enabling free zone for non-regulated activities in the virtual assets sector.

The new free zone is intended to be the only free zone in the world solely dedicated to digital and virtual assets service providers innovating in new and emerging sectors of the future including metaverse, blockchain, utility tokens, virtual asset wallets, NFTs, DAOs, DApp, and other Web3-related businesses.

RAK Digital Assets Oasis will open for applications in the second quarter of 2023.

Commenting on the new free zone, Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, Chairman of RAK ICC and Chairman of RAK Digital Assets Oasis, said: “We are proud to further the UAE's position as a primary destination for innovation with the launch of RAK Digital Assets Oasis."

"We are building the free zone of the future for the companies of the future. As the world's first free zone solely dedicated to digital and virtual asset companies, we look forward to supporting the ambitions of entrepreneurs from around the world with our progressive, supportive, and quick-to-adapt approach, and our innovation-enabling environment,” he said.

Dr Sameer Al Ansari, CEO of RAK ICC and CEO of Digital Assets Oasis: “I am privileged to help implement the forward-thinking vision of the leadership of Ras Al Khaimah to enable, foster, and promote innovation in new and emerging sectors of the future. With the UAE’s established reputation as an innovation hub, RAK Digital Assets Oasis delivers a truly unique offering to global entrepreneurs bringing together an unmatched combination of accessibility and liveability, supported by Ras Al Khaimah’s business-friendly infrastructure, progressive policies, and an international lifestyle offering.”

Ras Al Khaimah has established a reputation as a global business-friendly hub with political stability, a progressive, supportive, and quick-to-adapt approach, and an innovation-enabling environment in a strategic time-zone that fills the gap between financial centres in the West and the East.

“We look forward to welcoming the world's brightest Web3 minds with their most disruptive ideas that uncover new approaches to creating a better future. We are committed to empowering the next generation of global entrepreneurial talent to build transformative solutions and create impact, while shaping the future of businesses and economies,” added Dr Al Ansari.

RAK Digital Assets Oasis' unique lifestyle proposition will support companies with robust, innovation-enabling adoption frameworks, advisory and professional services, hybrid workspaces, accelerators and incubators, sandboxes, access to funding, and an environment that encourages entrepreneurs to imagine, create, and evolve.

The free zone aligns with the UAE's position as a primary destination for innovation. RAK Digital Assets Oasis will be a remote-work friendly, globally connected destination for digital and virtual asset companies building innovative business models for the future that will be well positioned to tap into the region's emerging markets.

— muzaffarrizvi@khaleejtimes.com