Ras Al Khaimah to open world’s first free zone for digital and virtual asset companies

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 at the Blockchain Life 2023 event on February 27.

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.”

Ras Al Khaimah: a global digital hub

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

It 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 Q2 2023.

Dr Sameer Al Ansari, CEO of RAK ICC and CEO of Digital Assets Oasis, said: “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.

“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.”

Benefits on offer

Ras Al Khaimah has established a reputation as a global business-friendly hub with political stability, and a progressive, supportive, and quick-to-adapt approach beneficial to businesses.

RAK Digital Assets Oasis will support companies with robust 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 business models for the future that will be well-positioned to tap into the region’s emerging markets.

In other news, Ras Al Khaimah is bolstering new investment in its tourism sector and aims to attract 40 million hotel guests across the UAE. Looking ahead to 2023 and beyond, it anticipates over 5,600 keys by 2026.

Read: Power Letters 2023: Raki Phillips, chief executive officer, Ras Al Khaimah Tourism Development Authority