2023-10-22 17:03:58
Ras Al Khaimah, one of the most popular tourist destinations in the United Arab Emirates, is now home to an economic zone supporting digital devices and Web3. On October 19, the head of Ras Al Khaimah, Sheikh Saud bin Saqr Al Qasimi, inaugurated the economic zone called RAK Digital Assets Oasis (RAK DAO), which will host companies dealing with digital assets, metaverse, decentralized applications, blockchain, Web3 and artificial intelligence. to support. RAK DAO and its partners also provide special support in various areas of technology, marketing and business development. The zone has financial and legal independence “When we embarked on this project, our vision was to create a center where digital tools play an important role, innovation can take off, and pioneering ideas can be realized… We observed that global trends and data show that digital tools offer incredible opportunities, and we felt that Ras Al Khaimah might and should benefit from being an early adopter.” Sheikh Saud said in his speech. Emirates News Agency reported that back in March, the Sheikh issued Law No. 2 of 2023 establishing the RAK DAO as part of efforts to attract international companies and promote economic growth. The legislation provides financial and legislative independence to the economic zone, allowing it to function as a zone supporting digital assets and innovation. Since March, RAK DAO has also expanded its ecosystem with a number of partners, including the HBAR Foundation, the local financial institution RAKBANK and the Romanian artificial intelligence company Humans.ai.
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