On February 27th at the Blockchain Life 2023 event, Ras Al Khaimah (RAK) unveiled its plans to establish the world’s first free zone exclusively for digital and virtual asset companies, known as RAK Digital Assets Oasis.
The chairman of RAK ICC and RAK Digital Assets Oasis, Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, stated that the launch of this free zone demonstrates the UAE’s commitment to innovation and establishing itself as a leading destination for emerging technologies.
“With its forward-thinking and adaptable environment, RAK Digital Assets Oasis aims to support entrepreneurs worldwide in achieving their goals and ambitions. The free zone is set to pave the way for the future of digital and virtual assets and provide a platform for companies operating in this space to thrive.”
Ras Al Khaimah: A Global Digital Hub
The upcoming RAK Digital Assets Oasis is designed to be a specialized free zone that fosters innovation and growth for virtual asset companies operating in non-regulated activities. It aims to be a purpose-built environment that supports emerging sectors such as metaverse, blockchain, utility tokens, virtual asset wallets, NFTs, DAOs, DApp, and other Web3-related businesses.
As the only free zone in the world dedicated solely to digital and virtual asset service providers, RAK Digital Assets Oasis is expected to offer a unique platform for these companies to expand and flourish. The free zone is set to commence accepting applications from Q2 2023, marking an important milestone in the development of this innovative business hub.
According to Dr. Sameer Al Ansari, who serves as both the CEO of RAK ICC and the CEO of Digital Assets Oasis, the upcoming free zone provides a one-of-a-kind opportunity for entrepreneurs worldwide. Combining accessibility and liveability, RAK Digital Assets Oasis is expected to offer an unparalleled business environment, underpinned by the supportive infrastructure and progressive policies of Ras Al Khaimah.
As a well-established hub for innovation, the UAE is the perfect location for such an initiative. With its international lifestyle offerings, RAK Digital Assets Oasis is poised to become a go-to destination for entrepreneurs seeking a dynamic business environment that caters to their needs.
Dr. Sameer Al Ansari expressed excitement for the prospect of hosting some of the most brilliant Web3 innovators at RAK Digital Assets Oasis. He anticipates that the free zone will attract entrepreneurs with the most groundbreaking and unconventional ideas that can unlock new methods of generating positive change.
RAK Digital Assets Oasis aims to provide aspiring entrepreneurs with the tools and resources they need to develop transformative solutions and make a significant impact. By empowering the next generation of entrepreneurial talent, the free zone intends to play a pivotal role in shaping the future of businesses and economies.
Advantages of Offer
Thanks to its political stability, progressive policies, and supportive approach to businesses, Ras Al Khaimah has become renowned as a business-friendly hub on a global scale.
In line with this reputation, RAK Digital Assets Oasis is poised to offer a range of resources and services to support companies in the virtual assets sector. These will include advisory and professional services, hybrid workspaces, accelerators, and incubators, as well as sandboxes and access to funding.
By creating an environment that encourages creativity, innovation, and evolution, RAK Digital Assets Oasis intends to enable entrepreneurs to develop their ideas and bring transformative solutions to the market. The free zone aims to provide robust adoption frameworks and a range of other resources that will support companies in the virtual assets sector as they grow and thrive.
RAK Digital Assets Oasis is a forward-thinking initiative that aligns with the UAE’s position as a leading destination for innovation. The free zone is designed to serve as a globally connected hub for digital and virtual asset companies that are looking to build business models for the future. By providing a remote-work-friendly environment, RAK Digital Assets Oasis will be well-placed to tap into emerging markets across the region.
Meanwhile, Ras Al Khaimah is focusing on new investments in its tourism sector, with a target of attracting 40 million hotel guests across the UAE. In line with this objective, the emirate is looking to add over 5,600 hotel rooms by 2026, thereby bolstering its position as a popular tourist destination.
