What’s the news?
Since their inception, free zones in the United Arab Emirates have been experiencing a prolonged spell of success in boosting foreign investment flows. And the news is – The UAE is raring to create one more freezone under the name of Ras Al Khaimah Digital Assets Oasis (RAK DAO) in its Emirate of Ras Al Khaimah which will be the world’s first free zone exclusively for digital and virtual asset companies. This shows that the country has positioned itself as a forward-thinking hub for crypto firms.
“I am privileged to help implement the forward-thinking vision of the leadership of Ras Al Khaimah. We hope to enable, foster, and promote innovation in new and emerging sectors of the future,” commented Dr Sameer Al Ansari, CEO of RAK ICC and Digital Assets Oasis. He further added, “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. Consequently, we hope to build transformative solutions and create impact, while shaping the future of businesses and economies.”
“We are proud to further the UAE’s position as a primary destination for innovation with the launch of RAK Digital Assets Oasis,” said Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, chairman of RAK ICC and RAK Digital Assets Oasis.
Let’s Look at the Highlights of RAK DAO
- The announcement of the launch of RAK DAO was made by the Government of Ras Al Khaimah (RAK) at the Blockchain Life 2023 conference.
- According to the RAK ICC chairman, the RAK DAO free zone will be dedicated to ‘the companies of the future,’ companies in the digital and virtual assets sector.
- RAK DAO will be the world’s first-of-its-kind freezone solely committed to international digital and virtual asset trailblazers in the upcoming metaverse, blockchain, utility tokens, virtual asset wallets, NFTs, DAOs, DApp, and other Web3-related industries.
- RAK Digital Assets Oasis will be a purpose-built, true innovation-enabling free zone for non-regulated activities in the virtual assets sector.
- The freezone will also be seeing its name in lights for being a well-connected, remote-work-friendly location for businesses dealing in digital and virtual assets.
- The Oasis’ unique lifestyle proposition will support companies with robust, innovation-enabling adoption frameworks.
- Aimed at fostering an environment that encourages entrepreneurs to imagine, create, and evolve, the free zone will offer advisory and professional services, hybrid workspaces, accelerators and incubators, sandboxes, and access to funding.
- UAE’s groundbreaking move supports the UAE’s status as a top location for innovation.
- Applications will start in the second quarter of this year (2023).
Free Zones in the UAE: An Overview
At present, the UAE all across its seven emirates boasts more than 45 fully operational free zones designed to the T to attract wealthy investors and business-oriented people from the world over. Each free zone is designed to cater to specific industries and sectors, such as technology, media, healthcare, logistics, finance, and more. Also known as Free Trade Zones or FTZs, these specific economic zones are designated areas within the country that often have their own governance structures and offer foreign businesses and investors a unique set of benefits and incentives to conduct their operations including tax holidays, 100% business ownership, reduced business setup procedures, streamlined licensing and registration requirements and so much more. Some of the most popular Free Zones in the UAE include Dubai Multi Commodities Centre (DMCC), Dubai International Financial Centre (DIFC), Abu Dhabi Global Market (ADGM), Sharjah Airport International Free Zone (SAIF Zone), and Ras Al Khaimah Economic Zone (RAKEZ).
While the nation’s approach to the industry continues to draw in international crypto players, Ras Al Khaimah, one of the UAE’s seven Emirates, is getting ready to introduce a free zone for ‘the companies of the future’ dealing in digital and virtual assets such as the metaverse, blockchain, utility tokens, virtual asset wallets, non-fungible tokens (NFTs), decentralised autonomous organizations (DAOs), decentralised applications (DApps) and other Web3-related businesses. The crypto-friendly freezone is sure to take the world by storm for being the world’s first-ever free zone dedicated to digital and virtual assets service providers in emerging technologies.
Get in Touch
The world is going digital at the speed of light and the UAE is no exception. Dubai presented Virtual Assets and Related Activities (VARA) and now Ras Al Khaimah is introducing RAK Digital Assets Oasis to help the UAE make an indelible impression in the world of digital and virtual assets. Businesses sure need to be the tip of the spear in this new digital world we are moving into. We at Adam Global strive to bring the latest news to you that are relevant to your new or existing business. While the UAE is to launch the world’s First Free Zone for Digital and Virtual Asset Companies in its Ras Al Khaimah Emirate to attract global crypto players, you might also want to launch your venture in a similar industry. For any sort of assistance in setting up your business in UAE free zones, you may reach out to our experienced business setup consultants in Dubai. Click here to book your free consultation.