The Government of Ras Al Khaimah has announced plans to launch the world’s first free zone dedicated to digital and virtual asset companies.
The RAK Digital Assets Oasis, will be a purpose-built, innovation-enabling free zone for non-regulated activities in the virtual assets sector, solely dedicated to new sectors such as the metaverse, blockchain, NFTs, DAOs, DApp, and other Web3-related businesses.
It will open for applications in the second quarter of 2023.
"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," said Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, Chairman of RAK International Corporate Centre (RAK ICC) and Chairman of RAK Digital Assets Oasis.
The new free zone will support companies with advisory and professional services, hybrid workspaces, accelerators and incubators, sandboxes and access to funding.
"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," explained Dr. Sameer Al Ansari, CEO of RAK ICC and CEO of Digital Assets Oasis.
Ras Al Khaimah has established a reputation as a global business-friendly hub with 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.
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.