Ras Al Khaimah To Become World's First Free Zone Dedicated to Digital and Virtual Asset Companies, His Highness Sheikh Saud bin Saqr Al Qasimi Issues Law

 His Highness Sheikh Saud bin Saqr Al Qasimi:

• “RAK Digital Assets Oasis will be an economic growth engine for the UAE and the region”

• “RAK Digital Assets Oasis will be a global hub for innovative enterprises in the digital and virtual assets sector and create new jobs and sustainable economic value”

Ras Al Khaimah, United Arab Emirates, March 20, 2023: His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah, has issued laws to establish the world’s first free zone dedicated to digital and virtual assets companies.

Established under Law No. 2 of 2023, the Ras Al Khaimah Digital Assets Oasis is an independent governmental authority affiliated with the newly created Department of the Future. The new law grants RAK Digital Assets Oasis financial, administrative, and legislative independence, allowing it to function as a purpose-built, innovation-enabling free zone in the virtual assets sector. The Digital Assets Oasis will be the world's first free zone dedicated to digital and virtual asset companies, with a comprehensive, bespoke, innovation-enabling digital asset approach.

In addition to the establishment of RAK Digital Assets Oasis, His Highness Sheikh Saud bin Saqr Al Qasimi also announced Law No. 1 of 2023, which outlines the establishment of the Department of the Future. The law aims to bolster economic growth and diversification in the Emirate of Ras Al Khaimah, promote its growing status as a hub for innovation, and enhance its competitiveness as an economic and global destination for business. The new department will play a pivotal role in promoting innovation and driving the Emirate's economic development in the digital age, positioning Ras Al Khaimah as a leader in innovation and entrepreneurship in the digital and virtual assets sector.

Speaking about RAK Digital Assets Oasis, His Highness Sheikh Saud bin Saqr Al Qasimi said:

“The Emirate of Ras Al Khaimah has been playing a leading role in national efforts to strengthen the UAE’s diversified, sustainable economy.  With the nation’s focus on digitalisation and encouraging enterprises of the future, RAK Digital Assets Oasis will serve as the gateway for global digital and virtual assets companies to establish their operations and grow their business. Our commitment is to provide an inspiring, innovation-centric environment that helps realize bright ideas that have a transformational impact on the world."

According to him, the new free zone will leverage Ras Al Khaimah to be the choice for next-generation business ventures and the economy of the future. A unique combination of accessibility, agility, and liveability, Ras Al Khaimah will foster responsible innovation and position the UAE at the forefront in driving the most successful disruptive tech transformations of the coming decades.

“We are focused on promoting entrepreneurship, including the digital and virtual assets sector, which thrives on innovation and speed. The new free zone will encourage young talent to implement their powerful ideas for the digital world, as well as drive global digital players to expand their footprint through our free zone, which will add incremental value to the economy by creating new jobs and promoting inward investment. RAK Digital Assets Oasis will be a key economic growth engine for Ras Al Khaimah and the wider region", he added.

To lead the initiative, Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi has been appointed as the Chairman and Dr. Sameer Al Ansari as CEO of RAK Digital Assets Oasis. Sheikh Mohammed is the Chairman of RAK International Corporate Centre (RAK ICC) and a Board Member and Managing Director of RAKEZ, while Dr. Sameer Al Ansari is the CEO of RAK ICC and a member of the Board of Directors of Marjan, Ras Al Khaimah's flagship master developer.

Their vast experience in various leadership positions in the Emirate will be invaluable to RAK Digital Assets Oasis in achieving its objectives of promoting entrepreneurship and innovation, attracting national and foreign investments, and creating a flexible business environment that enhances opportunities for success and prosperity.

RAK Digital Assets Oasis will open for applications in the second quarter of 2023, becoming the only free zone in the world exclusively for digital and virtual asset companies that are innovating in new and emerging sectors, such as the metaverse, blockchain, utility tokens, virtual asset wallets, NFTs, DAOs, DApp, and other Web3-related businesses.

About RAK Digital Assets Oasis

RAK Digital Assets Oasis is a purpose-built, true innovation-enabling free zone for the companies of the future. RAK Digital Assets Oasis is the world's first free zone solely dedicated to digital and virtual asset companies 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.

Located in Ras Al Khaimah in the UAE, the free zone brings together bespoke, progressive, framework-defining digital asset legislation with world-class infrastructure to create a vibrant ecosystem where innovative technology enterprises thrive.

RAK Digital Assets Oasis' unique lifestyle proposition supports companies with robust, innovation-enabling 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.

About Ras Al Khaimah

Included in Time magazine’s World’s Greatest Places of 2022 and CNN Travel’s Best Destinations to Visit in 2023, Ras Al Khaimah offers an experience of a lifetime where travellers can feel the Emirate’s beating heart across a range of landscapes from the sea and beach, to the desert and mountain range. Offering over 7,000 years of fascinating history, traditions and culture, Ras Al Khaimah promises an authentic and easily accessible Arabian experience.  A haven of year-round sunshine, the Emirate features pristine beaches, lush mangrove trees and terracotta dunes, as well as fertile, green oases and the dramatic, awe-inspiring vistas of the majestic Hajar mountains, including the UAE’s highest mountain peak – Jebel Jais – where temperatures are around 10 degrees lower than sea level.

Named the Gulf Tourism Capital in 2020 and 2021, much of Ras Al Khaimah’s popularity comes from the increasing ease of accessibility. Located a few short hours by flight from various key European hubs, the Emirate is just a 45-minute drive from Dubai International Airport.  With a wide choice of accommodations, from ultra-luxurious beach resorts managed by global hospitality brands to family-friendly and affordable hotels and glamping accommodations, Ras Al Khaimah is the ideal destination for leisure travellers, families, couples and adventure seekers.

Pallavi Singal

With a driving passion to create a relatable content, Pallavi progressed from writing as a freelancer to full-time professional. Science, innovation, technology, economics are very few (but not limiting) fields she zealous about. Reading, writing, and teaching are the other activities she loves to get involved beyond content writing for intelligenthq.com, citiesabc.com, and openbusinesscouncil.org