UAE creates ‘world’s first and only’ enterprise zone for digital and virtual asset companies

One of the emirate of the UAE, Ras Al Khaimah, has established a Digital Assets Oasis (RAK DAO), claimed to be “the world’s first and only common law Free Zone dedicated to digital and virtual asset companies”, has celebrated the “resounding success” of its launch with a grand event to mark the start of a new era of Web3 collaboration in the United Arab Emirates (UAE).

The event, held October 19th, 2023 at the prestigious Al Hamra International Exhibition and Convention Center, brought together visionaries, influential figures, and government dignitaries to reflect on the future of digital assets and Web3 technologies.

Uniting over 850 attendees, 40 speakers from around the world, and 11 exhibitors, the event brought together international experts, and key leaders with a shared vision for the future of web3 and emerging technologies.

Exhibition partners, including RAKBANK, HBAR Foundation, Binance, Solana Foundation, and several other supporting partners facilitated various experiences for the event attendees, such as an immersive metaverse by Landvault and digital art VR activation by Arts DAO.

The Launch Event was held under the patronage of His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah, who delivered a keynote speech, where he said: “Innovation is a driving force that has transformed the world in profound ways, shaping how we live, work, communicate and address global challenges.

“Ras Al Khaimah is committed to embracing new and emerging tech sectors and playing a leading role in national efforts to strengthen the UAE economy and drive sustainable growth in the region.”

The opening speech was followed by a historic MoU (Memorandum of Understanding) signing between RAK DAO and SCA (Securities and Commodities Authority), and several panels featuring industry leaders, such as His Excellency Gabriel Abed (Ambassador of Barbados), Andrea Prazakova (Mastercard Foundry & ESG EEMEA), Pierre Samties (Roland Berger), Amy Oldenburg (Morgan Stanley), Alex Chehade (Binance FZE), Pascal Gauthier (Ledger), Yat Siu (Animoca Brands), and many others.

Attendees gained invaluable insight into subjects such as AI and digital assets, strategies for safeguarding the future of digital asset policies, the shift from Web2 to Web3, the role of CBDCs, and how blockchain is reshaping traditional businesses.

Dr. Sameer Al Ansari, CEO of RAK DAO, said: “Looking back at our launch event, which featured distinguished keynote speakers, engaging panels, and networking sessions, I am thrilled to see our vision come to life. The event was a true testament to our commitment to fostering collaboration, supporting startups, and driving innovation in the digital landscape.

“The enthusiasm of all participants has set the stage for a bright digital future in Ras Al Khaimah. As we reflect on this moment, we are more motivated than ever to continue our journey, building a strong, global presence in the digital economy.”

RAK DAO aims to become the central hub for global digital asset innovation worldwide. Through its efforts to draw in international partners and foster collaboration within the free zone, RAK DAO is solidifying Ras Al Khaimah’s position as a premier hub for innovation, thereby bolstering its global appeal for businesses in the digital era.