On October 19, Saud bin Saqr Al Qasimi, Sheikh of Ras Al Khaimah, launched the RAK Digital Asset Oasis (RAK DAO), a special economic free zone aimed at promoting companies in the digital and virtual asset space, including the blockchain, Web3 and AI industries .

- RAK DAO positions itself as a breeding ground for service providers in sharp technological areas such as metaverse development, blockchain infrastructure, utility tokens, virtual asset wallets, NFTs, DAOs, decentralized applications and broader Web3 spaces.

- RAK DAO aims to strengthen its community through grant programs and targeted assistance, from technology support to marketing and business growth strategies.

- Ras Al Khaimah is expanding its economic portfolio by focusing on the digital asset sector.

- RAK DAO competes with Web3-friendly free zones such as Abu Dhabi and Dubai in the United Arab Emirates.

- RAK DAO reinforces its commitment to building a strong and collaborative digital asset ecosystem by collaborating with organizations such as HBAR Foundation, Rakbank and Romanian AI company Humans.ai.