The emirate of Ras Al Khaimah is celebrating the inauguration of a new free zone to boost the development of Web3, AI and emerging technologies.
Called “Ras Al Khaimah Digital Asset Oasis”, it is a free zone dedicated to Web3 technologies, including blockchain, digital assets and NFTs. This new free zone will also be focused on Artificial Intelligence, one of the most popular technological innovations today.
Sheikh Mohammed bin Saud bin Saqr Al Qasimi, who governs the emirate and city of Ras Al Khaimah, highlighted that digital assets can act as a factor of economic diversification, therefore they will help foster the growth and development of the emirate.
The innovation of emerging technologies is moving the limits of traditional technologies and reconfiguring processes, so many countries and regions are taking advantage of their potential to accelerate their digital transformation and ensure their technological, economic and social development.
The first free zone dedicated to digital assets, AI and Web3
With the inauguration of the Ras Al Khaimah Digital Asset Oasis, the emirate of Ras Al Khaimah has become the first in the country and the world to create a free zone dedicated to companies that are part of the digital asset industry.
From the Ras Al Khaimah government press office, the emirate highlighted the boost that the new Web3 free zone will provide to new and emerging sectors of the digital industry.
From the Ras Al Khaimah Digital Asset Oasis, the emirate will support and nurture digital asset companies and emerging technologies such as AI, to drive the development of pioneering solutions that unlock the full potential of innovation in the UAE.
Through this free zone, the emirate will ensure strategic and fruitful partnerships with companies and leaders in the technology industry and Web3, encourage research and development of cutting-edge solutions and encourage the adoption of Web3, blockchain and Artificial Intelligence .
The emirate of Ras Al Khaimah revealed for the first time its plans to build a free zone dedicated to digital assets and Web3 in March of this year.
UAE opens doors to innovation and development
The United Arab Emirates is building an ecosystem conducive to experimentation, development and innovation, focusing its interest and an important part of its resources on expanding the opportunities of the digital industry.
To date, the country located on the Arabian Peninsula has several projects dedicated to Bitcoin, cryptocurrencies and blockchain technology. Likewise, in 2021, the KIKLABB free zone, located in Dubai, became the first free trade zone in the United Arab Emirates to accept Bitcoin and other cryptocurrencies in payment and transaction processing.
On the other hand, the UAE has also been advancing the regulation of cryptocurrencies, implementing new strategies and policies that allow it to set global standards to shape the future of the new financial system in the face of the revolution driven by the digital asset industry. and the blockchain.
Continue reading: UAE highlights the importance of cryptocurrencies for international trade
