The UAE has transformed into a startup nation, shattering obstacles to cultivate an atmosphere where global talents from various backgrounds can chase their aspirations and ambitions, according to Sheikh Saud bin Saqr Al Qasimi, a member of the Supreme Council and Ruler of Ras Al Khaimah. He made these remarks during a keynote address at the Digital Assets conference in Ras Al Khaimah on Friday.
Sheikh Saud emphasized that the UAE is now acknowledged as the foremost hub for digital assets in the Middle East, drawing both regional and international investors. 'Everything you witness here is a startup. We have successfully dismantled barriers by embracing the future and welcoming diverse talents from across the globe, aiding them in pursuing their dreams, ambitions, and success,' Sheikh Saud stated.
Thanks to proactive regulatory measures in Abu Dhabi, Dubai, and Ras Al Khaimah, the UAE has evolved from a regional to a global hub for digital assets. Numerous global digital asset firms, including Binance, have established their presence in the UAE.
Ras Al Khaimah has made substantial strides by establishing the Digital Assets Oasis (DAO), a free zone intended to attract top-tier companies and advance digital growth within the emirate and the nation. The Digital Assets Oasis hosted the 'Building the Future – RAK DAO Conference' on Friday, drawing over 2,000 senior industry executives and professionals from the UAE and other countries worldwide, underscoring the emirate’s dedication to digital innovation.
Sheikh Saud noted that the digital assets market in the UAE is anticipated to generate approximately $270 million by the end of this year, setting a robust foundation for future growth. 'We believe that RAK DAO and this conference can serve as the catalyst, the springboard for exponential growth in the coming years,' the UAE Supreme Council member stated.
Emphasizing the UAE's ambition to lead globally in the digital realm, Sheikh Saud mentioned initiatives like the UAE National Strategy for Artificial Intelligence 2031, which aims to leverage AI for economic development and enhanced quality of life. 'Ras Al Khaimah is actively contributing to this digital journey,' he said.
'The establishment of RAK DAO as the first free zone dedicated to digital and virtual assets is a testament to our commitment to digital transformation and our visionary goal to not only enable but also create innovation,' the Ruler of Ras Al Khaimah added.
Sheikh Saud highlighted that RAK Digital Assets Oasis functions as a hub for entrepreneurs, investors, and developers, promoting a collaborative environment with progressive regulations and top-tier infrastructure. 'RAK DAO is more than just a regulatory framework. It is an ecosystem, essentially, providing a platform for businesses to flourish, offering progressive regulations, world-class infrastructure, and a collaborative environment.'
He also mentioned that the emirate is 'already reaping the benefits of our vision. Leading companies in the blockchain and digital assets sector are selecting Ras Al Khaimah as their base, attracted by our commitment to nurturing a thriving ecosystem.' He added that in just one year, RAK DAO has made significant progress, forming strategic partnerships that position it as a pivotal player in the global digital assets arena.
'We are laying the groundwork for future growth,' he concluded, stressing that the influx of investment will generate high-value jobs and attract foreign direct investment, solidifying Ras Al Khaimah and the UAE as global leaders in the digital economy.
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