Announcements

RAK introduces world’s ‘first free zone’ for Metaverse companies

Published

3 years ago

March 21, 2023

Spread the love

Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah, has issued laws to establish apparently 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 will be an independent governmental authority. The new law grants RAK Digital Assets Oasis financial, administrative, and legislative independence, allowing it to function as a purpose-built free zone to enable innovation in the virtual assets sector.

The setting up of DAO is in furtherance to Law No 1 of 2023, which outlines the establishment of the Department of the Future. 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.

Sheikh Saud 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 transformational impact on the world.

“The new free zone will further cement Ras Al Khaimah’s reputation as a destination of choice for next-generation business ventures and the economy of the future.”

To lead the initiative, Sheikh Mohammed Al Qasimi has been appointed chairman and Dr Sameer Al Ansari as the CEO. Sheikh Mohammed is the Chairman of RAK International Corporate Centre (RAK ICC) and a Board Member and Managing Director of RAKEZ, while Dr 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.

Sheikh Mohammed Al Qasimi

The DAO 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.

Sheikh Saud added: “Ras Al Khaimah’s unique combination of accessibility, agility, and liveability 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.”

For more information, please visit www.rakdao.com or follow them on Twitter at @RAK_DAO

Related Topics:free zone metaverse RAK Ras al khaimah

Staff Reporter

Announcements

Small businesses in the UAE now have tax relief until 2029

Published

17 hours ago

August 7, 2026

Michael Gomes

Spread the love

Small businesses in the UAE with annual revenues of up to Dh3 million will continue to be eligible for Small Business Relief under the corporate tax regime until the end of 2029.

The Ministry of Finance said on Friday that Ministerial Decision No. 131 extends the period during which eligible businesses can benefit from Small Business Relief to cover tax periods ending on or before December 31, 2029.

The relief was introduced to help reduce the corporate tax compliance burden for smaller businesses and start-ups that meet the eligibility requirements.

Dh3 million threshold remains unchanged

The existing annual revenue threshold of Dh3 million, set under Ministerial Decision No. 73 of 2023, will continue to apply.

The relief applies to tax periods beginning on or after June 1, 2023 and, following the latest amendment, will remain available for subsequent tax periods ending on or before December 31, 2029.

Eligible taxable persons with annual revenue of up to Dh3 million can claim Small Business Relief, subject to meeting the conditions and requirements outlined in the corporate tax legislation.

The relief enables qualifying businesses to benefit from simplified corporate tax compliance requirements.

More time for small businesses

The extension provides eligible small businesses and start-ups with additional tax periods to benefit from the relief while continuing to meet the Dh3 million revenue threshold.

The Ministry said the decision is part of its efforts to support smaller companies and entrepreneurs, strengthen the business environment, and encourage sustainable growth and expansion.

Announcements

August fuel rates announced: UAE petrol prices go up

Published

1 week ago

July 31, 2026

Michael Gomes

Spread the love

UAE motorists will pay more at the pump from Saturday after the UAE Fuel Price Committee announced higher petrol and diesel prices for August 2026.

The revised rates, which take effect from August 1, are:

Super 98: Dh3.60 per litre (up from Dh3.40)
Special 95: Dh3.49 per litre (up from Dh3.29)
E-Plus 91: Dh3.41 per litre (up from Dh3.21)
Diesel: Dh3.80 per litre (up from Dh3.60)

The increase reverses July’s price reduction and comes after volatility in global oil markets during the past month.

The UAE Fuel Price Committee reviews retail fuel prices at the end of each month, with rates determined in line with movements in international oil markets.

The new prices will remain in effect throughout August 2026.

Announcements

UAE’s Jaywan card can now be used for online shopping on thousands of websites

Published

3 weeks ago

July 21, 2026

Michael Gomes

Spread the love

Online shopping with the UAE’s Jaywan card just got a major upgrade.

Network International has announced that Jaywan cardholders can now use their cards to pay on thousands of online stores connected to its payment gateway, expanding the domestic payment scheme beyond in-store purchases.

The move is expected to make online payments faster and more convenient while supporting the UAE’s push towards a cashless economy.

What is Jaywan?

Launched by Al Etihad Payments, a subsidiary of the Central Bank of the UAE, Jaywan is the country’s domestic payment card scheme.

It was introduced to provide a secure local payment option, reduce transaction costs and strengthen the UAE’s digital payments ecosystem.

Until now, Jaywan cards were mainly accepted for in-store purchases. With the latest expansion, cardholders can also use them for online shopping across thousands of merchants powered by Network International.

What this means for shoppers

For UAE residents, the update means more flexibility when shopping online.

Whether you’re ordering groceries, booking services or buying products online, you’ll be able to use your Jaywan card anywhere that supports Network International’s payment gateway.

The company says the integration offers secure, fast and seamless online payments, while merchants won’t face additional charges for Jaywan transactions processed through its platform.

A step towards a cashless UAE

The expansion is part of the UAE’s broader strategy to accelerate digital payments and reduce reliance on cash.

By making Jaywan available both in stores and online, payment providers are helping create a more connected digital payment ecosystem for businesses and consumers alike.

As more banks, merchants and payment providers adopt the scheme, residents can expect to see Jaywan accepted across even more everyday payment services in the future.