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

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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

Journalist for 25 years with leading publications in India and UAE such as The National, Mumbai Mirror, DNA, Indian Express and former Sports Editor of eIndia.com. Now managing editor of Headline.ae, part of MEMc (https://www.memc.co)

Announcements

Abu Dhabi bans single-use styrofoam products from June 1

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Single-use styrofoam products will be banned in Abu Dhabi from June 1, the Environment Agency – Abu Dhabi and Abu Dhabi Department of Economic Development announced on X.

As part of the ban, Abu Dhabi is targeting avoidable, single-use consumer products. Specifically, the banned products comprise cups, lids, plates and beverage containers (including their caps and lids) made of expanded polystyrene. In addition, food container receptacles for products that are intended for immediate consumption, either on the spot or for takeaway, or containers that have a product that is typically consumed from the receptacle and is ready to be consumed without any further preparation such as cooking, boiling or heating, will also be prohibited.

Items exempt from this ban include:

-Reusable storage boxes

-Coolers

-Items intended for medical use

The initiative to ban single-use Styrofoam is an extension of the Abu Dhabi Single-Use Plastic Policy, and supports the aims of the Year of Sustainability.

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World League of Fighters announces grand launch in Bangkok: Winners to secure golden tickets to UAE’s inaugural season

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The World League of Fighters (WLF), the first-of-its-kind franchise based league-styled Muay Thai tournament, announced the grand launch ceremony for the inaugural season on June 1st at the prestigious Lumpinee Stadium in Bangkok. Sticking to the league’s ideology of sportainment, the mega launch event will offer the audiences mesmerising live musical performances from some of the renowned artists along with an action-packed fight night comprising of five intense bouts to mesmerise the local Muay Thai fans.

To further capture the imagination of the audiences all around the world, the launch ceremony will be held at the highly popular the New Lumpinee Boxing Stadium, in Bangkok, Thailand. Currently owned and run by the Royal Thai Army, the Stadium is regarded as the symbol of modern Muay Thai, and is frequented by the fans who pack the stadium in large numbers each week to witness thrilling fights.

The grand event will be attended by Mr. Rajesh Banga, Chairman World League of Fighters, Mr. Rahul Saxena, President World League of Fighters, Mr. Sunil Mathew, Co-Founder World League of Fighters, Mr. Nilesh Pundir, Co-Founder of World League of Fighters, along with President WBC Muay Thai, Colonel Thanapol Bhakdibhumi. Mr. Samer Al Suojhayer, Co-Founder and Head of Operations WLF Asia, Mr. Kevin P. Noone, Secretary General WBC Muay Thai, and Mr. Fouad Darwish Ceo & Managing Director of Palms Sports will also be present to witness the spectacle.

To kick start the exciting Muay Thai action, USA’s Matt baker will face off against Azerbaijan’s Rauf Gerayzade in the Cruiserweight bout, while Thailand’s own Satanfah Sitsongpeenong will take on Iran’s Mohammad Sirasani in the Middleweight fight. India’s Surya Sagar will vie for a win when he takes on Lithuania’s Deividas Danyla in Welterweight match, and Russia’s Dana Begzhanova will also be in action against Spain’s Alba Morral in the Women’s Featherweight bout. The winners of the four bouts will get a Golden Ticket to the inaugural season of the World League of Fighters which will take place in Abu Dhabi later this year. The Muay Thai action will close with the Headline Contest between Kazakhstan’s Ali Kabdulla and Armenia’s Martun Mezhlumyan in a 170 Pound Catchweight contest.

To further add to the spectacle, the fans will get a chance to groove along with the biggest Thai pop sensation Kratae Rsiam, who recently opened Bruno Mars’ concert in Bangkok, and will be performing live at the launch ceremony. The renowned local musical artist Tong Twopee, who has garnered a cult-like following on social media, will also be performing live for the audience in attendance.

Speaking on the upcoming Launch event, Mr. Rajesh Banga, Chairman World League of Fighters said, “The Launch event in Bangkok is a tiny teaser of the extravaganza that we will be presenting to the world with the inaugural season of World League of Fighters. We are bringing a revolution to the world of combat sports, and we are confident our vision will resonate with the global masses. The Launch event will not only give the fans a chance to enjoy live Muay Thai fights, but also allow them to engage with live musical performances. We are grateful to WBC Muay Thai for their constant support and for the Thailand and Bangkok government authorities for allowing us to showcase our vision at the Mecca of Muay Thai – the New Lumpinee Boxing Stadium.”

WLF partnered with World Boxing Council Muay Thai last year to revolutionise the sport of Muay Thai and spread its reach across the globe. This is the first time in the Combat Sport World, a franchise-based league-style tournament is being organised featuring 20 of the world’s best male and female Muay Thai fighters. The renowned international combat sports stars will be divided into 4 franchises that will compete against each other in a round-robin format, to claim the Coveted WLF * WBC Title Belt.

President WBC Muay Thai, Colonel Thanapol Bhakdibhumi, added: “It is about time the adrenaline-pumping sport of Muay Thai gets a revamp. A league-styled competition of such magnitude is a celebration will boost the popularity of the sport and expand its reach beyond horizon. The upcoming Launch event is a moment of celebration for all Muay Thai fans, aficionados, trainers, and fighters not only in Thailand, but all around the globe, and we want to give them a show that they will never ever forget. The mingling of Muay Thai with entertainment is an unprecedented chapter in the history of combat sports and we cannot wait to present a glimpse of what is in store for the fans.”

The event is slated to take place in UAE in September.

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UAE announces 10 year Blue Residency Visa

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The UAE has announced a long-term residency for environment advocates. Called ‘Blue Residency’, the 10-year visa will be granted to individuals who have made “exceptional contributions and efforts in the field of protecting the environment”.

Applicable fields include boosting the air quality and green technology. “The sustainability of our economy has become linked to the sustainability of our environment,” said Sheikh Mohammed bin Rashid, Vice-President and Prime Minister of the UAE, as he chaired a Cabinet meeting on Wednesday.


Blue Residency: Who is eligible

The Blue Residency will specifically be granted to supporters of environmental action. This includes members of international organizations, international companies, members of associations and non-governmental organizations and global award winners. It also includes distinguished activists and researchers in environmental work. Those are interested in the residency are invited to submit their applications through the Federal Authority for Identity, Citizenship, Customs, and Port Security, or through nominations by competent authorities.

The UAE already grants 10-year residency visas, called golden visas, to eligible investors, entrepreneurs, scientists, outstanding students and graduates, humanitarian pioneers and frontline heroes.

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