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
The Dubai International Financial Centre (DIFC) has today announced a comprehensive suite of temporary economic support measures designed to fortify its business and retail community. Effective immediately, the package addresses short-term operational pressures, ensuring the DIFC ecosystem remains the most resilient financial hub in the MEASA region.
As the global economy navigates a shifting landscape, the DIFC Authority is taking a proactive stance to provide financial reassurance and administrative flexibility to its 8,800+ active firms.
Targeted financial & operational support
The relief measures are specifically designed to stabilise cash flows for both commercial tenants and retail operators. Key initiatives include:
Flexible Payment Solutions: Customised payment plans for retail and commercial sectors.
Licensing Ease: New instalment plans for license renewal fees to reduce upfront capital requirements.
Administrative Grace Periods: Extensions on payments related to the Registrar of Companies, Data Protection Department, and lease contract filings.
Workforce Support: Deferred timelines for registering employees into the DIFC Employee Workplace Savings (DEWS) scheme.
Regulatory flexibility
In tandem with the DIFC Authority, the Dubai Financial Services Authority (DFSA) is introducing regulatory relief to maintain market momentum. These measures will support existing regulated firms and streamline the authorisation process for new entities seeking to enter the Dubai market.
“At DIFC, we stand alongside our clients, partners, and employees with a clear commitment to provide support and reassurance when it is needed most,” said Arif Amiri, Chief Executive Officer of DIFC Authority.
The announcement comes as DIFC continues its Zabeel District expansion, which is set to house over 42,000 companies. By prioritising the human and financial health of its current partners, DIFC is reinforcing Dubai’s position as a top-four global financial centre that prioritises stability alongside innovation.
As global markets navigate a landscape of uncertainty, the UAE continues to stand as a beacon of stability and resilience. While business leaders across the region have applauded the nation’s defence mechanisms and leadership, one Dubai-based advertising firm is moving beyond words and into action.
NextWhat Advertising has unveiled a massive, self-funded tribute billboard at the Dubai World Trade Centre Roundabout. In a move that breaks industry norms, the agency has bypassed commercial revenue to dedicate one of the city’s most premium outdoor spots to a message of solidarity and love for the UAE leadership.
The billboard, strategically located in the parking area facing the flow of traffic from Emirates Towers toward Zabeel Road and facing the iconic Sheikh Zayed Road, carries a heartfelt message honouring the strength, wisdom, and commitment to unity that defines the UAE’s path forward.
Gratitude for leadership
While Corporate Social Responsibility (CSR) campaigns are common, they are almost exclusively funded by clients. NextWhat is pioneering a different path: the billboard owner acting as the benefactor.
“Typically, we see clients using CSR funds for these types of messages. Among outdoor media players, we are amongst the first few to have done this entirely on our own,” says Tanvir Shah, Founder and Managing Director of NextWhat Advertising.
“We’ve spent our own money and used our own premium space, no sponsorship, no clients, to show our genuine gratitude for the safety and leadership the UAE provides.”
From Mumbai to the world stage
The man behind the move, Tanvir Shah, is a first-generation entrepreneur with a legacy of Thinking Big. A graduate of Mumbai’s prestigious Sydenham College and a veteran of The Times of India, Shah launched his first venture in 1992. Today, his footprint spans India, Sri Lanka, and the UAE.
Under Shah’s leadership, NextWhat has become synonymous with unmissable brand experiences. By dedicating their state-of-the-art digital and large-format sites to a national cause, the company is demonstrating that in the UAE, the bond between the private sector and the state is built on more than just commerce; it is built on shared resilience.
United we stand as a family
Today, as business leaders and residents alike confront uncertainty, they do so not as guests in a foreign land, but as a united family standing in defence of the home that has embraced them. This bond has been forged through years of shared milestones and a collective belief that, regardless of origin, hearts can beat as one for the Emirates.
“The UAE has given us extraordinary opportunities and unwavering support. Just as it welcomed us during times of prosperity, we stand with it now in moments of challenge. We are not merely expatriates or guests; we are family. Irrespective of nationality, we have consciously chosen this country as our home, and we hold it close to our hearts. Our loyalty has only grown stronger through the trust and confidence shown by the nation’s leadership. This land has embraced us with dignity, and the least we can do is stand by it. At the end of the day, we are one,” concluded Shah.
Dubai authorities have announced a series of business support measures aimed at strengthening resilience, easing financial pressures, and sustaining economic growth across key sectors.
The initiatives are part of a wider Dh1 billion economic incentive package unveiled by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Deputy Prime Minister.
Relief for tourism and hospitality
To support hotels and tourism-related businesses, the government will allow:
Deferral of 100% of sales fees on rooms and food & beverage
Postponement of Tourism Dirham fees
These relief measures will be valid for three months starting April 1 and apply to:
Hotels
Hotel apartments
Holiday homes
The goal is to enhance liquidity and reduce short-term financial strain on the hospitality sector.
Wider support for businesses
Additional measures have been introduced across the broader economy, including fee deferrals for three months on:
Premium business names
Licence amendments
Newspaper announcements
Local service fees
Accommodation and waste management fees
Service improvement charges
These apply to both new business licences and renewals, with further updates expected after the three months.
Additional reforms
The broader package also includes:
Extended grace periods for customs data
Streamlined processes for issuing and renewing residency permits
Officials from the Dubai Department of Economy and Tourism emphasised that the emirate’s economic success is built on proactive policymaking and strong collaboration with industry stakeholders.