United Arab Emirates RAK DAO and Tencent Cloud ink agreement to grow crypto startups
Tencent Cloud, the cloud services arm of Chinese conglomerate Tencent, has signed a memorandum of understanding with the UAE's crypto-focused Free Economic Zone.
On March 7, Ras Al Khaimah Digital Asset Oasis (RAK DAO) announced that it had signed a memorandum of understanding with Tencent Cloud to explore “paths of mutual growth”. Initially, the agreement includes facilitating the development of startups registered with RAK DAO in Ras Al Khaimah, one of the seven emirates of the United Arab Emirates.
The memorandum includes the establishment of a Tencent Cloud Training Center for talent development and education at RAK DAO. The agreement includes internship opportunities for companies licensed by RAK DAO and its partners in the Tencent Cloud ecosystem.
Sheikh Saud Bin Saqr Al Qasimi, Ruler of Ras Al Khaimah, described the signing of the MoU as a major milestone for the emirate. The Governor of Ras Al Khaimah welcomed Tencent Cloud and said the cooperation will strengthen Ras Al Khaimah's technology hub.
Meanwhile, Tencent Cloud CEO Dawson Tong said the partnership aims to set new standards in the Web3 space and “open up new opportunities in the digital economy.”
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A “free trade zone” in the UAE is where entrepreneurs can own 100% of businesses in the country. These areas are independent from the mainland, with the exception of the UAE's criminal law, and have their own regulatory frameworks and tax schemes.
RAK DAO is a free trade zone opened in 2023 to provide limited space for virtual asset companies. The area is focused on Web3 technologies for virtual asset service providers such as Metaverse, Blockchain, Immutable Tokens, Decentralized Applications and Decentralized Autonomous Organizations.
The UAE Free Trade Zone has started collaborating with various companies in the crypto ecosystem. In the year In July 2023, a Memorandum of Understanding was signed with the HBAR Foundation to allow ecosystem members to use the Hedran Blockchain.
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