RAK DAO and Tencent Cloud Forge Strategic Partnership to Pave the Way for Global Web3 Innovation

HH Sheikh Saud bin Saqr Al Qasimi witnesses the signing of the pioneering MOU to drive Web3 innovation, positioning Ras Al Khaimah as a global hub for digital transformation.

The collaboration aims to foster entrepreneurship, skill development, and ecosystem growth, marking a pivotal moment in shaping the future of the digital economy.

Ras Al Khaimah, UAE - March 7 2024 - Ras Al Khaimah Digital Assets Oasis (RAK DAO), the world's first and only common law free zone dedicated to digital and virtual asset companies, proudly announces a landmark Memorandum of Understanding (MOU) with Tencent Cloud, the cloud business of the global technology company Tencent, a global leader in internet and technology solutions headquartered in Shenzhen, China.

RAK DAO and Tencent Cloud are set to embark on a transformative journey, starting with today’s signing ceremony, which was attended by His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah. The MOU was signed by Dr. Sameer Al Ansari, CEO of RAK DAO and Mr. Poshu Yeung, Senior Vice President, Tencent Cloud International.

This strategic collaboration aims to explore avenues for mutual growth and innovation, positioning Ras Al Khaimah as a frontrunner in the rapidly evolving Web3 landscape. By leveraging Tencent Cloud’s expertise and resources, RAK DAO is poised to revolutionize the digital economy, offering unparalleled opportunities for startups and enterprises alike.

The key highlights of the MOU include facilitating startup growth through Tencent Cloud’s voucher programmes and regional expansion initiatives, establishing a Tencent Cloud Technical Training Centre within RAK DAO for education and skill development, and offering internship opportunities for RAK DAO licensees and partners within Tencent Cloud and its ecosystem of companies.

His Highness Sheikh Saud stated: "The signing of this MOU between RAK Digital Assets Oasis and Tencent Cloud is a significant moment for Ras Al Khaimah, one which underscores our Emirate’s dedication to realizing a thriving digital ecosystem. We welcome Tencent Cloud’s expertise and resources, and anticipate the opportunities this collaboration will bring, further solidifying Ras Al Khaimah's position as a global hub for innovation and technology."

Dr. Sameer Al Ansari, CEO of RAK DAO, expressed his enthusiasm for the partnership, stating: "We are honoured to embark on this transformative journey alongside Tencent Cloud, a global leader in technology and innovation. This strategic partnership represents a significant milestone for RAK DAO and solidifies our commitment to driving digital transformation and fostering innovation in the region."

Mr. Dowson Tong, Senior Executive Vice President of Tencent and CEO of Tencent Cloud and Smart Industries Group, remarked: "Tencent Cloud is excited to collaborate with RAK DAO to unlock new opportunities in the digital economy. Together, we aim to harness the power of technology to drive growth and innovation, setting new benchmarks in the Web3 space. This partnership exemplifies our commitment to nurturing ecosystems and empowering businesses worldwide."

Poshu Yeung, Senior Vice President, Tencent Cloud International, said: “We are thrilled to showcase our commitment to the global Web3 community by partnering with RAK DAO. Leveraging Tencent Cloud's expertise and ecological resources, we are fully prepared to offer exceptional support and services related to Web3 to startups and enterprises.”

The strategic partnership between RAK DAO and Tencent Cloud signifies a bold step towards shaping the future of the digital economy, driving innovation and fostering growth in the Web3 space.

About RAK DAO:

RAK Digital Assets Oasis (RAK DAO) is the world's first and only common law Free Zone established to support and nurture Web3 companies. In the UAE Emirate of Ras Al Khaimah, RAK DAO offers a transparent legislative framework that simplifies the process of opening and operating virtual assets companies. By fostering a vibrant ecosystem and providing comprehensive services, RAK DAO drives the future of emerging sectors, propelling innovation, and unlocking the potential of digital assets.

About Ras Al Khaimah

Ras Al Khaimah (RAK) is the northernmost of the seven Emirates that make up the United Arab Emirates. It is known for its diverse landscape, from 64km of beaches, to deserts and imposing mountains, as well as its rich history, dating back 7,000 years. It has many archaeological sites, four of which have been shortlisted on UNESCO’s tentative list of World Heritage Sites. The Emirate’s Jebel Jais, which is the highest mountain in the UAE, boasts attractions including Jebel Jais Flight, the world’s longest zip line at almost 3km, and 1484 by Puro, the UAE’s highest restaurant. Ras Al Khaimah is centrally located at the modern crossroads between Europe, Asia and Africa, with one third of the world’s population within four hours’ flying time, making it an ideal location for businesses to expand into the UAE, the Middle East and Africa region and beyond. The Emirate boasts one of the most diverse economies in the region, with no single sector accounting for more than 30% of the Emirate’s GDP – a critical advantage that enhances Ras Al Khaimah’s economic flexibility and strength. Ras Al Khaimah has been rated in the ‘A’ range by Fitch and Standard & Poor’s international ratings agencies for 15 years. Ras Al Khaimah is a multicultural society, with a population of 0.4 million people in 2023. With year-round sunshine, straightforward business set-up and a competitive and affordable cost of living, Ras Al Khaimah is the informed choice for business, lifestyle and exploration.