News

UAE Announces Freezone For Digital & Virtual Asset Companies

Applications will be allowed during the second quarter of 2023.

Published

1 year ago

March 21, 2023

uae announces freezone for digital and virtual asset companies

His Highness Sheikh Saud bin Saqr Al Qasimi, the ruler of Ras Al Khaimah and UAE Supreme Council Member, has set plans in motion to establish the world’s first digital and virtual asset company freezone.

The independent governmental authority known as the RAK Digital Assets Oasis is affiliated with the newly created Department of the Future. The recently implemented law grants the RAK Digital Assets Oasis complete financial, administrative, and legislative independence, allowing it to function as a purpose-built free zone for the virtual assets sector.

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“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 digitalization 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,” says His Highness Sheikh Saud bin Saqr Al Qasimi.

The Ras Al Khaimah Digital Assets Oasis freezone opens for applications in Q2 of 2023. The government hopes to attract innovators and startups in a range of sectors, including the metaverse, blockchain, virtual asset wallets, NFTs, and other Web3-related businesses.

News

NASA Forms New Partnership With Saudi Space Agency

The pair will collaborate on the Center for Space Futures, advancing space tech by bringing together public and private stakeholders.

Published

3 days ago

May 16, 2024

Nour Nasir

Saudi Space Agency

Saudi Arabia’s space industry is on the brink of substantial expansion after generating $400 million in revenue in 2022, according to a report by the Saudi Communications, Space and Technology Commission.

Now, in a new venture with NASA, plans for a “Center for Space Futures” are set to further drive the Kingdom’s aspirations of becoming a leading player in space exploration and technology.

Capturing moments from the joint delegation visit with leaders from the Saudi and American Space Agencies @NASA to @PSU_RUH, along with scenes showcasing the audience's engagement. pic.twitter.com/oB1cFTiRNl

— وكالة الفضاء السعودية (@saudispace) May 14, 2024

The partnership between NASA and Saudi Arabia goes beyond economic advantages. The pair have already cooperated on preliminary work for the Artemis II lunar mission, which is slated for a September 2025 launch and aims to land astronauts near the moon’s South Pole.

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During a visit to the capital, Riyadh, NASA Administrator Bill Nelson emphasized in a TV interview the broader objectives of the collaboration, which encompass “returning to the moon and then [to] Mars” while utilizing space exploration to glean important insights into climate change. The NASA spokesman also reiterated the space agency’s dedication to collaborating with Saudi Arabia on other future ventures.