RAK DAO from the UAE and Tencent Cloud collaborate to enhance growth of cryptocurrency startups

Tencent Cloud, the cloud services division of the Chinese conglomerate Tencent, has entered into a memorandum of understanding (MoU) with the United Arab Emirates’ crypto-focused free economic zone in order to support the growth of startups through a range of initiatives. The Ras Al Khaimah Digital Asset Oasis (RAK DAO) announced the MoU with Tencent Cloud on March 7. The agreement involves facilitating the growth of startups registered at RAK DAO, a dedicated crypto zone located in Ras Al Khaimah, one of the seven emirates of the UAE. The MoU includes the establishment of a Tencent Cloud training center within RAK DAO to provide skill development and education. It also offers internship opportunities for companies licensed in RAK DAO and its partners within the Tencent Cloud ecosystem. Sheikh Saud bin Saqr Al Qasimi, the Ruler of Ras Al Khaimah, described the signing of the MoU as a significant milestone for the emirate and welcomed Tencent Cloud, stating that the collaboration would strengthen Ras Al Khaimah’s position as a technology hub. Dowson Tong, CEO of Tencent Cloud, expressed the goal of the collaboration as setting new standards in the Web3 space and unlocking new opportunities in the digital economy. The UAE’s free-trade zones allow entrepreneurs to have full ownership of their businesses in the country, with independent regulatory frameworks and tax schemes. RAK DAO is a free-trade zone that was launched in 2023 to provide a dedicated area for virtual asset companies focused on Web3 technologies such as the metaverse, blockchain, non-fungible tokens, decentralized applications, and decentralized autonomous organizations. The UAE free-trade zone has also formed partnerships with various companies in the crypto ecosystem, including signing an MoU with the HBAR Foundation in July 2023 to support ecosystem members in leveraging the Hedera blockchain.