- Dubai International Financial Centre (DIFC) Courts and Ras Al Khaimah Digital Assets Oasis (RAK DAO) have partnered to boost the digital economy in the region.
- The partnership aims to increase awareness and accessibility of DIFC Courts’ digital economy services to businesses within the newly established digital economy freezone in Ras Al Khaimah.
- The partnership also aims to foster cooperation on projects aligned with the UAE’s vision for a robust digital economy.
The Dubai International Financial Centre (DIFC) Courts have taken a momentous step in bolstering the digital economy in the region by entering into a partnership with Ras Al Khaimah Digital Assets Oasis (RAK DAO).
This collaboration is geared towards increasing awareness and accessibility of the digital economy services provided by DIFC Courts to businesses within the newly established digital economy freezone in Ras Al Khaimah.
Furthermore, this partnership aims to foster cooperation on various projects aligned with the United Arab Emirates’ vision for a robust digital economy.
DIFC Courts, currently operating under a strategic roadmap spanning from 2022 to 2024, have been proactive in supporting both national and local Dubai strategic goals, with a particular focus on advancing the digital agenda.
They have introduced innovative initiatives like ‘tejouri,’ a global digital vault designed for the secure storage and transfer of digital data. This platform empowers individuals to store a wide range of documents, from insurance contracts to multimedia files, using advanced cryptography and Distributed Ledger Technology (DLT).
RAK DAO, recognized as the world’s first common law free zone exclusively dedicated to global digital and virtual asset companies, serves as a fertile ground for innovators and entrepreneurs working in the domains of Web3 and blockchain technology. This partnership signifies a significant leap forward in fostering a dynamic digital ecosystem within Ras Al Khaimah’s thriving digital oasis.
Stay up to date with the latest news. Follow Crypto Avanza on WhatsApp Channels
In 2021, the DIFC Courts introduced the Digital Economy Court (DEC), which is solely dedicated to simplifying the resolution of complex civil and commercial disputes related to the digital economy. The DEC handles national and international claims linked to current and emerging technologies, including big data, blockchain, cryptocurrencies, artificial intelligence, and cloud services. This international initiative bolsters the judicial support network for digital transformation and adoption.
The collaboration with RAK DAO aligns perfectly with the mission of DIFC Courts, which is to provide a transparent legislative framework and a vibrant ecosystem where companies have the necessary resources to innovate and thrive. This partnership underscores Dubai and the UAE’s commitment to playing a leading role in advancing judicial systems to efficiently address disputes related to the digital economy.
By fostering international partnerships and encouraging collaboration, RAK DAO aspires to position Ras Al Khaimah as a global hub for digital asset innovation, thereby enhancing its competitiveness as a global business destination in the digital age.
Established in 2004, DIFC Courts, Dubai’s international English-language common law judicial system, continue to strengthen investment and trade relations with Dubai, the UAE, and the international community.
This collaboration between DIFC Courts and RAK DAO represents a significant leap forward in advancing the UAE’s digital economy vision and supporting emerging sectors in the region. It underscores the commitment of both organizations to facilitate digital innovation, promote judicial excellence, and create a conducive environment for companies to thrive in the digital age.