RAK DAO (Ras Al Khaimah Digital Assets Oasis) recently announced a partnership with the HBAR Foundation.

The HBAR Foundation confirmed the partnership in an official post, stating that they have signed a Memorandum of Understanding (MOU) to collaborate. Their goal is to support the growth of Hedera in the United Arab Emirates.

Through this partnership, the HBAR Foundation will assist RAK DAO members in using blockchain technology to develop applications and economies on Hedera. Hedera, a leading enterprise-grade public network in the region, holds significant market influence in the UAE.

This marks RAK DAO's first operational partnership, combining the resources and expertise of both platforms to provide direct access to Hedera’s benefits. These benefits include extensive grant programs, expert technology support, financial assistance, scaling adoption support, and business and marketing development in Web3.

His Highness Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, Chairman of RAK DAO, stated that this partnership aims to develop the world’s first regulated Web3 ecosystem, fostering business connections, synergistic relationships, and seamless data exchange.

The collaboration highlights a shared commitment to sustainable growth, positioning RAK DAO to become a global leader in the virtual economy. The partnership will lead multiple initiatives within the Digital Assets Oasis ecosystem, including startup and scale-up pitching, contributing to the UAE's status as a hub for Web3 innovation.