RAK DAO (Ras Al Khaimah Digital Assets Oasis) has recently revealed a new partnership with the HBAR Foundation. The HBAR Foundation made an official announcement confirming the collaboration, stating that both parties have signed an MOU (Memorandum of Understanding) to work together. Their aim is to advance the growth of Hedera in the United Arab Emirates.

The collaboration involves the HBAR Foundation supporting RAK DAO members in utilizing blockchain technology to create apps and economies on the Hedera platform, which is widely recognized as an enterprise-grade public network in the region. This partnership marks RAK DAO's first operational connection and combines the strengths and resources of both platforms to provide direct access to the benefits of Hedera. These benefits include a comprehensive grant program, access to expert support and technology, financial support, assistance in scaling adoption, and business and marketing development in Web3.

His Highness Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, Chairman of RAK DAO, emphasized that by fostering the world's first regulated Web3 ecosystem, RAK DAO is facilitating connections between businesses, fostering synergistic relationships, and facilitating seamless data exchange. The partnership underscores the mutual commitment to fostering sustainable growth and positions RAK DAO to become a global leader in the virtual economy, according to His Highness.

The collaboration will involve both parties leading various initiatives within the Digital Assets Oasis ecosystem, including startup and scale-up pitching. Given the UAE's status as a hub for Web3 innovation, this partnership is poised to play a significant role in advancing its development.