RAK Web3 Summit Attracts Major Players

The RAK Digital Assets Oasis (RAK DAO) is a purpose-built free zone for companies in sectors like blockchain, NFTs, and the metaverse. In its first year of operation, it issued over 300 licenses and established more than 40 partnerships with international entities including Tencent Cloud and Avalanche. Recently rebranded as RAK Innovation City, the free zone is expanding its focus to include AI, gaming, robotics, and healthtech. The initiative aims to create the world's first AI-powered free zone, using artificial intelligence to streamline regulatory frameworks and business services for tech firms. The involvement of Mastercard and Chainlink is significant, as the two companies recently partnered to allow direct on-chain crypto purchases for Mastercard's over 3 billion cardholders. Similarly, Circle's USDC stablecoin is being integrated into Mastercard's network for merchant settlements in the region. On the tourism front, CEO Phillipa Harrison is tasked with tripling annual visitors to over 3.5 million by 2030. The strategy includes doubling the number of hotel rooms, supported by major brands like Four Seasons, Taj, and Fairmont. A cornerstone of this tourism expansion is the $5.1 billion Wynn Al Marjan Island, set to open in 2027. The 1,530-room integrated resort will be the UAE's first establishment with a commercial gaming license and is expected to create over 9,000 jobs. The iftar cannon is a tradition that predates modern communication, originating in 19th-century Egypt to signal the end of the daily Ramadan fast. The practice was introduced to the UAE in Sharjah during the 1930s, long before loudspeakers were common in mosques. The cannon's boom, which can exceed 170 decibels and be heard up to 10km away, was the most effective method to ensure the entire