07 March, 2024: Tencent Cloud, the cloud services division of the Chinese multinational Tencent, has entered into a Memorandum Of Understanding (MoU) with the crypto-oriented free economic zone, Ras Al Khaimah Digital Assets Oasis (RAK DAO) in the United Arab Emirates.

Ras Al Khaimah Digital Assets Oasis (RAK DAO) disclosed the signing of a Memorandum of Understanding (MoU) with Tencent Cloud to investigate opportunities for shared advancement. The initial agreement focuses on supporting the expansion of startups registered within RAK DAO.

The agreement involves setting up a training centre by Tencent Cloud at RAK DAO aimed at enhancing skills and providing educational resources. Additionally, it encompasses internship prospects for businesses registered with RAK DAO and its affiliated partners within the Tencent Cloud network.

His Highness Sheikh Saud bin Saqr Al Qasimi, a UAE Supreme Council Member and the Ruler of Ras Al Khaimah, attended the signing of a memorandum of understanding and underscored the significance of digital innovation in Ras Al Khaimah. He emphasised the Emirate's commitment to leveraging digital advancements to enhance economic development and diversification, foster sustainable growth, and create opportunities across various sectors.

Tencent Cloud CEO Dowson Tong highlighted that the collaboration aims to establish fresh standards within the Web3 domain and to open up new avenues in the digital economy.

By joining forces, these two entities are poised to revolutionise the region's digital economy, nurturing entrepreneurship, fostering skill development and driving ecosystem growth. This partnership not only demonstrates a commitment to innovation but also underscores the immense potential for Ras Al Khaimah to emerge as a hub for crypto ventures. As the collaboration unfolds, it promises to empower aspiring entrepreneurs, fueling their journey towards success in the dynamic world of cryptocurrency.