- Phoenix and IOPn commit to invest $100m to drive innovation and attract top Web3 talent to Ras al Khaimah by 2030.
- Partnership aims to create a thriving ecosystem for blockchain and digital assets in the region.
In a strategic move to solidify Ras al Khaimah’s standing as a premier destination for Web3 innovation, RAK DAO, the Emirate’s free zone, has entered into a partnership with two industry leaders – Phoenix Group and IOPn.
The collaboration aims to drive technological advancement, foster economic growth, and cement the Emirate’s reputation as a global hub for Web3 pioneers.
Phoenix Group, an ADX-listed company, is a recognised leader in web3 development within the UAE, while IOPn is an integrated Web3 ecosystem that leverages cutting-edge technologies such as blockchain, AI, and spatial computing.
As part of the partnership, Phoenix Group and IOPn have committed to investing $100 million into the Emirate of Ras al Khaimah by 2030, utilising the robust infrastructure provided by RAK DAO.
Enriching local talent pool
The significant investment underscores the dedication of Phoenix Group and IOPn to stimulating innovation and attracting top-tier professionals to the region within the Web3 space.
The partnership seeks to identify, encourage, and attract highly-skilled individuals in domains such as Web3, crypto, blockchain, and software development to the Emirate, further enriching the local talent pool.
To achieve this, the partnership will leverage initiatives such as the Golden Visa programs and RAK DAO business licenses to create a thriving ecosystem that harnesses the power of cutting-edge technologies, including blockchain, spatial computing, and cognitive solutions.
By nurturing top-tier talent, RAK DAO, Phoenix Group, and IOPn aim to drive economic development and sustainability in the Emirate.
Driving innovation
” The $100 million investment marks a significant milestone in our mission to establish Ras al Khaimah as a premier destination for Web3 innovation and talent. We are poised to further enrich our dynamic ecosystem that fosters cutting-edge technologies and attracts the brightest minds in the blockchain and digital asset sectors,” Dr. Sameer Al Ansari, CEO of RAK DAO, said.
Echoing this sentiment, Seyed Mohammad Alizadehfard (Bijan), Co-founder & Group CEO of Phoenix Group, said, “Our joint venture marks a pivotal expansion of our commitment to blockchain infrastructure aimed at enhancing the technological landscape in Ras al Khaimah. Our partnership will not only drive innovation but also strategically position the Emirate as a leading center for blockchain excellence globally.”
Mojtaba Asadian, Founder and CEO of IOPn, further emphasised the immense potential of this collaboration, said that IOPn builds on the visionary leadership of Ras Al Khaimah and the supporting environment created by RAK DAO to provide a unique opportunity for top-rated world talent to innovate and create value.
“IOPn is doing this by offering a powerful new Web 3.0 ecosystem and using the significant proven capabilities of Phoenix Group. We’re thrilled to be embarking upon this partnership with RAK DAO in collaboration with Phoenix Group.”