Page 56 - Magazine May 2023

RAK Ruler issues Law to establish world›s first free zone UAE’s ALEC bags main contract for Wynn Resort in Ras Al Khaimah

dedicated to digital and virtual asset Enabling works contract awarded to

companies Bauer International

H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Department of the Future.
Member and Ruler of Ras Al Khaimah, has issued laws The law aims to bolster economic growth and
to establish the world’s first free zone dedicated to diversification in the Emirate of Ras Al Khaimah,
digital and virtual assets companies.
promote its growing status as a hub for innovation,
Established under Law No. 2 of 2023, the Ras Al and enhance its competitiveness as an economic and
Khaimah Digital Assets Oasis is an independent global destination for business.
governmental authority affiliated with the newly The new department will play a pivotal role in
created Department of the Future.
promoting innovation and driving the Emirate›s
The new law grants RAK Digital Assets Oasis financial, economic development in the digital age, positioning
administrative, and legislative independence, allowing Ras Al Khaimah as a leader in innovation and
it to function as a purpose-built, innovation-enabling entrepreneurship in the digital and virtual assets
free zone in the virtual assets sector. sector.

The Digital Assets Oasis will be the world›s first free RAK Digital Assets Oasis will open for applications in
zone dedicated to digital and virtual asset companies, the second quarter of 2023, becoming the only free
with a comprehensive, bespoke, innovation-enabling zone in the world exclusively for digital and virtual
digital asset approach. asset companies that are innovating in new and
emerging sectors, such as the metaverse, blockchain,
In addition to the establishment of RAK Digital Assets
Oasis, His Highness Sheikh Saud also announced Law utility tokens, virtual asset wallets, NFTs, DAOs, DApp,
No.1 of 2023, which outlines the establishment of the and other Web3-related businesses.

ALEC Engineering and Contracting (ALEC), part of Abdulla Abdooli said in a statement.
the Investment Corporation of Dubai (ICD), has won The contract values weren’t disclosed.
the main contract for constructing Wynn Resort, an
integrated resort development on the man-made Al ALEC›s Managing Director Barry Lewis added: «ALEC
Marjan Island. has successfully developed its reputation as a
multifaceted, main contractor by delivering some of
The contract was awarded by Ras Al Khaimah-based the region›s most challenging projects. In working with
master developer Marjan, along with RAK Hospitality Marjan, in partnership with RAK Hospitality Holding
Holding and Wynn Resorts Limited.
and Wynn Resorts, we look forward to utilising our
In addition, the companies awarded a piling and extensive experience to deliver what will indisputably be
enabling works contract to Bauer International. a waterfront destination, unlike anything seen before.»
The German foundation specialist has commenced The integrated development will house over 1,000-
construction preparation on the project site.
room hotel, a high-end shopping mall, a meeting and
The appointment of ALEC and Bauer International convention facility, a spa, more than 10 restaurants
will ensure the timely completion of the integrated and lounges, a gaming area, and other amenities.
Wynn Resort, which is set to further catalyse Ras Wynn Resort is set to open in early 2027, the
Al Khaimah’s booming tourism market, Marjan CEO statement noted.

18 Infrastructure Construction Contracts 19