UAE: Hub for space startups, global companies

ABU DHABI, 18th September, 2023 (WAM) — The space sector plays a crucial role in the global economy, as it creates new jobs, stimulates economic growth, and attracts foreign investments.With ambitious strategies and promising investments in the space sector, the UAE has become a major player in the space economy.The country has a distinguished position on the international stage, with various space programmes and projects that have achieved remarkable successes.The UAE’s space sector started with the Thuraya Telecommunications Company in 1997 and then expanded with the Mohammed bin Rashid Space Centre in 2006 and Yahsat in 2007. Many projects followed until the UAE Space Agency was established.Currently, the UAE has a rich and diverse environment that attracts local and international companies to invest in this promising sector.The country’s space and space investment achievements have strengthened its space sector, both in the public and private domains, by fostering Emirati companies that contribute to the
space industry and encouraging international companies to establish their bases in the country or incubate new global companies from the UAE.The UAE’s growing space programme is strengthening its position as a regional and global leader while driving economic growth and innovation in diverse fields, such as engineering, science, and technology.The space sector has received more than AED22 billion from the UAE that covers various fields, such as satellite communications, Earth and space exploration, data transmission services, satellite broadcasting, and mobile satellite communications.The UAE’s space economy witnessed a surge in commercial activity in 2020, with contracts for space services and applications reaching AED10.9 billion by the end of the year, a 40 percent rise from the previous year.Furthermore, the space sector enhances the national economy by creating new job opportunities in diverse fields, such as engineering, science, and technology. It also attracts foreign investments and allows global com
panies to operate within the country.The UAE, a leader in the space industry, actively promotes international cooperation and investment in this future-oriented field. The UAE Space Agency’s National Space Strategy 2030 complements the country’s regulatory and legislative framework, supporting the strategic goal of organising the domestic space sector.The UAE’s space sector is a key driver of economic diversification and attracts foreign investments. The Space Investment Promotion Plan is a strategic initiative that aims to create a conducive environment for investors interested in the space industry and protect their interests.
Source: Emirates News Agency