UAE the go-to hotspot for investors in space industry - GulfToday

UAE the go-to hotspot for investors in space industry

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The National Space Strategy aims to ensure the industry’s sustainable growth over the next decade and beyond.

During an official ceremony held in Abu Dhabi, the UAE Space Agency (UAESA) announced the details of its National Space Strategy 2030 and National Space Investment Plan, which complement the regulatory and legislative framework of the UAE’s national space sector and are in line with the strategic objectives of the Agency.

Economy on track to deliver UAE Vision 2021

During the ceremony, the UAE Space Agency shared details of its National Space Strategy, which was approved by the Cabinet of the UAE, chaired by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and the Ruler of Dubai. The strategy aims to enhance the space sector’s contribution to the national economy and promote the UAE's regional and international presence in the space sector. It also strives to support the transition to a knowledge-based economy, create an effective regulatory environment, attract talent and develop human capacity, stimulate creativity among young people, and develop partnerships with industrial, educational, and research institutions while increasing international collaboration.

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The investment plan seeks to increase the national space sector’s contribution to economic diversification.

The National Space Strategy aims to realise six main goals, which include providing competitive and world-class space services; enhancing advanced local capacity in space science, research and developing and manufacturing space technology; launching inspiring space missions; establishing high-level national expertise in the space sector; forging effective local and global partnerships and investments in the space industry; and developing a future-proof supportive legislative environment and infrastructure across the sector. These goals will be achieved through the implementation of more than 20 comprehensive programmes and 80 initiatives.

SPACE INVESTMENT

Moreover, the event also marked the announcement of the National Space Investment Plan, which seeks to realise the goals of UAE Vision 2021 and UAE Centennial 2071, which collectively aim to make the UAE the world’s leading country in economic, social, and environmental fields. The plan is in line with the Higher Policy for Science, Technology, Innovation and the strategy for the UAE’s Fourth Industrial Revolution (4IR).

In addition, the plan aims to make the UAE a major regional and global hub for space activities by building a competitive national economy based on knowledge, innovation, and future applications that integrate the latest physical, digital, and biological technologies; attracting small and medium-sized businesses through promoting investment in the space industry; and facilitating the work of the companies in the industry.

Dr Eng. Mohamed Nasser Al Ahbabi, Director General of the UAE Space Agency, said: "This strategy aims to support the realisation of the UAE’s vision in the space sector with the various elements that fall under its umbrella, including science, technology, applications and services. It also covers all the governmental, commercial and scientific activities of various space sector organisations, collaborating with other governmental entities, as well as academic institutions and space research and development centres.”

"The investment plan seeks to increase the national space sector’s contribution to economic diversification and attract foreign investment in the national space sector. Moreover, it aims to transform the UAE into the go-to destination for investors wishing to participate in the space sector,” added Dr Eng. Al Ahbabi.

"These documents represent the fruits of the continuous and extraordinary efforts of our exceptional team at the UAE Space Agency. The team has reviewed years of achievements and studied all aspects of the space sector, discovering its strengths, capabilities and opportunities in order to build upon the incredible success we have experienced since our founding five years ago,” concluded Dr Eng. Al Ahbabi.

Eng. Nasser Al Rashidi, Director of Space Policy & Regulations at the UAE Space Agency said: "The National Space Strategy aims to ensure the industry’s sustainable growth over the next decade and beyond. Thus, it was developed following a series of national and international economic and technical studies. The strategy also includes programmes and initiatives that seek to consolidate, develop and sustain the integrated structure of the national space sector, thereby supporting its journey towards global competitiveness.”

"Through the Space Investment Plan, the UAE Space Agency is working to devise the activities, mechanisms, and tools necessary to stimulate entrepreneurship and attract more local and international investment to the space sector. In the next stage, the Agency will supervise the implementation of eight activities identified by the plan through coordination, collaborations, and partnerships with key players in the space industry on a local and international level, including those in the government, private, academic, or research and development sectors, as investments in these sectors complement one another,” concluded Al Rashidi.