The UAE Space Agency and Masdar are in talks to establish the nation’s first Space Economic Zone in Masdar City to create an integrated business ecosystem to propel start-ups and SMEs.
It is the first of many space-tech hubs the UAE Space Agency will launch to create a competitive private sector, build national capabilities and contribute to the UAE’s economic growth for the next 50 years.
The Space Economic Zone in Masdar City, a pioneer in sustainability and a hub for research and development, will offer world-class infrastructure and an enabling environment to encourage the development of the national space industry. Businesses will be offered an integrated package of benefits including incubation, office space, mentorship, networking, investment opportunities, priority access to government contracts and closer cooperation with leading global research centres.
“Space is the next frontier of business growth set to propel the national economy for the next 50 years.” Sarah bin Yousif Al Amiri, Minister of State for Advanced Technology and Chairwoman of the UAE Space Agency.
The Space Economy Zone program aims to create a sustainable and effective framework to facilitate public-private partnerships; build an attractive and integrated business environment for local and global companies; support the growth of national space technologies and services; stimulate innovation and adopt advanced technologies; and support the establishment of homegrown start-ups and accelerate their growth.
Sarah bint Yousif Al Amiri, Minister of State for Advanced Technology and Chairwoman of the UAE Space Agency, said, “The Space Economic Zone in Masdar City is an exciting milestone in our strategy to create a competitive private sector, build national capabilities, promote public-private partnerships, boost R&D and encourage the spirit of entrepreneurship. This programme is a game-changer that will take our flourishing space industry to the next level whilst simultaneously building on the UAE’s established position as a global hub for talent, investment and innovation.”
Mohamed Al Ramahi, CEO of Masdar, added, “Masdar City has built a unique ecosystem where innovation and business thrive together. Already home to UAE Space Agency, our partnership to launch the first Space Economic Zone extends the exceptional offerings provided by Masdar City’s Free Zone to a new and exciting frontier. Our aim is not only to drive entrepreneurship and economic development within the fast-growing space sector, but to attract and foster the most talented professionals from across the region and beyond.”
The strategic agreement between the UAE Space Agency and Masdar was signed at Abu Dhabi Sustainability Week 2022 by His Excellency Salem Butti Salem Al Qubaisi, Director General of the UAE Space Agency and Mohamed Al Ramahi, CEO of Masdar.