The United Arab Emirates establishes its first space economic zone that will foster a business ecosystem and facilitate innovation.
As per an agreement signed at Abu Dhabi Sustainability Week 2022, the UAE Space Agency and Masdar will establish the nation’s first Space Economic Zone in Masdar City to create an integrated business ecosystem to propel startups and SMEs. The Zone initiative is the first in a series of 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
The Space Economic Zone in Masdar City, dedicated to sustainability and research and development, will offer world-class infrastructure and an enabling environment to encourage the development of the national space industry. Businesses will benefit from a package of benefits including incubation, office space, mentorship, networking, investment opportunities, priority access to government contracts and closer cooperation with leading global research centres.
Facilitating cooperation
The Space Economy Zone program is intended to create a sustainable and effective framework to facilitate public-private partnerships. It creates an attractive and integrated business environment for local and global companies and supports the growth of national space technologies and services. Finally, it will stimulate innovation and adopt advanced technologies, support the establishment of homegrown startups and accelerate their growth.
Her Excellency Sarah bint Yousif Al Amiri, UAE Minister of State for Advanced Technology and Chairwoman of the UAE Space Agency said, “Space is the next frontier of business growth set to propel the national economy for the next 50 years. 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. We are pleased to enter into this strategic agreement with Masdar City and look forward to working closely in the spirit of collaboration and cooperation as we create a globally competitive space industry.”
His Excellency Salem Butti Salem Al Qubaisi, Director General of the UAE Space Agency, added, “Capacity-building is vital to advance the UAE’s knowledge-driven economy and the Space Economic Zone is a major step forward. It will provide a business-friendly ecosystem with world-class infrastructure and competitive services to support the establishment of new space tech firms.
“Our agreement with Masdar City is the first of many and we intend to move forward quickly to set up more startup hubs nationwide and turn early-stage ideas into commercially viable ventures. It underpins our high-impact strategy to enhance the competitiveness of the private sector and stimulates innovation. We are excited about this new stage of growth for the space industry which will power the UAE during our next 50 years of human progress.”
Mohamed Al Ramahi, CEO of Masdar, commented, “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. We look forward to working with the UAE Space Agency to take the Space Economic Zone, and Masdar City, to ever greater heights.”
The agreement was signed during 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. Under the deal, the Masdar City Free Zone will issue tailor-made business licenses for space-related companies across the following sectors: launches, satellite communications, logistics, data analysis, science, technology, engineering, and more.
The UAE Space Agency’s Space Economic Zones program consists of four key pillars: the Space Economy Accelerator Group, Space Labs, Space Government Services, and Work Space.
The Space Economy Accelerator Group
The Space Economy Accelerator Group will promote coordination between various public and private sector entities and startups to ensure alignment on, and facilitation of, strategic initiatives. It will also produce solutions to address challenges facing space tech startups and encourage participation at national and global events.
Space Labs
The Space Labs will offer Space Economic Zone startups access to world-class space laboratories, research centres and facilities to utilise existing infrastructure and provide access to technical, consultancy mentorship and support services.
Space Government Services
A dedicated webpage on the UAE Space Agency’s website will provide services including licensing, mentorship, and incubation opportunities. It can be accessed here.
Work Space
The workspaces offered through the initiative will provide services at competitive rates across the UAE’s leading business and innovation free zones. The system will offer world-class infrastructure and office space to ensure companies can maximise their potential.
The Space Economic Zones program is part of the UAE Space Agency’s new strategy which is based around six key pillars: To increase the competitiveness of the private sector; to empower the space services sector and its applications, expand scientific and technical capabilities and attract and retain the best talent; to raise the efficiency of technical infrastructure; to create a robust and agile regulatory environment and to strengthen international partnerships to facilitate the transfer of knowledge for the benefit of humankind.
Thus, such is how UAE’s first space economic zone will foster growth and innovation in this economy.
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