UAE Space Agency, Masdar sign agreement to launch Space Economic Zone

10X Technology

Mita Srinivasan
10X Technology
Published:

UAE Space Agency, Masdar sign agreement to launch Space Economic Zone

New business zone is the first of many spacetech 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 through 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.

The UAE Space Agency and Masdar City signed an agreement at Abu Dhabi Sustainability Week 2022 to establish UAE’s first Space Economic Zone in Masdar City. The new zone in Masdar City will create an integrated business ecosystem to propel startups and SMEs. It is the first of many spacetech 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 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 startups and accelerate their growth.

Under the deal, the Masdar City Free Zone will tailor-make business licenses for space-related companies across the launch sector, satellite communication, logistics, data analysis, science, technology, engineering, and much more. These 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.

UAE Minister of State for Advanced Technology and Chairwoman of the UAE Space Agency, Her Excellency Sarah bint Yousif Al Amiri, 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.”

The UAE Space Agency’s Space Economic Zones program has four key pillars: the Space Economy Accelerator Group, Space Labs, Space Government Services, and Work Space.

The Space Economic Zones program is part of the UAE Space Agency’s new strategy which has six key pillars: increase the competitiveness of the private sector; empower the space services sector and its applications, expand scientific and technical capabilities and attract and retain the best talent; raise the efficiency of technical infrastructure; create a robust and agile regulatory environment; and strengthen international partnerships to facilitate the transfer of knowledge for the benefit of humankind.