Abu Dhabi Announces Space Economic Zone to Foster Start-ups
Updated July 14, 2023
The UAE Space Agency has partnered with sustainable innovations company, Masdar to create the country's first space economic zone in Abu Dhabi's Masdar City. The goal is to develop SpaceTech start-ups and allow private sector to participate in the growing space industry.
The expansion of the space sector will be fostered in this new zone by establishing an integrated corporate ecosystem.
Representatives of both companies said in a joint statement that the partnership will develop a competitive private sector, strengthen national competencies, and contribute to the country's economic progress.
Sarah bint Yousif Al Amiri, the UAE Minister of State for Advanced Technology and Chairperson of the UAE Space Agency said, “Space is the next frontier of business growth that will fuel the national economy for the next 50 years.”
"This programme is a game-changer, because it will take our thriving space sector to the next level while also enhancing the UAE's established position as a global hub for talent, investment, and innovation”, she added.
Infrastructure and a supportive environment will be established under the new economic zone and will help the country's space sector grow.
It would also provide a comprehensive package of services including incubation, office space, coaching, networking, investment opportunities, priority access to government contracts, and greater collaboration with global research centres.
According to a statement, the Masdar City free zone would grant customized business licenses for space-related enterprises in satellite communication, logistics, data analysis, technology, engineering and launch sectors among others.
The UAE Space Agency and @Masdar are proud to announce the first Space Economic Zone to empower a new generation of startups. Located in Masdar City, it will provide entrepreneurs with an enabling ecosystem that will boost entrepreneurship and innovation within the space sector. pic.twitter.com/1zptJeU7aa— وكالة الإمارات للفضاء (@uaespaceagency) January 20, 2022