The UAE Space Agency and Masdar will establish the nation’s first Space Economic Zone in Masdar City, official sources have said.
The aim of the venture is said to be to create an integrated business ecosystem to propel startups and SMEs.
It is expected to be 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 is expected to offer world-class infrastructure and an enabling environment to encourage the development of the national space industry.
Businesses will reportedly 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 centers.
The Space Economy Zone program apparently 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.
Its targets are also said to include supporting the growth of national space technologies and services, stimulating innovation and adopt advanced technologies, and supporting the establishment of homegrown startups and accelerate their growth.
The Space Economic Zones program reportedly has four key pillars: the Space Economy Accelerator Group, Space Labs, Space Government Services, and Work Space.
The strategic agreement between the UAE Space Agency and Masdar was signed at Abu Dhabi Sustainability Week 2022 by Salem Butti Salem Al Qubaisi, Director General of the UAE Space Agency, and Mohamed Al Ramahi, CEO of Masdar.