According to the UAE Space Agency, the UAE has goals to enhance the space sector and intends to achieve its targets by introducing 71 initiatives over the next 10 years.
The country aims to be one of the most pioneering countries in the sector of space as part of its National Space Strategy 2030.
To achieve the objectives the sector is focusing on the field of expertise, space facilities, local capacity and technology, manufacturing, R&D, alliances, investments and a regulatory structure.
Fatima Al Shamsi, a space policies specialist at the UAE Space Agency said during a panel discussion in the Global Aerospace Summit, “One of the main focus will be on enhancing partnerships with the entities working in the space sector and others. Increasing financial support and investment. We will develop policies to promote space investment. We will have plans to promote and support campaigns”.
She remarked that initiatives proposed would shortly be introduced.
“We will promote innovation and entrepreneurship in the space sector. We will focus on developing local expertise and attracting pioneering organizations whether the ones that are existing in the UAE as well as the international ones to come to the UAE,” said Al Shamsi
She continued that “We will ensure the success of the implementation with several tools. The main focus is on active stakeholder involvement and cooperation. So far in 2020, we have 30 entities, we are working closely with them to expand their horizon on what could be their contribution with regards to the sustainable growth in the space industry.”
Around $6 billion has been spent by the UAE in space activities. And the Director-General of the UAE Space Agency, Dr. Mohamed Nasser Al Ahbabi, said the country provides the best environment for investing in space.
The UAE Space Agency is working with a number of agencies to facilitate and activate space investment under the National Plan for the Promotion of Space Investment.
“This is not only in the UAE but we engage with international companies. We believe that we have the best environment for space investment,” Dr. Al Ahbabi said during the Summit.
“We are focused on contributing to the space economy,” Dr. Al Ahbabi said and added: “Space is a tool for aspiration, a platform for innovation and a model for cooperation.”
Morgan Stanley, an American multinational investment bank and financial services company, expects that in 2040, the global space sector will generate profits over $1 trillion, up from the current $350 billion.