The UAE Space Agency (UAESA) has collaborated with the leading renewable energy company Masdar in order to establish the country’s first Space Economic Zone in Masdar City.
According to the statement, the alliance will create an integrated business ecosystem to propel startups and small and mid-size enterprises (SMEs).
The new zone will establish a competitive private sector, build national capabilities and contribute to the UAE’s economic growth for the next 50 years. The UAE Space Agency’s space economic zone program has four key pillars and they are the space economy accelerator group, space labs, space government services, and workspace.
The Space Economic Zone in Masdar City, a pioneer in sustainability and a hub for research and development, will provide world-class infrastructure and an enabling environment to foster the growth of the national space industry.
“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 centers,” as per the statement.
Ms. Sarah bint Yousif Al Amiri, Minister of State for Advanced Technology and Chairwoman of the UAE Space Agency said that, “Space is the next frontier of business growth set to propel the national economy for the next 50 years. This program 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.”
“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.”
Under the deal, the Masdar City Free Zone will tailor-made business licenses for space-related companies across the launch sector, satellite communication, logistics, data analysis, science, technology, engineering, and so on.
“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,” commented Mr. Mohamed Al Ramahi, CEO of Masdar.
Masdar City has an established ecosystem and is home to several education, strategic research centers, businesses and serves as the headquarters of the UAE Space Agency and the International Renewable Energy Agency (IRENA).