UAE's growing investment in the space economy surpasses AED 22 billion

UAE's growing investment in the space economy surpasses AED 22 billion

The UAE has achieved continuous accomplishments in the space economy sector, which enhances its global competitiveness and contributes to diversifying its economy.

The country's investment in the space sector has already surpassed the AED22 billion mark, encompassing satellite communications systems, Earth and space exploration, data transmission services, satellite broadcasting, and mobile satellite communications, among others.

For the UAE, space economy is a pivotal pillar in its ambitious journey towards the next fifty years, laying the foundation for a diversified economy bolstering its competitiveness.

The global space sector is expected to soar beyond the trillion-dollar mark by 2040, representing a monumental leap in the new space economy.

The UAE has emerged as a regional hub for space services, events, and specialised educational programmes in the space domain. The commitment to investing in cutting-edge sciences, advanced technologies, and space technology has propelled commercial spending on the space economy to AED10.9 billion by the end of 2020, a remarkable increase over the past seven years.

Also, the contractual agreements for space services and applications increased by 40 percent in 2020, according to the UAE Space Agency.

The UAE's space economy spans ten sectors, offering significant investment potential, including space mining, space stations, space companies, sustainability and recycling in space, settlements, space tourism, manufacturing and space academies.

The UAE's space economy exhibits promising growth prospects, with 57 companies and space entities currently operating. Public and private sector support for the UAE space programme has exceeded $5.4 billion.

On Sunday, the Mohammed bin Rashid Space Centre (MBRSC) announced the successful undocking of Crew-6, including astronaut Sultan AlNeyadi, from the International Space Station (ISS). This marks the beginning of the crew's return journey after the 6-month-long space mission.

The Dragon Endeavour spacecraft carrying onboard Sultan AlNeyadi along with his Crew-6 crewmates, NASA astronauts Stephen Bowen and Woody Hoburg, and Roscosmos cosmonaut Andrey Fedyaev autonomously undocked from the ISS at 3:05 pm (UAE time), following which a series of departure burns were executed to distance itself from the orbiting laboratory.

News Source: Emirates News Agency

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