Dubai, 15 September 2020. – Space industry could become one of the United Arab Emirate (UAE)’s most promising sectors and a key pillar of economic growth over the next 50 years, a whitepaper released by Dubai Chamber of Commerce and Industry concluded.
The report, titled ”Space Economy Investment Opportunities for the UAE”, identifies 10 areas of the space economy that offer the most investment potential for the UAE, namely space mining, space stations, space settlements, space law, sustainability in space and recycling, space tourism, space companies, and space academies that include preparing astronauts for commercial flights, space industries, and developing and manufacturing spacecraft components, the Emirates’ news agency WAM reported.
“The UAE’s mission to the International Space Station in 2019 and the launch of the Hope Probe to Mars earlier this year were major steps positioning the country as a global player in space exploration and research,” WAM said.
“These important developments are paving the way for new investment opportunities and public-private sector partnerships that could take the UAE’s space economy to new heights, enhance the country’s economic competitiveness and cement its status as a global innovation leader.”
The study identified specific areas where the private sector could play a major role in advancing the global space economy, including satellite servicing, interplanetary small satellites, robotic mining, microgravity research for biomedical applications, liquid rocket engines for launch vehicles, wireless power, space communications, and earth observation data visualisation. “In this regard, public-private sector partnerships could prove to be a key factor driving future development and progress,” WAM said.