Abu Dhabi: UAE has launched its first Space Economic Zone in Masdar City to encourage growth of space technology startups and entrepreneurs by offering an attractive business ecosystem to stimulate innovation, the UAE Space Agency and Masdar announced on Thursday.
Signed during Abu Dhabi Sustainability Week 2022, the Space Economic Zone “is 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”.
A pioneer in sustainability and a hub for research and development, the special economic zone will offer world-class infrastructure and an enabling environment to encourage the development of the national space industry by facilitating public-private partnerships, build an attractive and integrated business environment for local and global companies and support the growth of national space technologies and services.
Authorities said “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 centres.
Sarah bint Yousif Al Amiri, UAE Minister of State for Advanced Technology and Chairwoman of the UAE Space Agency, said: “Space is the next frontier of business growth set to propel the national economy for the next 50 years. The Space Economic Zone in Masdar City is an exciting milestone in our strategy to create a competitive private sector, build national capabilities, promote public-private partnerships, boost research and development and encourage the spirit of entrepreneurship.”
Salem Butti Salem Al Qubaisi, Director-General of the UAE Space Agency, added: “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 spacetech firms.
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He noted: “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.”
Mohamed Al Ramahi, CEO of Masdar, added: “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.