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UAE’s AED3 billion space fund supports country’s ambitious projects – News

UAE’s AED3 billion space fund supports country’s ambitious projects – News

The Mohammed bin Rashid Space Center said the fund will strengthen the country’s position as the world’s leading nation in this field

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A rocket carrying the UAE’s Hope probe makes a historic lift-off in 2020. — Reuters file photo

published: Tuesday, February 7, 2023 at 7:37 pm

The UAE Cabinet has approved a plan to establish a National Space Fund (NSF) that will support the country’s ambitious projects, build national capabilities and strengthen the country’s space sector.

Salem Humaid AlMarri, director-general of the Mohammed bin Rashid Space Center (MBRSC), said it was a “pivotal moment” for the UAE’s space journey.

In a statement shared with harrij timesAlMarri said: “The statement by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai…is an affirmation of the UAE leadership’s continued support for the development of our space sector. “

The NSF will be a Dh3 billion fund managed and overseen by the UAE Space Agency, state news agency Wam reported. It will support pioneering projects to foster the growth of international and Emirati companies specializing in engineering, scientific and research applications in the space sector.

It aims to boost the sector’s contribution to the economy and strengthen the country’s position in the global space industry.

“The launch of the National Space Fund will further support the minds of young UAE people and drive investment in science and human development. Focusing on education, training and innovation, the fund will drive our pursuit of excellence in the field and reinforce our world-leading position in spaceflight status in the country,” AlMarri said.

The fund aims to develop the infrastructure to support the space industry and create the right environment to attract start-ups.

In addition, NSF aims to adopt a governance system, attract professional global companies, and create partnerships between domestic and international technology companies.

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