UAE's Dh3-Billion Space Fund To Support Country's Ambitious Projects

(MENAFN- Khaleej Times)

Published: Tue 7 Feb 2023, 7:37 PM

Last updated: Tue 7 Feb 2023, 8:05 PM

The uae cabinet has approved a plan to establish a National Space Fund (NSF) - an initiative that will support the country's ambitious projects, build national competencies, and strengthen the country's space sector.

This is a 'pivotal moment' in the Emirates' space journey, said Salem Humaid AlMarri, director-general of the Mohammed Bin Rashid Space Centre (MBRSC).

In a statement shared with Khaleej Times, AlMarri said:“The announcement made by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of an affirmation of the continuous support of the Emirati leadership towards the development of our space sector.”

The NSF will be a Dh3-billion fund that will be managed and supervised by the UAE Space Agency, according to state news agency Wam. It will support ground-breaking programmes to boost international and Emirati companies that are specialising in space sector engineering, sciences, and research applications. It aims to raise the sector's contribution to the economy and consolidate the country's position in the global space industry.

“The establishment of the National Space Fund will further support young Emirati minds and give impetus to investing in advancing scientific and human development. With a focus on education, training, and innovation, this fund will propel us forward in our pursuit of excellence in the sector and cement our place among the world's leading space-faring nations,' AlMarri said.

The fund is set to develop the infrastructure that will support the space industry and create an appropriate environment to attract start-up companies.

Additionally, the NSF aims to adopt governance systems, attract specialised global companies, and build partnerships between national and international tech firms.


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