(MENAFN- Khaleej Times)
Published: Tue 16 Jul 2024, 5:49 PM
Last updated: Tue 16 Jul 2024, 10:11 PM
Space tourism will begin in the UAE with space flights taking off next year, with costs starting from Dh600,000.
Kemel Kharbachi, founder and CEO of European space firm EOS-X Space, will begin operating space flights around the third quarter of 2025 in Abu Dhabi and Spain.
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Upon completing the development of the Spaceship One manned capsules, the firm said it would soon conduct essential validation tests with military pilots in collaboration with Spain's prestigious National Institute for Aerospace Technology (Inta).
EOS-X Space's pressurised capsules will be able to accommodate up to eight people including a pilot and are lifted by an eco-friendly helium balloon.
Photo: Supplied
These capsules reach the stratosphere's edge at an altitude of 40,000 meters, allowing space tourists to enjoy breathtaking views of space, the blue halo, and Earth's curvature during a five-hour trip compared to Blue Origin's 11-minute rocket flight.
The Spanish company said passengers don't require arduous preparation and include a personalised week-long programme featuring cultural, gastronomic, regenerative medicine, and wellness experiences. The cost per passenger ranges between €150,000 (Dh600,000) and €200,000 (Dh800,000), depending on the chosen package.
Revealing the details of the flights, the company said other firms rely on rockets for space flights that cost passengers around a million dollars for a brief experience requiring extensive training and physical fitness.
The company also said Abu Dhabi will host the firm's most ambitious complex globally, featuring not only the shuttle and the spaceport but also a hotel complex, situated on Yas Island. The third facility is planned for Tulum, Mexico, and is expected to be operational by 2026.
“For now, we are offering an ultra-luxury product aimed at high-net-worth individuals, with around 20 million potential customers worldwide. These 'ultra-rich' individuals, along with affluent people capable of spending between €150,000 and €200,000 for an unparalleled experience, are our target market,” Kharbachi said.
Kemel Kharbachi
Globally, the space tourism market is estimated at over $9 billion.
“The development of space tourism offers investment prospects as vast and promising as human curiosity. There will come a time, similar to the aviation industry when this way of seeing the world becomes much more accessible,” he added.
Kharbachi and his management team estimated combined revenues from Spain and Abu Dhabi could reach $353 million in its launch year, with a gross profit margin of 19 per cent. By 2029, the company aims to achieve a turnover of $1.127 billion and a gross profit of $324 million, marking a profit growth of 23.3% compared to the previous year.
The planned investment for the Abu Dhabi and Seville complexes will surpass $230 million (Dh844 million) in engineering and development.
Currently, the company is in the midst of a €115 million Series D investment round led by US investment bank FTI Capital Advisor.
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