The United Arab Emirates has made consistent
progress in the field of the space economy, which improves its level of global
competitiveness and helps to diversify its knowledge- and innovation-based
economy.
For the next fifty years, the UAE has ranked
the space sector as one of its key priorities. Between 2015 and 2020, the
nation invested AED22 billion in commercial space-related operations. According
to the UAE Space Agency, the number of contracts for space services and
applications would rise by 40% in 2020.
The UAE has announced a set of strategies and
plans that have consolidated the tasks and missions of the space sector in
light of the participation of Emirati astronaut Sultan Al Neyadi in the longest
Arab space mission, making the UAE the 11th country to send an astronaut on a
long-term mission to space.
The National Space Fund, an AED3 billion fund
from the UAE Space Agency, was introduced by the UAE last year. It will assist
innovative projects that aid international and Emirati firms collaborating on
applications in the engineering, sciences, and research fields related to
space.
The Space Economy Stimulus Packages, Space
Laboratories, and Creating Space Economic Zones are the program's key
initiatives.
The program's three main
goals are to: foster innovation and increase the sector's economic contribution
to the nation's non-oil GDP; create an attractive and integrated business
environment to meet local and global needs; and increase the competitiveness of
businesses engaged in the space economy. These goals are achieved in part by
strengthening the demand for space applications and services.
The UAE Space Agency and the Government
Competitiveness and Statistics Center released the "Space Economic Survey
2022" last year (FCSC). National businesses functioning in the field, as
well as academic and research institutions engaged in space technology and
communications, contributed to the poll as well.
The Space Economic Survey 2022 quantifies the
economic impact that the space industry has had on the country. The survey
focuses on the overall amount spent on space projects, the number of
enterprises operating in the area, and foreign investment. It also looks at
initiatives to fund R&D, space exploration, and the number of people
employed in the industry.
In order to enhance both domestic and foreign
investment in the UAE space sector, the UAE launched the National Strategy for
the Promotion of Space Investment in 2019. The plan aims to turn the country
into a regional powerhouse for sophisticated research and development and
commercial space activity. Additionally, it tries to persuade local investment
entities to think about the domestic and international financial potential in
the space sector.
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