Abu Dhabi's Masdar City to host the UAE's first Space Economic Zone

Abu Dhabi's Masdar City to host the UAE's first Space Economic Zone 

By: Abu Dhabi SME Hub
News

Businesses that join the Space Economic Zone 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.

Source: WAM

The UAE Space Agency and Masdar will establish the nation’s first Space Economic Zone in Masdar City to create an integrated business ecosystem to propel startups and SMEs.

It 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.

The Space Economic Zone in Masdar City, a pioneer in sustainability and a hub for research and development, will offer world-class infrastructure and an enabling environment to encourage the development of the national space industry. 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.

The Space Economy Zone program aims to create a sustainable and effective framework to facilitate public-private partnerships; build an attractive and integrated business environment for local and global companies; support the growth of national space technologies and services; stimulate innovation and adopt advanced technologies; and support the establishment of homegrown startups and accelerate their growth.

Sarah bint Yousif Al Amiri, 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 R&D and encourage the spirit of entrepreneurship. This programme is a game-changer that will take our flourishing space industry to the next level whilst simultaneously building on the UAE’s established position as a global hub for talent, investment and innovation."

Salem Butti Salem Al Qubaisi, Director-General of the UAE Space Agency, said, "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. 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. It underpins our high-impact strategy to enhance the competitiveness of the private sector and stimulate innovation."

 

Under the deal between the UAE Space Agency and Masdar, the Masdar City Free Zone will offer tailor-made business licenses for space-related companies across the launch sector, satellite communication, logistics, data analysis, science, technology, engineering, and much more.

Masdar City has an established ecosystem and is home to several education, strategic research centres, businesses, and serves as the headquarters of the UAE Space Agency and the International Renewable Energy Agency (IRENA).

The UAE Space Agency’s Space Economic Zones program has four key pillars: the Space Economy Accelerator Group, Space Labs, Space Government Services, and Work Space.

The Economic Zone will promote coordination between various public and private sector entities and startups to ensure alignment on, and facilitation of, strategic initiatives. It will also produce solutions to address challenges facing spacetech startups and encourage participation at national and global events.

Space Economic Zone startups will be offered access to world-class space laboratories, research centres and facilities to utilise existing infrastructure and provide access to technical, consultancy mentorship and support services.

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