Dubai, UAE: Space industry could become one of the UAE’s most promising sectors and a key pillar of economic growth over the next 50 years, according to a new whitepaper released by Dubai Chamber of Commerce and Industry.
The report, titled Space Economy Investment Opportunities for the UAE, identifies 10 areas of the space economy that offer the most investment potential for the UAE, namely space mining, space stations, space settlements, space law, sustainability in space and recycling, space tourism, space companies, and space academies that include preparing astronauts for commercial flights, space industries, and developing and manufacturing spacecraft components.
Advancing the UAE’s space economy
The UAE’s mission to the International Space Station in 2019 and the launch of the Hope Probe to Mars earlier this year were major steps positioning the country as a global player in space exploration and research.
These important developments are paving the way for new investment opportunities and public-private sector partnerships that could take the UAE’s space economy to new heights, enhance the country’s economic competitiveness and cement its status as a global innovation leader.
A space race for the private sector
The global space race is no longer dominated by countries and governments, as billionaires and businesses are now among the major investors in this area, the report explained, highlighting Elon Musk’s SpaceX, Jeff Bezos’s Blue Origin and Richard Branson’s Virgin Galactic as prime examples. As the industry continues to shift towards privatisation, this trend is exptect to create new business opportunities for technology startups to make their mark on the industry.
The study identified specific areas where the private sector could play a major role in advancing the global space economy, including satellite servicing, interplanetary small satellites, robotic mining, microgravity research for biomedical applications, liquid rocket engines for launch vehicles, wireless power, space communications, and earth observation data visualisation. In this regard, public-private sector partnerships could prove to be a key factor driving future development and progress.
Commenting on the whitepaper, Natalia Sycheva, Manager of Entrepreneurship at Dubai Chamber, noted that advancements in science and technology are creating a wealth of investment opportunities in the new space economy. With its eye on the future and forward-looking leadership and policies, the UAE is well-positioned to capitalise on untapped potential and collaborate with global partners that can lend valuable expertise that could help the country realise its space ambitions.
-Ends-
Established in 1965, the Dubai Chamber of Commerce & Industry is a non-profit public entity, whose mission is to represent, support and protect the interests of the business community in Dubai by creating a favourable business environment, supporting the development of business, and by promoting Dubai as an international business hub.
Follow us on:
http://www.linkedin.com/company/dubai-chamber-of-commerce-&-industry/
www.youtube.com/DubaiChamberTV
www.instagram.com/dubaichamber
For more information, please contact:
Ruba Abdel Halim
Manager, PR & Corporate Communications
Tel: +971 4 2028450
Email: ruba.halim@dubaichamber.com
or please contact:
Aous Jariwa
Account Director – Asda’a-BCW
Tel: +971 4 4507600
Email: aous.jariwa@bcw-global.com
© Press Release 2020
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
